How much are you earning per annum?

My expenses, 48 year old

Condo mortgage 1000 pm
Car loan 700 pm
Personal loan (for family's needs) 400 pm
Car operating expenses 1000 pm
Work related expenses (meals, clothings) 500 pm
Parents allowance 800 pm
Maid related expenses 1000 pm
Utilities, cable, Internet, mobile 400 pm
Medical insurance 800 pm
Holidays 400 pm
Miscellaneous 1000 pm
Total expenses 8000 pm or 96,000 pa

Total income 110,400 pa
Savings 1200 pm or 14,400 pa

Wife's expenses, 46 year old

Condo mortgage 1000 pm
Work related expenses (meals, clothings, bags, shoes) 1000 pm
Groceries 1000 pm
Children's expenses 500 pm
Parent allowance 600 pm
Medical insurance 800 pm
Holidays 400 pm
Miscellaneous 1000 pm
Total expenses 6300 pm or 75,600 pa

Total income 111, 600 pa
Savings 3000 pm or 36,000 pa

Summary
Total income (husband and wife) 222,000 pa
Total spendings 171,600 pa
Total savings 50,400 pa
Total net worth (home equity+CPF+cash+stocks) 1.3m

How is our spendings compared to yours? Do you share your spendings equally with your spouse or you bear a higher burden?

What's your total net worth (husband and wife)?

Please share. Thanks.

How about you sharing some of your money with the rest of us?

Originally Posted by Unregistered

My expenses, 48 year old

Condo mortgage 1000 pm
Car loan 700 pm
Personal loan (for family's needs) 400 pm
Car operating expenses 1000 pm
Work related expenses (meals, clothings) 500 pm
Parents allowance 800 pm
Maid related expenses 1000 pm
Utilities, cable, Internet, mobile 400 pm
Medical insurance 800 pm
Holidays 400 pm
Miscellaneous 1000 pm
Total expenses 8000 pm or 96,000 pa

Total income 110,400 pa
Savings 1200 pm or 14,400 pa

Wife's expenses, 46 year old

Condo mortgage 1000 pm
Work related expenses (meals, clothings, bags, shoes) 1000 pm
Groceries 1000 pm
Children's expenses 500 pm
Parent allowance 600 pm
Medical insurance 800 pm
Holidays 400 pm
Miscellaneous 1000 pm
Total expenses 6300 pm or 75,600 pa

Total income 111, 600 pa
Savings 3000 pm or 36,000 pa

Summary
Total income (husband and wife) 222,000 pa
Total spendings 171,600 pa
Total savings 50,400 pa
Total net worth (home equity+CPF+cash+stocks) 1.3m

How is our spendings compared to yours? Do you share your spendings equally with your spouse or you bear a higher burden?

What's your total net worth (husband and wife)?

Please share. Thanks.

How do you think you are doing?

At 48/46, while you still have some way to go to build your career, it is also timely to plan for your retirement. Below are some pertinent questions you should ask yourself and the answers will help you shape your lifestyle and with it your expenses/savings.

1. Going forward, do you or your wife foresee further upsides in your careers? Any more promotions? Without promotions, likely you will be hitting and stagnating at your salary scales pretty soon.
2. Are your jobs secure? Is there longevity in your jobs? Do you see yourselves working till 62/65?
3. What kind of lifestyle do you aspire to in retirement? Do you expect to have a car, a maid and regular travels?
4. Do you foresee taking care of your parents, parents-in-laws for many more years?
5. How long more to go before your children become financially independent of you? 15 years?

A simple lifestyle for just a retiree couple without having to take care of parents/parents-in-laws, without a car, and without a maid, HDB living would require at least $4k pm or $48k pa. Sustaining that kind of simple retirement lifestyle over 30 years would require $1.44m without factoring in inflation.

If you want to continue staying in your condo, have a car but no maid, and occasional travels, you will need $7k pm or $84k pa. To sustain this lifestyle over 30 years, you will need $2.52m without inflation.

From the above, you should be able to gauge for yourself how you are faring and whether you are setting up the right foundation for your retirement.

There is no need to compare with others.

