Whats your net worth

Yes, have a boyfriend who in his 30s.

Absolutely no plans to get married and have kids; it will happen when it happens. Perhaps in 2-3 years? Doubt it makes a difference

Working couple 32, no kids.

Recently completed renovation for bto. $220k in mixed equity, bond, savings asset. Nett surplus per mth $5k that goes into savings

Originally Posted by Unregistered

Working couple 32, no kids.

Recently completed renovation for bto. $220k in mixed equity, bond, savings asset. Nett surplus per mth $5k that goes into savings

If not planning to have kids, you can retire as a couple within 5 years. Congrats.

860k in CPF and FD. Fully paid 5 room HDB. No debts.

Just turn 36 in April 16.

50, sole breadwinner. Income $130k pa.
Family resides in a condo. Owns a car. No debt.
Total net worth, including condo, is about $1.4m.
How are we doing financially?
Are we considered a mid or upper middle class family?

Originally Posted by Unregistered

50, sole breadwinner. Income $130k pa.
Family resides in a condo. Owns a car. No debt.
Total net worth, including condo, is about $1.4m.
How are we doing financially?
Are we considered a mid or upper middle class family?

Since you own both a condo and a car, you are in the top 15% - 20% of the population as only 15% lives in a condo. You are clearly an upper middle class family.

As a 50 yo and sole bread winner with a HH networth of only $1.4m, your situation is precarious.

Assuming your condo is worth $900k, you have but $500k either in CPF or cash or investment.

Below are some questions you should ask yourself and you will know if you are financially sound or not.

How's your cash flow like? Are you able to save each month and how much?

How old are your children if any? If they haven't gone into uni, your HH expenses have yet to peak.

Job wise, is it secure? Do you see your salary increasing year after year? Any more promotion?

Health wise, do you have sufficient insurance, hospitalization and surgery coverage outside of your company provided insurance?

Just to share, my wife and I are now 56, our salaries have stagnated. Job wise, although we would like to work till 62 (official retirement age), we are not sure if our health will permit nor if our companies still want us till that age.

So what did we do? Since our mid 40s, we have been investing to build up alternative sources of passive income. Last year, our passive income was $130k pa which is slightly below our HH expenses of $150k pa. As we are still working, we reinvested all our passive income. There was one year where we used the passive income for the year to buy a new car to replace my wife's car. Luckily our children have graduated and are working already.

Whether you are upper or middle class is totally irrelevant and unimportant. It is whether you can continue with your current lifestyle if you suddenly lose your job or when you retire.

Originally Posted by Unregistered

50, sole breadwinner. Income $130k pa.
Family resides in a condo. Owns a car. No debt.
Total net worth, including condo, is about $1.4m.
How are we doing financially?
Are we considered a mid or upper middle class family?

Originally Posted by Unregistered

50, sole breadwinner. Income $130k pa.
Family resides in a condo. Owns a car. No debt.
Total net worth, including condo, is about $1.4m.
How are we doing financially?
Are we considered a mid or upper middle class family?

You're doing ok now as a working person. It is a big achievement to own your condo outright. However you have to plan for retirement. Under your situation, you don't seem to have passive income. For you to retire here, you may need to downgrade to a 4 room HDB flat and use the excess proceeds to buy annuities for you and wife. Your CPF Life will be another source of annuities.

If you don't mind retiring overseas such as KL, which offers the same metropolitan living, you can rent out your condo for S$4k pm and convert to RM12k pm. You can lead a comfortable retirement there.

Originally Posted by Unregistered

You're doing ok now as a working person. It is a big achievement to own your condo outright. However you have to plan for retirement. Under your situation, you don't seem to have passive income. For you to retire here, you may need to downgrade to a 4 room HDB flat and use the excess proceeds to buy annuities for you and wife. Your CPF Life will be another source of annuities.

If you don't mind retiring overseas such as KL, which offers the same metropolitan living, you can rent out your condo for S$4k pm and convert to RM12k pm. You can lead a comfortable retirement there.

Thanks for sharing. I feel blessed that I'm able to enjoy living in a condo. We enjoy the condo facilities. Our retirement plan is to sell our current big condo and buy a one bedroom condo. We like the idea of staying in a smaller place as it will be easier to maintain. As you have suggested, we could buy annuities from the extra cash generated after selling the big condo and buying the smaller condo. I will also get funds from our cpf life. Retiring overseas is an option but not our priority, at least not for now.

Originally Posted by Unregistered

Thanks for sharing. I feel blessed that I'm able to enjoy living in a condo. We enjoy the condo facilities. Our retirement plan is to sell our current big condo and buy a one bedroom condo. We like the idea of staying in a smaller place as it will be easier to maintain. As you have suggested, we could buy annuities from the extra cash generated after selling the big condo and buying the smaller condo. I will also get funds from our cpf life. Retiring overseas is an option but not our priority, at least not for now.

It sounds you have a big condo. How big is your condo?