Thanks lazyplane for your comments.
My reply:
a. Sometimes it is difficult to communicate the fears with people you know, I do indirectly share the fear that I have but still has to manage it by myself by preparing myself in case of retrenchment.
b. Yes, I do top up SRS and SA account regularly, this year SA would be my last top up as I have hit the minimum sum. I have used my SRS in purchasing of UT and shares and agree with your view about SRS and
CPF.
c. Not planning to pay down
HDB mortagage as my loan interest is lower than
CPF interest. Nevertheless I have prepared the cash to standby in case of out of job. If my job could last 5 more years, I have calculated that my OA would be sufficient to settle the balance loan by then. I have not touch wife's money and has no intention as wife money is always belong to wife. : )
d. Full support. I have top up wife SA since she is not working and my limit has reached. Yes, I believe in term insurance that's the reason why my insurance current surrender value is very low while wife insurance current surrender value is high as she bought for retirement saving. She is expecting to receive $700K when at age 65. As previously she was self-employed that the reason of her low
CPF, thus she saved her money thru insurance as the only means of forced saving.
e. The $250K investment is in insurance annuity which I would be receiving monthly payout after 5 years.
f. Parents insurance is only health shield that is paid by me. Not sure whether can they qualify for term insurance as I thought term is mainly purchase in case sole breadwinner pass away and the term amount is suppose to help to tide up the house, children upbringing.
Though their expenses are not high, 4 of them (including in laws) are no longer working with their mortgage fully settled, as filial as we want to be, we give them monthly allowance for them to use on household expenses and medical regular medication on high blood pressure, diabetic.
Yes, we do eat in for health sake rather than saving. Apparently it is not that cheap to eat in too as we eat a lot of organic, healthy food.
g. Not sure time it is due to rat race or rather family time in bringing children, spending it with parents that limit the time that I could spend with friends and classmates. Yet I do ensure I am with my friends and classmates whenever there is difficulty to lend support to each other. I valued friendship very much especially to true friends and never ever will forget their gratitude in helping.
It look like my networth is in good shape compare to other that may be facing more difficulty, my stress is worrying as a solebread winner how would I able to substain to retirement age and bringing up young school going children (1 in playgroup, the other in primary 4). So I may take up Skillfuture from the SingBudget to be trained as skilled worker when the time of layoff is imminent.
I like to gather advice from mid-40's to older, how to prepare one self for retrenchment, retirement, the money in bringing up young children, old-aged parents.
It is blessing that we lived within our means and do not have much loan except mortgage. I started preparing for this worst day since the financial crisis and remind myself that good times doesn't last forever. So never get into private property and large expensive car.
Cheers!