$42k pa savings quite ok. Assuming you can minimally maintain this level of savings till you reach the retirement age of 65, you will accumulate another $756k. Take away $256k for 2 more cars (each for 10years), you will have a net savings of $500k to add to what you have currently.
With $1m at age 65(not counting your property), you will need to exercise great prudence to stretch that for at least 25 years ie a draw down rate of $40k pa or roughly $3.5k pm.
Can you survive on that as a couple? If not then downgrading from the condo is a given.
Quote:
Originally Posted by Unregistered
47, 42, grad couple
Total income, $162k pa
Total expenses, $120k pa
Total savings, $42k pa
Assets:
1. Condo worth $1m, fully paid
2. Car, fully paid
3. Cash & CPF, $500k
Debt & liabilities: Nil
Goes for holidays twice a year.
Buy expensive gifts during special occasions.
Eat at restaurants once a week.
We are considered the average Singaporean family.
Are there any grad couples doing worse than us? Please share. |