Quote:
Originally Posted by Unregistered
We are the typical middle class couple, 42/ 40, earning $120k pa in total. We live in an EC and have 3 children in primary schools. We are still servicing the $450k mortgage of our EC and has about 20 years more to clear the mortgage. We also have a $50k car loan.
We manage our budget carefully and able to save $30k pa. We hope to accumulate $600k by the time we retire at 65. We will buy dividend stocks with 5% dividend yield to give us $30k pa or $2.5k pm. Our CPF Life will give each of us $1900 or $3.8k as a couple. Our 3 kids will each give us $600 as allowance, or $1800 pm. So in total passive income is $8.1k pm. This should be enough but if not we will rent out two of our rooms at $1500 pm for each room.
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You are right that you are a typical middle class HH.
But you are 'over consuming' on housing. EC as a housing class is probably for the 75th-85th percentile. your HH income should be about 60th percentile or so. In addition you have 3 children. Hope your jobs ar defensiv and secure.