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Old 01-02-2017, 11:16 AM
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Hi,

I'm heartened by your story. Being grateful with what we have is the way to happiness. You don't have to be rich to be happy.

Most of us are in the middle class group. 80% of us is in this group. Only the top 20% is in the high income group. These are those living in private properties and owning cars. They are the highly successful professionals and business owners.

As long as you have enough for your retirement, you should be ok.



Quote:
Originally Posted by Unregistered View Post
We are a middle class family, living a simple but comfortable life. My spouse and I earn a combined income of $145k pa. This amount is not so high for a couple in their late forties but we are happy. We live in a humble home and drive a humble car. We're still paying for the mortgage of our home. We hope to clear the mortgage in ten years time. We can still afford cheap year end holidays as well as going out to restaurants occasionally. We also support our old parents financially, on both sides. Due to our commitments, we only save $20k pa. We should be able to have $300k in cash savings when we retire at 60 years old. By then, we will most likely have no more dependents. We will spend $30k pa ($2.5k pm) in our retirement, so we will spend $150k from age 60 to 65. Upon age 65, our CPF Life will start paying us about $45k pa until the day we decease. As inheritance, we will leave behind our home and cash savings for our children.

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