SINGAPORE: A 38-year-old Singaporean woman who’s been living in the US for several years shared on Reddit that she now wants to move back home, but is unsure if she can afford to, given Singapore’s high cost of living.
On Monday (March 24), she posted in the r/singaporefi forum, explaining that she’s been wanting to relocate because of a “recent near-death health scare.”
She said, “I developed a fairly rare autoimmune disorder which can flare up due to high stress, and I think it’s best for me to leave my current job. With the volatile situation in the US, it’s probably better to move back to SG where it’s safer and closer to my family and friends.”
She then asked locals if she could sustain herself in Singapore solely on her investments.
“I can get about USD 4,000 monthly in dividends, and wondering if this is a realistic amount. I’m still researching estimates for my medical costs. I only require medication during a flare,” she wrote.
She also mentioned that she has around S$700,000 worth of vested RSUs from her job, S$120,000 in her CPF Ordinary Account (OA), and has inherited a four-bedroom condo.
As for the lifestyle she wants to have in Singapore, she shared, “I would like to have some luxuries like having bubble tea 3 times a week, some spending money on online games and spoiling my cats. I don’t mind cooking my own meals to save costs. Perhaps, I could work a low-stress part-time job to supplement my income? What is the cost of living like in SG now? Can I afford to stop working?”
“4K USD is very comfortable to live in Singapore.”
The woman’s post quickly gathered attention, with many users saying she doesn’t need to worry too much because she can comfortably get by in Singapore with a passive income of $4,000.
“With USD 4,000, it is very comfortable to live in Singapore since your house is fully paid for. I’m not sure what company stocks you own, but I would slowly transition to SGX stocks as there are no taxes on dividends and capital gains, but the growth is usually not so good. Local bank stocks are giving about 6 to 7% dividends annually,” one comment read.
“You can live […] like way better than the simple life you described where BBT and video games are your ‘vices’,” another chimed in.
Others, however, advised her to sell her four-bedroom condo and downgrade to a two-bedroom, or at least rent it out to increase her income.
“If you rent out your 4-bedroom, the co-living way can possibly net you another net SGD 4,000 per month, so that’s a good SGD 10,000 roughly,” one said.
“Stay at the inherited condo and rent out two rooms to two tenants. You can get SGD 2,000-3,000 extra a month depending on location. You can save money renting another unit, and yet can monitor the tenant’s behaviour daily,” another commented.
Cost of living for a single person in Singapore
PilotoAsia estimates that a single person in Singapore needs about S$2,500 to S$4,000 a month to cover essentials like rent, utilities, food, transport, and some entertainment, with rent being the biggest expense. According to Numbeo, without rent, the cost drops to around S$1,515.70 per month.
Featured image by Depositphotos (for illustration purposes only)