Quote:
Originally Posted by Average Sporean family
We are are an average Singaporean family.
We are in our forties and have two teenagers.
Our total net worth, including our primary home, is about $2m.
Our total household income per year is about $150k per year.
Will need to work until 65. By then our savings and passive income should be about $5k a month, enough to survive for an old couple with no car. Luckily our home is next to an MRT station.
Life in Singapore is good if you compare with those living in other parts of the world.
We enjoy cheap BTOs and pay low personal income taxes.
We hope to die peacefully in retirement. |
I am in two minds on what you wrote. On the one hand, I want to commend and applaud you for you probably personify the typical family man anywhere in the world who has secured a good job, and bring a comfortable standard of living to your family. And at the same time you are fully aware that to maintain this state of affairs, you would have to continue working till 65.
On the other hand, you seemed resigned to the fact this is your station in life and are accepting of your fate. This should not be the way especially when one is living in a dynamic city state like Singapore where "new normals" are set every so often.
I still remember the time when we as new entrants to the job market were very impressed and awed with our seniors (around 35 yrs of age) earning $100K a year. Fast foward to today, the new normal or expectation is $200k a year. I also know of people who are saving $200K to $300K yearly. For these people, they can buy a european car every year or a condo every 5 years.
Below is the reality in Singapore (based on 2012 data):
Average household income (5 rm and Exec): $10,160 per month
Average household income (condo): $19,026 per month
Average household income (landed) : $25,419 per month.
My point is dont get caught on the wrong side of the wealth divide.