How much are you earning per annum?

#**10471** (**permalink**) 16-09-2016, 05:25 PM

Quote:

Originally Posted by Unregistered

Age: 31
Annual salary excluding bonus: $240k
Married with 1 child. Sole breadwinner
Savings: $280k
House: 1.5m D9 Condo
Car: BMW 5 series
Annual expenditure: $100k
Stocks, CPF etc: Really no idea. No investments cos work too stress no time for other stuff.

You're so rich. Can retire in ten years time, at 41.
Well done, young man. You're better than me.
I only retired in my late 40s. So old already.
Those better than me retired in their early 40s, enjoying retirement early.

#**10472** (**permalink**) 17-09-2016, 08:31 AM

Old couple, 53 & 52 year old.
Only one breadwinner, earning $130k pa.
Owns and lives in an old condominium unit, mortgage totally cleared.
Total net worth $2m.
Will retire by 55.

#**10473** (**permalink**) 17-09-2016, 06:36 PM

How much do you need to retire in Singapore?

The simple answer is it depends on your retirement lifestyle. If you want to retire in a luxury condo to enjoy the luxurious swimming pool, gym and other facilities and you wish to move around in a beautiful new car, then you will need a lot of money. However, if your retirement lifestyle is humble and simple, you don't need a lot.

If you plan to retire in a luxury condo which is not paid up, then you will need to pay for the mortgage. Let's say you have to pay $2000 pm in mortgage.

So, your expenses will be
Condo mortgage $2000 pm
Condo maintenance fees $500 pm
Car loan $1000 pm
Car expenses $1000 pm
Food, groceries and eating out $2000 pm
Medical $1000 pm
Holidays $500 pm
Others $1000 pm
Total $9000 pm or $108k pa

To generate $108k pa, you need investments worth $2.7m, assuming the investments gives a return of 4% pa.

A simpler and more humble retirement would be to

1. Retire in a 3 room HDB flat, which is paid up
2. Eat simple food
3. Take public transport

Your expenses will be
Food, groceries and hawker food $1000 pm
Utilities $100 pm
Medical $200 pm
Public transport $100 pm
Holidays $100 pm
Others $500 pm
Total $2000 pm or $24k pa

To generate $24k pa, you need investments worth $600k, assuming the investments generate returns of 4% pa.

My retirement plan is to

1. Retire in my luxury condo, paid up.
2. Eat simple food.
3. Take public transport.

My expected expenses will be

Food, groceries and hawker food $1000 pm
Condo fees and utilities $600 pm
Medical $400 pm
Public transport & occasional taxis $300 pm
Holidays $500 pm
Others $200 pm
Total $3000 pm or $36k pa

I will need $900k to generate $36k pa assuming my investments generate 4% pa returns. This provided we retire before 65.

If we retire at 65, then we just need our CPF Life to give us $3800 pm ($1900 x 2)

#**10474** (**permalink**) 18-09-2016, 09:05 AM

Age: 28, Single
Salary: 74K per annum (include bonus)
CPF: 36K in OA
Savings: 33K
Investments: None
Others: Saving plans where I can withdraw 2K each year until 40 years old.

#**10475** (**permalink**) 18-09-2016, 09:23 AM

Quote:

Originally Posted by Unregistered

Age: 28, Single
Salary: 74K per annum (include bonus)
CPF: 36K in OA
Savings: 33K
Investments: None
Others: Saving plans where I can withdraw 2K each year until 40 years old.

Do you have a boyfriend? When do you plan to get married? Have you applied for a BTO flat?