Late 40s married couple. Our total income is quite decent, $210k pa. But we are also big spenders, $170k pa. We only save $40k pa.
Our big expenditure items are:
1. Condo mortgage. Condo worth $1.5m, loan remaining $500k.
2. Big luxury German sedan. Loan remaining $120k.
3. Domestic helper.
4. Kids' spendings, including costly enrichment, piano, tuition classes.
5. Parents' (both sides) allowances.
6. Holidays, twice a year.
7. Insurance.
Our expenses will go down by the time we retire at 65, by then we would have cleared the mortgage, sold the car, no more helper, kids grown up. We should only need money for food, utilities, condo fees, public transport and short holidays.
How do we get enough money for retirement? We will use money from our savings and we will downgrade from our condo to a one room condo unit. We will also get money from
CPF.