How much are you earning per annum?

Guys just want to check, private grad here drawing $2.6k, working in same ℅ for 2 years.
25 this year in the shipping sector, am I underpaid?

1 in 35 of Singaporeans (2.8%) is a millionaire.

I'm grateful to be one of them.

Originally Posted by Unregistered

Think compare here better. Below is from IRAS filing for 2014 (see post #9773)

The below was obtained from IRAS:

For year ending 2014

Assessable Income. / No.of People
(Gross income less deductibles)

$1m and above / 4557
$500k to $1m / 14,757
$400k to $500k / 11,479
$300k to $400k / 24,268
$200k to $300k / 59,346
$150k to $200k / 70,315
$100k to $150k / 158,244
$80k to $100k / 120,538
$70k to $80k / 86,370
$60k to $70k / 115,089
$50k to $60k / 162,440
$40k to $50k / 224,042
$30k to $40k / 288,519
$25k to $30k / 136,256
$20k to $25k / 71,842
Below $20k - no tax.

Total no. of people : 1.548 m

so which percentile you belong to?

Seems to be 7.4 percentile. But this was 2014. Factoring in inflation would have gone down some.

Originally Posted by Unregistered

Guys just want to check, private grad here drawing $2.6k, working in same ℅ for 2 years.
25 this year in the shipping sector, am I underpaid?

yes, seems like it. did u start out at a really low base or was there no increment at all over the 2 years?

Originally Posted by Unregistered

yes, seems like it. did u start out at a really low base or was there no increment at all over the 2 years?

We have to look deeper into his private grad details. A degree from third-tier or even lower institution may have warranted his below average pay. If he was holding a local degree then without a doubt it is below average.

Originally Posted by Unregistered

yes, seems like it. did u start out at a really low base or was there no increment at all over the 2 years?

I started out at $1.8 with a dip..

27 years old... $4.5k monthly with 4.5 months bonus ..

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.

You keep posting this over and over again, and we keep telling you your plan has a lot of IFs in them. The best way to ensure retirement adequacy in your case is to downgrade from your condo and move into a small HDB flat when you retire.

You hoped that your children will get married and get their own BTO flats and yet be able to give you and your wife a $1k a month.

Have you wondered if they will be able to get a salary sufficient to pay their for flat, bring up a family and yet have something left over for their own retirement savings? If you expect $1k from them, what about the other set of in-laws? They could be like you expecting $1k from your children too! That would be $2k of allowances per month they have to give out of their salaries.

If you can only save $35k pa, you better be prepared to spend less than this amount when you retire. How many years from now till retirement? 15 years? If 15 years, you can accumulate another $35k X 15 = $525k.

If you expect to live 20 years in retirement and spend $36k pa, that would be $720k already. Far exceeds your projected savings. And don't talk about your car. It is an expense item and will go to zero value after 10 years.

Your situation is very dicey. $36k pa spending is for basic lifestyle. Unexpected medical expenses and inflation are not factored in!

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.

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.

How to get the figure of 3800 pm for CPf life