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How much are you earning per annum?

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  #10771 (permalink)  
Old 19-01-2017, 07:30 AM
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Lol. Your car is paid up, and you still need $12k pa to maintain and operate it. Is it a paid up or beat up car?

My wife and I have a car each (both cars are paid up), and our yourly expense on both of them is less than $10k.

I would suggest you change your car.


Quote:
Originally Posted by Unregistered View Post
Married working couple, 53 & 50.
Total income, $200k pa.
Accommodation is a private condo, worth $940k.
Mortgage left, $179k. Spends $12k pa in mortgage payments.
Car is paid up. Spends $12k pa to maintain and operate.
Supporting parents financially, both sides. Spends $20k pa.
Holidays, twice a year. Spends $12k pa.
Total spending, $150k pa.
Total savings, $50k pa.
Total net worth, $1.2m.
Are we doing well since our total net worth is more than $1m?
When and how can we retire?
Please comment. Thank you.

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  #10772 (permalink)  
Old 19-01-2017, 12:46 PM
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Does your total net worth of $1.2m include your condo?

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  #10773 (permalink)  
Old 19-01-2017, 06:18 PM
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20% of Spore households live in private properties.
45% of Spore households own at least a car.
Since you live in a private property and own a car, you are in the top 9% (0.2x0.45) of Spore households.
You have achieved the Spore dream!
Congratulations!

Quote:
Originally Posted by Unregistered View Post
Married working couple, 53 & 50.
Total income, $200k pa.
Accommodation is a private condo, worth $940k.
Mortgage left, $179k. Spends $12k pa in mortgage payments.
Car is paid up. Spends $12k pa to maintain and operate.
Supporting parents financially, both sides. Spends $20k pa.
Holidays, twice a year. Spends $12k pa.
Total spending, $150k pa.
Total savings, $50k pa.
Total net worth, $1.2m.
Are we doing well since our total net worth is more than $1m?
When and how can we retire?
Please comment. Thank you.

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  #10774 (permalink)  
Old 20-01-2017, 01:59 PM
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Quote:
Originally Posted by Unregistered View Post
20% of Spore households live in private properties.
45% of Spore households own at least a car.
Since you live in a private property and own a car, you are in the top 9% (0.2x0.45) of Spore households.
You have achieved the Spore dream!
Congratulations!
I think your maths got something wrong. 45% of spore household, not 45% of private property household. Like that PSLE how to pass ah?
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  #10775 (permalink)  
Old 21-01-2017, 02:34 AM
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Wife 34, Husband 35 with 3 young kids. no car, no maid. No debts or loans.

Annual income- $170k
4 room Hdb flat- worth $440k in valuation (fully paid)
Combined CPF(OA+SA+MA) $343K
Combined Cash + Stocks $410K

We have seen peers around us upgrading to ECs & private condos, but find it too high a commitment. Even though our savings rate are not high due to having kids, we are still living quite comfortably within our means. We do indulge in holidays & restaurant meal at times...
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  #10776 (permalink)  
Old 21-01-2017, 02:30 PM
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Unlike the past, nowadays the newer HDB flats are well designed with good amenities around. And with a good and tasteful interior design, a HDB can easily rival condo and landed property living. I have been to my colleague's housewarming party (an HDB flat at Boon Keng) and I am very impressed with the design inside and outside. Only thing is that they don't have facilities and are not fenced up to make it more exclusive/private. Other than that I would be happy to stay in well made up HDB flat.

Condo living is good too. We have been living in condo for the past 20 years. No regrets moving into a condo. Really enjoyed and still enjoying the facilities such as swimming pool, tennis courts, gym, saunas, jacuzzis, barbecue facilities and many more. We felt the impact of the convenience of condo living as compared to HDB living the most, in the initial years.

When staying in HDB, we had to pack, and drive to a public pool only to find that its very crowded, or raining. It was very frustrating for us especially for my children. Basically we exercised less than we should when staying in HDB than in a condo. As another example, I would jog in a park nearby my HDB block. But when it rains, there goes my jogging. Now, I will still jog outside, but when it rains, I jog in the condo gym - maintaining my exercise regime.

As I play tennis regularly, staying in a HDB, meant my tennis kakis and I had to book whatever public courts available and drive there. Now I book the court in my condo and my kakis come over to play. In fact one of my other kakis now stay in another condo, so we have "home" and "away" games. Really fun.


Quote:
Originally Posted by Unregistered View Post
Wife 34, Husband 35 with 3 young kids. no car, no maid. No debts or loans.

