Profile: Married couple, both 47, with 2 kids in secondary schools.
Household expenses
Condo (3 bedroom) mortgage and maintenance fees $30,000 pa ($2500 pm x 12)
Car loan $9,000 pa ($750 pm x 12)
Car petrol, maintenance, insurance, road tax, parking, etc $12,000 pa ($1000 pm x 12)
Food, groceries, eating out, utilities $24,000 pa ($2000 x 12)
Children's expenses including tuition, enrichment, food, etc $12,000 pa ($1000 pm x 12)
Family insurance $21,600 pa ($1800 pm x 12)
Family overseas holidays $12,000 pa
Parents' allowances (both sides in total) $19,200 pa ($1600 pm x 12)
Others and miscellaneous $24,000 pa ($2000 pm x 12)
Total $163,800 pa
Household combined income $213,800 pa
Household combined savings $50,000 pa
Current combined household net worth $1.2m
By the time we retire at 65, our condo will be fully owned. We will retire in our condo and we will retire with the income we get from our
CPF Life as well as from our cash savings. If our kids follow our footsteps of filial piety, they will also give us some allowances (we won't expect it, but if they give, it will be a bonus).
Quote:
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? |