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Old 22-02-2015, 09:02 PM
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Your wife is absolutely right. Our children should not be pampered and must learn to be independent as early as possible. You can help them save from young so that they have some money for their university education. If this is not sufficient, they must find ways to earn money by doing part time work or giving tuition. When I was in Uni last time, I gave tuition to help fund my studies. We should also not be worried about their housing when they get married. They must work and save by themselves for marriage and for the downpayment of their BTO flat. Anyway, BTO flats are so cheap nowadays, they can surely afford to buy a 3 room flat for $150k only, which they can pay over 25 years.

You both can retire easily since you will have your CPF Life which gives you $1800 pm for one person or $3600 pm for two persons if each of you put in $241,500 in your CPF retirement account at 65. You can also rent out your rooms at $1,000 pm for each room and so if you rent out two rooms, you get $2,000 pm from room rentals. So your passive income will be $5,600 pm. A lot of money for a retired couple with no debt.

Quote:
Originally Posted by Unregistered View Post
My wife and I are working professionals in our late 30s
Salary $220k pa salary and save about $60k pa
Own a 5-room HDB flat worth about $550k
Other savings and assets about $250k
CPF $150k
No loan except for 2 yr old car and loan left with $40k

Net worth about $400k excluding HDB flat

I donít intend to retire early before my 60s , my wife hopes to retire by early 50s, or maybe she will continue to take up some stress-free part-time jobs. I figure that would bring our savings target to $1.5 mil (before any investment returns).

Many grad couples are doing much better than us financially, but ut we are contented with our incomes and intend to lead a simple and balanced family life instead of pursue ambitious careers. Some people say that with 3 kids we should try to earn more for them. But my wife always say that kids should be independent and not rely on parents retirement nest egg. What do you think?
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