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How much are you earning per annum?

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  #9991 (permalink)  
Old 21-05-2016, 01:49 PM
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You are arrogant. Pride comes before a fall.


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Engineers are smart people. By their very nature, they like to be out there solving engineering problems, and not sit at home idling away their lives.

They are also very analytical, always analyzing before they make a move / decision.

Engineers in their mid 50s know full well that this period is the golden period in their careers. This is a period where their income is peaking while their financial commitments are tapering off or are fulfilled. This is the time where their savings accelerate! I guess those people who retired prematurely (before 50) will never know and experience this wonderful phase.

And these savings from early 50s to official retirement age (62) are not insubstantial. For my engineering (& golf) buddies and I, the last 5 to 6 years have seen our networth grew by $1.5m to $2m.

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  #9992 (permalink)  
Old 21-05-2016, 02:12 PM
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Goodness gracious! what is with the flaming arrows.

Some folks really toiled hard just to provide their family another way out of rat race. In fact, most of us aren't entrepreneurials or upper class so no bashing here. It is not easy to own a 3-rm condo (even in ocr). It seems to be right to sell the condo if finances are real tight - have to do the math.

Lazyplane senior is not wrong, some ccr hdb does match with ocr condo. Are you contented with what you have?

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  #9993 (permalink)  
Old 21-05-2016, 04:17 PM
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I am living in a $1m plus HDB and I am very happy. No need to upgrade to condo as i am very happy. No housing loans and no debt. Lift is great!!!!

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  #9994 (permalink)  
Old 21-05-2016, 09:03 PM
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1,000TH pages!
What an achievement!
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  #9995 (permalink)  
Old 21-05-2016, 11:11 PM
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Just wanted to post on the 1000th page...

Couple in early 40s
Household income :S$170k last year
Own 2 properties (1 landed and 1 condo) in Sg and 1 overseas
Net worth (including primary residence) : S$2 mil
2 kids in primary school
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  #9996 (permalink)  
Old 21-05-2016, 11:14 PM
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Originally Posted by Unregistered View Post
Just wanted to post on the 1000th page...

Couple in early 40s
Household income :S$170k last year
Own 2 properties (1 landed and 1 condo) in Sg and 1 overseas
Net worth (including primary residence) : S$2 mil
2 kids in primary school

Why your landed so cheap? The one i am staying easily fetch S$6 mil in the market and it is not even in near town.


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  #9997 (permalink)  
Old 22-05-2016, 03:50 PM
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My spouse and I can retire in about 5 years time when we reach 55.

We estimate that we will have a passive income of $60k pa at 55. Our 3 bedroom modern luxury condo is paid up. We don't intend to own a car (our condo is near an MRT station and near shopping facilities) nor employ a helper (not much house work for two persons). Our children are likely to be married and living in their own hdb flats by then.

Given that we will not have any liabilities by then, our expenses will be the most $4k pm as we just need to spend on food, utilities, medical and some short travels. We have comprehensive medical insurance. We also don't drink, don't smoke, don't gamble and don't party. But occasionally we do spend on good food at restaurants.

We plan to do charity work, reading, exercising in the condo gym and engage in our hobbies when we retire.

We look forward to a good retirement after working so hard in school and at work for so many years. It will be time for us to relax, take care of our health and give back to society. Life is short so we must treasure our time.
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  #9998 (permalink)  
Old 22-05-2016, 04:48 PM
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Quote:
Originally Posted by Unregistered View Post
Just wanted to post on the 1000th page...

Couple in early 40s
Household income :S$170k last year
Own 2 properties (1 landed and 1 condo) in Sg and 1 overseas
Net worth (including primary residence) : S$2 mil
2 kids in primary school
I think I know who you are..... You over expose too much of yourself in forums and after a while people know your profile....

Let me just say that you are a lady and your eldest is P5
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  #9999 (permalink)  
Old 22-05-2016, 11:57 PM
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When we have a job, we looked forward to retirement. When we are jobless, we would give anything to have a job.

Having a job is a privilege. Having a good job is a blessing.

Whichever it is, we should treasure it. It means we have skills that people are willing to pay for. It also means we are healthy enough to do the work.

As in any privileges, think carefully before giving it up, especially one that allowed you to feed and bring up a family.

I have a good job, so it is a real blessing. While we have more than enough to retire, I chose to continue working till the official retirement age.

Having enough to retire should allow you to choose the workload to take on, to have better work life balance. You could, for example, work half time (eg Monday to Wednesday) and use the other days to pursue your other interest. Actually, my wife is already doing that. For me it is a little difficult because of the savings we will forgo.

But if your work is really unbearable, you can take on another less stressful one with lower pay since you have enough saved up for retirement.


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Originally Posted by Unregistered View Post
My spouse and I can retire in about 5 years time when we reach 55.

We estimate that we will have a passive income of $60k pa at 55. Our 3 bedroom modern luxury condo is paid up. We don't intend to own a car (our condo is near an MRT station and near shopping facilities) nor employ a helper (not much house work for two persons). Our children are likely to be married and living in their own hdb flats by then.

Given that we will not have any liabilities by then, our expenses will be the most $4k pm as we just need to spend on food, utilities, medical and some short travels. We have comprehensive medical insurance. We also don't drink, don't smoke, don't gamble and don't party. But occasionally we do spend on good food at restaurants.

We plan to do charity work, reading, exercising in the condo gym and engage in our hobbies when we retire.

We look forward to a good retirement after working so hard in school and at work for so many years. It will be time for us to relax, take care of our health and give back to society. Life is short so we must treasure our time.
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  #10000 (permalink)  
Old 23-05-2016, 08:09 AM
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Good plan. If you want to get more passive income, you can sell your current condo and buy a similar sized condo in a cheaper location.

We are of the same age group. I'm already retired because I made millions from my property investments. I got in at the right time and exited at the right time. Now you cannot make money from property investments. Weak market and oversupply.

My best investment is a landed property. I bought the landed property at its low in 2006 and sold after a few years when prices were going up. I made a lot of money. Now I stay in a condo (fully paid up) for retirement. The rest of my cash is invested and I'm earning good dividends. I now manage my investments actively to keep my mind active and to identify trends early before the market does.

In investments, timing is everything. Invest your time in learning how to invest. It's worth it.

Successful investing can speed up your retirement by 15 years! Earning money just from work means your retirement will be at 65 or later.


Quote:
Originally Posted by Unregistered View Post
My spouse and I can retire in about 5 years time when we reach 55.

We estimate that we will have a passive income of $60k pa at 55. Our 3 bedroom modern luxury condo is paid up. We don't intend to own a car (our condo is near an MRT station and near shopping facilities) nor employ a helper (not much house work for two persons). Our children are likely to be married and living in their own hdb flats by then.

Given that we will not have any liabilities by then, our expenses will be the most $4k pm as we just need to spend on food, utilities, medical and some short travels. We have comprehensive medical insurance. We also don't drink, don't smoke, don't gamble and don't party. But occasionally we do spend on good food at restaurants.

We plan to do charity work, reading, exercising in the condo gym and engage in our hobbies when we retire.

We look forward to a good retirement after working so hard in school and at work for so many years. It will be time for us to relax, take care of our health and give back to society. Life is short so we must treasure our time.
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