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#**10095** (**permalink**) 08-06-2016, 09:56 AM

You have done very well financially. You are in the upper class group. Why?

1. You own and live in a condo. Only 15% of the population here live in condos. 80% lives in public housing. On top of that your condo is almost paid up, this is a big achievement.

2. You own a car, which makes you among the lucky ones.

3. Your household net worth is higher than the median household net worth.

4. Your household income is higher than the median household income.

Congratulations. Well done. You can retire well in a few years time.

Quote:

Originally Posted by Unregistered

Middle class family, 50 & 49 year old.
Car paid up.

Our expenses
Condo mortgage $1100 pm or $13,200 pa
Car petrol, road tax, car insurance, parking, etc $700 pm or $8,400 pa
Groceries, restaurants & utilities $2000 pm or $24,000 pa
Medical insurance $1700 pm or $20,400 pa
Holiday travels $800 pm or $9,600 pa
Children $500 pm or $6,000 pa
Parents allowance & gifts $1600 pm or $19,200 pa
Others $500 pm or $6,000 pa
Total expenses $8,900 pm or $106,800 pa

Total income, including bonuses $136,800 pa
Total savings $30,000 pa

Net worth
Condo net value (value minus mortgage) $760k
Cash & CPF $650k
Stocks $50k
Total net worth $1.46 mil

How are we doing? How do we fare compared to our contemporaries?
How can we prepare for our retirement?