Originally Posted by Unregistered

My expenses, 48 year old

Condo mortgage 1000 pm
Car loan 700 pm
Personal loan (for family's needs) 400 pm
Car operating expenses 1000 pm
Work related expenses (meals, clothings) 500 pm
Parents allowance 800 pm
Maid related expenses 1000 pm
Utilities, cable, Internet, mobile 400 pm
Medical insurance 800 pm
Holidays 400 pm
Miscellaneous 1000 pm
Total expenses 8000 pm or 96,000 pa

Total income 110,400 pa
Savings 1200 pm or 14,400 pa

Wife's expenses, 46 year old

Condo mortgage 1000 pm
Work related expenses (meals, clothings, bags, shoes) 1000 pm
Groceries 1000 pm
Children's expenses 500 pm
Parent allowance 600 pm
Medical insurance 800 pm
Holidays 400 pm
Miscellaneous 1000 pm
Total expenses 6300 pm or 75,600 pa

Total income 111, 600 pa
Savings 3000 pm or 36,000 pa

Summary
Total income (husband and wife) 222,000 pa
Total spendings 171,600 pa
Total savings 50,400 pa
Total net worth (home equity+CPF+cash+stocks) 1.3m

How is our spendings compared to yours? Do you share your spendings equally with your spouse or you bear a higher burden?

What's your total net worth (husband and wife)?

Please share. Thanks.

You both are doing quite well if compared to the average Singaporean family whose HH income is about $100k pa. Your debt is manageable since your TDSR is less than 60%. You can comfortably afford the condo and car, which makes you among the lucky ones. The only thing you have to think about is preparing for your retirement.

Since you save $50k pa, and if you work until age 60, you would have saved $600k. When you retire at 60, you can still live in your condo provide you don't own a car and do not employ a maid. Your expenses for two retired persons, assuming your mortgage is cleared, is about $4k pm or $48k pa. You can spend from your savings between age 60 to 65, spending $240k in total. At 65, your CPF Life will pay you $3600 pm. You can buy annuities from the balance of your savings, paying you $1000 pm. So at 65, your passive income will be $4600 pm. If your children each gives you $500 pm in allowance, your passive income will be $5600 pm. This is more than enough for a retired couple who are debt free and do not waste money on owning a car and do not employ a maid.

Originally Posted by Unregistered

My expenses, 48 year old

Condo mortgage 1000 pm
Car loan 700 pm
Personal loan (for family's needs) 400 pm
Car operating expenses 1000 pm
Work related expenses (meals, clothings) 500 pm
Parents allowance 800 pm
Maid related expenses 1000 pm
Utilities, cable, Internet, mobile 400 pm
Medical insurance 800 pm
Holidays 400 pm
Miscellaneous 1000 pm
Total expenses 8000 pm or 96,000 pa

Total income 110,400 pa
Savings 1200 pm or 14,400 pa

Wife's expenses, 46 year old

Condo mortgage 1000 pm
Work related expenses (meals, clothings, bags, shoes) 1000 pm
Groceries 1000 pm
Children's expenses 500 pm
Parent allowance 600 pm
Medical insurance 800 pm
Holidays 400 pm
Miscellaneous 1000 pm
Total expenses 6300 pm or 75,600 pa

Total income 111, 600 pa
Savings 3000 pm or 36,000 pa

Summary
Total income (husband and wife) 222,000 pa
Total spendings 171,600 pa
Total savings 50,400 pa
Total net worth (home equity+CPF+cash+stocks) 1.3m

How is our spendings compared to yours? Do you share your spendings equally with your spouse or you bear a higher burden?

What's your total net worth (husband and wife)?

Please share. Thanks.

I'm 50 and happily retired. I worked very hard in a highly stressed and high paced environment. Made very good money though. I invested my huge bonuses and made millions from my investments. Now can retire.

My advice to youngsters is to work in a sector which pays very high, even though it's a high stressed environment. But must plan your exit early before you collapse. I manage to exit at the right time. Now a lot more healthier and happier.

My advice to old people is to stop repeating the same **** 100x

Good news for those who already bought their new cars - COEs cut for all five categories for next three months.

COE prices will continue its uptrend due to higher demand and lower COE supply.

Huat ah !!!!!!!!!!!!!!!!!!

Originally Posted by Unregistered

My advice to old people is to stop repeating the same **** 100x

most of them are retrenched and waiting for their CPF. they need to come here to post their fantasy stories in order to not go senile.

Originally Posted by Unregistered

Good news for those who already bought their new cars - COEs cut for all five categories for next three months.

COE prices will continue its uptrend due to higher demand and lower COE supply.

Huat ah !!!!!!!!!!!!!!!!!!

shucks... i missed the $38k COE boat.... when will COE drop again???

Originally Posted by Unregistered

shucks... i missed the $38k COE boat.... when will COE drop again???

Maybe in 2026 but no guarantee