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How much are you earning per annum?

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  #10511 (permalink)  
Old 04-10-2016, 03:34 PM
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SG born couple 45s
Household income filed last year 500k
Paid up condo $1.2m
Paid up car $250k
Two kids Sec & Pri school
Cash on hand $1.5m waiting to enter 2nd property
Hope to retire by 50
Need step off the pedal and slow down pace

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  #10512 (permalink)  
Old 04-10-2016, 05:22 PM
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Originally Posted by Unregistered View Post
You don't have to wait until 65 to retire. As long as your children are grown up, working, married and living in their own BTO flat, you can retire in Penang, Johor, Malacca or KL.

You can clear your your mortgage easily. Then rent it out for $3k pm. Convert to RM and you get RM9k pm of passsive income. This is more than enough to live a good life in Malaysia.

You can rent a two bedroom condo for RM1.5k pm.

Enjoy life. You never know when you will die. You could die earlier than you think especially if you have a very stressful and demanding job.
this cb again

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  #10513 (permalink)  
Old 07-10-2016, 10:59 AM
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Quote:
Originally Posted by Unregistered View Post
SG born couple 45s
Household income filed last year 500k
Paid up condo $1.2m
Paid up car $250k
Two kids Sec & Pri school
Cash on hand $1.5m waiting to enter 2nd property
Hope to retire by 50
Need step off the pedal and slow down pace
You can do it. I retired in my mid 40s after making a lot of money from my high paying job like yours and from making smart investments. Today I spend my time growing my wealth and doing charity work for free. Many people in this forum are jealous.

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  #10514 (permalink)  
Old 07-10-2016, 06:20 PM
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SG born couple late 40s
Household income filed last year $176k
Paid up condo $1.1m
Paid up car
Two kids
Net worth 1.35m
Hope to retire by 55
Need to slow down pace of life
Will sell condo for $1.1m and buy a studio condo costing $600k
Use balance $500k for our retirement expenses from 55 to 65 ($50k pa)
From 65 onwards, will get CPF Life $3800 pm
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  #10515 (permalink)  
Old 08-10-2016, 10:24 AM
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My spouse and I will retire at 58. We will ensure that by 58, our cash savings plus our passive income is enough to cover our expenses from age 58 to 65. From age 65 onwards, we will get funding from our CPF Life plus our passive income. Here is the plan.

Age 58 to 65: Average spending per month $4500 pm or $54k pa (for a retired couple leading a simple life. Retire in place in current home which is a paid up condo. No car, no maid. Overseas holidays nearby once a year).

Passive income $2k pm or $24k pa
Balance $30k pa (i.e. $54k - $24k) will be from our cash savings. So we will spend $210k from our cash savings over 7 years.

Age 66 to death: Average spending per month $5,000 pm or $60k pa

Passive income $2k pm or $24k pa
CPF Life $3.8k pm or $45.6k pa
Total income $69.6k pa
Savings $9.6k pa

Wealth bequeath to children:
1. Our current condo home, valued at $1m
2. Investments (valued at $700k) yielding $24k pa of passive income
3. Cash savings
4. Our Life insurance

What do you think of our retirement plan?
Is the wealth bequeath to our children enough?
Should we work longer until 70 years old so that we can bequeath more wealth to our children?
How much wealth do you plan to bequeath to your children?
Please advise. Thank you.
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  #10516 (permalink)  
Old 08-10-2016, 04:31 PM
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Age:26
No house, no car.
Engineering sector
Annual income 45k
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  #10517 (permalink)  
Old 08-10-2016, 07:10 PM
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I stay in a D15 condo. Drive a 991 911 CS and a F10 6-pot. Have a paul newman daytona; 2 RM; 2 patek annual calendars, 1 patek chronograph and a nautilus; 1 ROO, 1 ROC and 1 RG RO; 1 datograph; 1 VC harmony. A few rolex.

I earn 1.2m in an accounting firm. 47 years old. Married.
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  #10518 (permalink)  
Old 08-10-2016, 11:05 PM
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Quote:
Originally Posted by Unregistered View Post
My spouse and I will retire at 58. We will ensure that by 58, our cash savings plus our passive income is enough to cover our expenses from age 58 to 65. From age 65 onwards, we will get funding from our CPF Life plus our passive income. Here is the plan.

Age 58 to 65: Average spending per month $4500 pm or $54k pa (for a retired couple leading a simple life. Retire in place in current home which is a paid up condo. No car, no maid. Overseas holidays nearby once a year).

Passive income $2k pm or $24k pa
Balance $30k pa (i.e. $54k - $24k) will be from our cash savings. So we will spend $210k from our cash savings over 7 years.

Age 66 to death: Average spending per month $5,000 pm or $60k pa

Passive income $2k pm or $24k pa
CPF Life $3.8k pm or $45.6k pa
Total income $69.6k pa
Savings $9.6k pa

Wealth bequeath to children:
1. Our current condo home, valued at $1m
2. Investments (valued at $700k) yielding $24k pa of passive income
3. Cash savings
4. Our Life insurance

What do you think of our retirement plan?
Is the wealth bequeath to our children enough?
Should we work longer until 70 years old so that we can bequeath more wealth to our children?
How much wealth do you plan to bequeath to your children?
Please advise. Thank you.
A) What will happen to your $700k investment? Who will get it or you will spend all of them?
B) What investment did u buy to get the passive income?
C) You shld target a higher amount from 58 to 60 and a lower reducing amount from 66 yrs as your energy n interest level will taper from there. Conversely, you need to set aside more for medical expenses.
D) Bequeathing the condo is good enough if you have two children or less. Consider cash plus condo if you have more than that but provided they are all good children.
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  #10519 (permalink)  
Old 09-10-2016, 12:46 AM
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Quote:
Originally Posted by Unregistered View Post
I stay in a D15 condo. Drive a 991 911 CS and a F10 6-pot. Have a paul newman daytona; 2 RM; 2 patek annual calendars, 1 patek chronograph and a nautilus; 1 ROO, 1 ROC and 1 RG RO; 1 datograph; 1 VC harmony. A few rolex.

I earn 1.2m in an accounting firm. 47 years old. Married.
You have a lot of high end stuff. I hope you have planned your death well. Do not take all of this with you. Leave something behind.
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  #10520 (permalink)  
Old 09-10-2016, 10:29 AM
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Default 3-month hiatus

Hi all, time flies (when you're having fun/when you're busy).

For my case, it was being very busy with work. My team and I had been very tied up sewing up a big contract in the last 3 months, and as it involved an overseas partner, there were traveling involved too. Each day morphed into the next and before you know it, 3 months just passed you by. In those 3 crazy months, we "saved" quite a bit of money as almost all our meals (except weekends) were catered and there was overseas allowances too when we travelled. Weekends were spent rejuvenating.

Now that the busy part is over, I have had the time to ponder whether I am too old (at 56) for this sort of rigour anymore. So I took a good look at our cash flow situation. While it does seem that my wife and I could call it quits and enjoy our retirement, it is still not an easy call seeing that we will be giving up substantial income plus all the perks from being in the workforce. Here's our cash flow situation:

Household Income from employment :$400k+ pa
Income from rental : $40k pa
Dividend income : $52k pa
Interests, bond coupons etc : $52k pa.

As our passive income is able to cover our annual expense, we were practically saving our annual earned income. I did a tally of our HH networth, and was pleasantly surprised it crossed the $6m mark comfortably.
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