I have been following your posts and wanted to just say that while you have some good reminders about working as long as you can, please note that there are people, like myself, who have other objectives in life and do not intend to work until I drop dead.
I am already 50 years old. I have a paid up landed property worth $3m and my other assets are worth $1m. My plan when I reach 60, is to sell my landed property and downgrade to a cheaper 3 room condo. With my current pay and savings and assuming it remains the same, my investable asset (apart from the condo which I plan to retire in), will be about $4m. I'm sure I can invest in low risk instruments that generate 3% pa or $120k pa or $10k pm. On top of that I will also get
CPF Life payouts every month when I reach 65.
Quote:
Originally Posted by Unregistered
What do I want to say? My points were:
1. Like it or not household incomes will keep rising, if nothing else, it will be because of inflation. Other drivers would be with better skill sets and qualifications of the work force wages will go up - unless the gahmen reopen the gate to more foreign talents.
2. For those thinking of retiring early or already retired with children still schooling, their household income will drop to zero, artificially bringing down the average. In other words the average household incomes could be even higher than the $10,503 reported.
3. For those heeding the gahmen's advise to work as long as they can, will see their household income rising especially when their children also enter the workforce, before they start their own families.
So, to avoid being caught off guard financially, best to keep working, saving and investing.
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