How much are you earning per annum?

[QUOTE=Mongfeli;67419]I am a Banker and my annual income is $20000 . But i am not satisfied with my annual income.





Typo lah. How can be so low???????

Maybe this banker works for a **** bank that's why the pay is so low??

Originally Posted by Unregistered

Maybe this banker works for a Sperm bank that's why the pay is so low??

Pay low nvm lah.

Originally Posted by Mongfeli

I am a Banker and my annual income is $20000 . But i am not satisfied with my annual income.

Do you mean 200k? If so, then you aren't good with ensuring your figures are accurate when typed out. If not, then 20k is too low to be called a "banker". Or maybe you meant janitor?

50, sole breadwinner, $120k pa. Children are in secondary schools. Our condominium unit in the OCR and our car are paid up. Our total net worth is $1.4m.

How are we doing financially?
Can any gurus in this forum advise us what we can do to prepare for retirement?

Originally Posted by Unregistered

50, sole breadwinner, $120k pa. Children are in secondary schools. Our condominium unit in the OCR and our car are paid up. Our total net worth is $1.4m.

How are we doing financially?
Can any gurus in this forum advise us what we can do to prepare for retirement?

If most of the 1.4m networth is from your condo, then go luck to you as retirement is likely to ever take place when you are 70 or older. If you want to retire at 60 and have decent retirement lifestyle, you can either sell your condo to cash out and/or rely on your children to give allowance of at least 1k per mth per child.

Originally Posted by Unregistered

50, sole breadwinner, $120k pa. Children are in secondary schools. Our condominium unit in the OCR and our car are paid up. Our total net worth is $1.4m.

How are we doing financially?
Can any gurus in this forum advise us what we can do to prepare for retirement?

You should opt for the CPF Life enhanced scheme for both you and wife so that you will get $3500 pm when you retire at 65. Your 3 children (assuming you have 3 kids) will each contribute $500 per person for you and wife, so in total you get $3000. So your passive income will be $6500 pm. You can retire in your condo happily. You only need $3000 pm for a retired couple today and in 15 years time maybe it will be $4000 pm. Just make sure you don't own a car nor employ a maid when you retire as these are big unnecessary expenses for a retired couple.

Middle class working couple in late 40s.
Total income $182k pa. Total savings $40k pa.
Husband's net worth $1.6m.
Wife's net worth $0.8m.
Condo worth $1.1m, mortgage outstanding $198k.
Car, one year old, paid up.

Originally Posted by Unregistered

Middle class working couple in late 40s.
Total income $182k pa. Total savings $40k pa.
Husband's net worth $1.6m.
Wife's net worth $0.8m.
Condo worth $1.1m, mortgage outstanding $198k.
Car, one year old, paid up.

Both of you have done well.
you are on track to a comfortable retirement
Congrats for working hard and time to enjoy your fruits

Originally Posted by Unregistered

Both of you have done well.
you are on track to a comfortable retirement
Congrats for working hard and time to enjoy your fruits

Thanks! Yes, we look forward to a good retirement.