Dont say I say, but with a HH income of $150k pa or less than $10k pm (excluding bonuses) I would say it is not wise to live in a condo. You are putting your retirement in jeopardy.
Your combined networth of $1.6m which included your condo will not go far in retirement unless you can work till 65. My advise to you is to downgrade to
HDB to free up the money for investment to grow your retirement fund. At 50, you dont have a lot of time to build up.
How much do you save per year currently?
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Originally Posted by Unregistered
Growing up for us was not so easy as we were from low income families living in small flats. However, with sheer determination we managed to do well in school. Fast forward, we are now both 50 and count ourselves as successful based on where we came from. It feels like going from Third World to First World. We have good jobs with a current household income of $150k per year.
We upgraded from our flat to a condominium unit a few years ago. We sold our flat and bought the condo. We have since paid off the mortgage. For our family's comfort and convenience, we own a car. Sometimes we bought new while sometimes we bought used ones. As long as it can bring us from one place to another, we are happy.
In terms of combined net worth, it is about $1.6m, not a very high amount but certainly above average. We count ourselves lucky as we get to live in a nice condominium project as well as owning a car. These are assets which are considered highly here. We have achieved what we never thought was possible.
As for retirement, we will retire in our condo where we have many friends. Our neighbours are our good friends. Our retirement income will be from cpf life and annuities.
If you are in your late 40s or 50s, what's your journey like? |