Quote:
Originally Posted by Unregistered
Married, middle class couple in our forties, with a total income of $161,000 pa. Owns a 3 bedroom condominium unit, worth $1m, with a small mortgage outstanding. Our car is paid up in full cash. We save $35,000 pa.
Our ambition is to retire at 60 after our children get married and move to their own HDB flat. We will use our cash savings for our retirement expenses from age 60 to 65.
At 65, we will get our CPF Life of $3,800 pm in total. We will use our cash savings to buy annuities to give us $1,200 pm. Our two children will give us $1,000 pm in total ($500 pm from each of them). In total our passive income is expected to be $6,000 pm or $72,000 pa. |
I'm sorry, you are not middle class. A total income of 161,000pa is at best in between low and middle class.
Your 3BR condo will be worth 800k by the time you are retiring, as it is most likely a 99-year leasehold (going by the 1m worth). Your car will obviously be long gone.
CPF Life of 3,800pm in total means both of you have barely hit the FRS. That is really the minimum of minimum sums.
I saw many others were scolded papaya so I shall refrain from sharing too many details, lest I be scolded too. Suffice to say that we have a 6-digit combined income starting with 3, 2 condos (living in freehold and renting out leasehold, currently 94 years lease left), a basic 100k car, and 2 x ERS. We consider ourselves middle class.