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As I near retirement, the thought of continuing to live in Singapore with its ever-rising cost of living makes me a bit worried. My wife and I have worked hard all our lives, but we wonder if we can maintain the same lifestyle when we stop working. The cost of food, our bills, petrol and healthcare just keeps going up and it's not like we're getting any younger. Lately, the idea of applying for the Malaysia My Second Home visa and moving to JB seem to be the topic of our conversation quite a lot. Why JB Makes Sense First of all, JB is just across the Causeway and with the new RTS set to start soon, getting back to Singapore will be fast and easy. Basically, we won't feel like we're far from home at all. Plus, with the cost of living in JB so much lower than in Singapore, we'll have a lot more disposable income there. For starters, buying a home in JB is way more affordable. With the rent from our Singapore condo, we could easily pay off a mortgage for a nice house in JB, probably even a landed place, and yet we'd still have plenty of money left over for fun things like travel, eating out and shopping. Financial Benefits The MM2H visa also comes with some great financial benefits. For one, the Malaysian Ringgit being a lot weaker than the Sing Dollar, our money will most likely enable us to live like expats. We all know that things like groceries, utilities and a maid are all much cheaper in JB than in Singapore. Plus, with MM2H, we won't have to pay tax on any of the funds we transfer from our Singapore bank to our Malaysia bank. That's a pretty hard to resist windfall. Healthcare and Lifestyle Another big reason we're considering MM2H is the healthcare in Malaysia. In fact, quite a few of the private hospitals in JB are run by Singapore medical groups, including Gleneagles Medini and Regency Specialist Hospital, both eligible for CPF/Medisave, yet typically much more affordable than most clinics in Singapore. But of course we could also easily drive back to Singapore for any treatments if we prefer. When it comes to lifestyle, most of us in Singapore know that JB has plenty to offer, including great shopping malls, affordable cinemas, shiok makan. And let's not forget the cheap petrol. But what we're especially looking forward to is the more relaxed pace of life, away from the hustle and bustle of Singapore and the stress that comes with it. Staying Close to Home In a way, however, by staying in JB, we get to enjoy the best of both worlds. After all, even though we'll be in JB, we haven't really left Singapore, as such. We'll still be close to our family and our kaki. Let's face it, with RTS, it'll be easy to get back to Singapore, for our favourite Bak kut teh, or for whatever reason. It's actually quite comforting to know that with MM2H, we can have our cake and eat our cake—living in a nice, yet way more affordable place, whilst also staying connected to our roots. And no worries about getting blacklisted, due to maxing out the 30-day social pass, which seems to be the M.O. for many Singaporeans. I'm not sure we could do that; seems a bit too stressful. With MM2H, we can come and go as often as we like. It's pretty much free-flow and risk-free. Looking Ahead As we plan our next steps, MM2H seems like the right choice for us. It offers us the chance to really stretch our retirement savings, enjoy a higher quality of life and still stay close to Singapore. The bottom line is that, at least for us, moving to JB with MM2H feels like a smart move that gives us the financial freedom and peace of mind we're looking for in our retirement years. Want to see if the MM2H visa may be good for you too? Go to the MM2H for Singapore website. By Spencer Ng, Jurong |
