Hello,

My husband and I are in our late 40s. We are currently earning a combined annual income of $200k. Like a typical average Singapore family, we have a nice 3 bedroom condo and a conti car. We go for holidays twice a year at least. Our annual expenditure is about $160k, hence we are able to save about $40k a year. Over the years we managed to build up savings of $500k. Our condo is now worth $2m and we still have about $300k of mortgage loan left. When we retire in about 20 years time, we will sell our condo and buy a studio condo. We will retire on whatever savings we have achieved by then. Our current combined net worth is only $2.5m, an average amount by today's standards. We aim to reach $4m by the time we are in our sixties.