My hubby and I have, in total, an annual income of $146,000. We own and live in a condo. We have two kids. We spend a lot on the kids, family holidays and supporting our parents (both sides) financially. We only managed to save $30,000 annually. Although our finances are tight, we are happy as we make our parents and children happy. Upon our retirement, we will downgrade to a 3 room HDB flat. We will then live on the net cash balance as well from our CPF and cash savings. If our kids give us a monthly allowance, it will be a bonus, if not, then no problem as we will not depend on it.