No need to be ashamed and most of all no need to despair.
Two ministers over the past few days have already suggested raising the retirement age to 70. This means at least another 15 years of working life for you and spouse to accumulate your wealth.
As you have mentioned, your condo is fully paid, and I guess your children would be independent of you financially. So from now on, your income would be for your own expenses and your savings would be even higher.
As for me and spouse, we are in the same age group as you. Already we are saving about 65% of our income having cleared all our loans, only the children's education to take care of. If we can continue to work till 70 without any reduction in income, we projected that we could save 80% of our income and build up another $3.5m to $4m by then bringing our total net worth to $8m to $8.5m.
Therein lies the irony. As we retire older, we actually need less, but instead we end up saving more.
The other thing to watch out for is, when everyone is working longer, and wealth is increasing, inflation is going to go up. To those who retired early, I urge them to reconsider getting back into employment.
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Originally Posted by Unregistered
Looking at the postings here, I am ashamed to share how much me and my spouse are earning. However, we will just share so as to encourage more people to share.
Our total income per year is about only $200k, we are in our early fifties. This is likely to be the max that we will earn as our earnings has plateued. Even though this amount is not as much as some of the younger forumers here who earn $250k per person or half a million per couple, we are contented. We managed to buy a condo during the early 90s and now it is fully paid up. The 4 bedroom unit is now worth $1.8m.
Our savings in CPF and cash is about $600k only. No other assets. We have friends who are more successful, many of them own 3 or 4 condos fully paid up. They bought them for their parents to stay or for their children to stay when they get married. So, we are poor in comparison, but we are satisfied as we still manage to live in a luxury condo. |