Annual income- $170k
4 room Hdb flat- worth $440k in valuation (fully paid)
Combined CPF(OA+SA+MA) $343K
Combined Cash + Stocks $410K

We have seen peers around us upgrading to ECs & private condos, but find it too high a commitment. Even though our savings rate are not high due to having kids, we are still living quite comfortably within our means. We do indulge in holidays & restaurant meal at times...
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  #10777 (permalink)  
Old 21-01-2017, 07:03 PM
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You and wife are doing very well especially since you both have managed to own a condominium unit and a car. These are items which every Singaporean desire and dream of.

You should also have no problem retiring by the time you are 60. Since you save $50k pa, in 7 years time, you would have saved an additional $350k. This will be enough for your retirement expenses from age 60 to 65, assuming you spend $50k pa.

From age 65 onwards, you would receive from CPF Life about $1900 pm each or $3800 pm as a couple, assuming you choose the Enhanced Retirement Sum (ERS). This $3800 pm or $45k pa would be sufficient for you and wife if you lead a simple retirement without spending on wasteful, unnecessary expenses such as owning a car, employing a maid, going to European holidays every year, gambling, drinking, smoking, partying, etc.

You can retire in place in your condominium and continue to enjoy the facilities such as swimming pool, gym, tennis court, etc. You can also lead a meaningful life by doing volunteering work to help the poor and needy.


Quote:
Originally Posted by Unregistered View Post
Married working couple, 53 & 50.
Total income, $200k pa.
Accommodation is a private condo, worth $940k.
Mortgage left, $179k. Spends $12k pa in mortgage payments.
Car is paid up. Spends $12k pa to maintain and operate.
Supporting parents financially, both sides. Spends $20k pa.
Holidays, twice a year. Spends $12k pa.
Total spending, $150k pa.
Total savings, $50k pa.
Total net worth, $1.2m.
Are we doing well since our total net worth is more than $1m?
When and how can we retire?
Please comment. Thank you.
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  #10778 (permalink)  
Old 21-01-2017, 11:44 PM
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Posts: 331
lazyplane is on a distinguished road
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Is there indefinite period you can leave your excess monies in your CPF after retirement? And would that excess still earn 2.5% OA interest rate ?

And are you considering the ERS or FRS CPF life plan since you have so much CPF ? And can i understand your thought process here.

My present thinking on above is FRS CPF life is better despite the higher month payout because of the lump cash flexibility at old age. But I will consider parking the excess of ERS less FRS into CPF to earning the 2.5% if it is allowed.



Quote:
Originally Posted by Unregistered View Post
Yes, we didnt sell our properties.

In the scenario when you sell your property, the cpf will automatically take back the amount that you had drawn out to pay for that property plus any interest accrued to that amount.

Since we didnt sell our properties, this "pay back" is totally voluntary. We can choose to return any amount up to the full amount withdrawn plus the accrued interest.

And yes, once you reached 55, and you met the FRS, you are allowed to withdraw the rest of your OA and SA monies. We chose to leave/put our money in CPF as the interest environment outside is very weak. If we leave the money in CPF for 10 years, the compounded interest is actually 2.8% per year! A sum of $1m will earn a compounded interest of $280k over 10 years with almost zero risk!
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  #10779 (permalink)  
Old 22-01-2017, 12:30 AM
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Funny how people straight to assuming the cost boils down to maintenance of the car, my office car park is already 6k pa.

Quote:
Originally Posted by Unregistered View Post
Lol. Your car is paid up, and you still need $12k pa to maintain and operate it. Is it a paid up or beat up car?

My wife and I have a car each (both cars are paid up), and our yourly expense on both of them is less than $10k.

I would suggest you change your car.
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  #10780 (permalink)  
Old 22-01-2017, 03:32 AM
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Quote:
Originally Posted by Unregistered View Post
Wife 34, Husband 35 with 3 young kids. no car, no maid. No debts or loans.

Annual income- $170k
4 room Hdb flat- worth $440k in valuation (fully paid)
Combined CPF(OA+SA+MA) $343K
Combined Cash + Stocks $410K

We have seen peers around us upgrading to ECs & private condos, but find it too high a commitment. Even though our savings rate are not high due to having kids, we are still living quite comfortably within our means. We do indulge in holidays & restaurant meal at times...
You're young. With no loans/ debts, you can afford to take a little risk and invest in a 2nd property. Loans are good as long as your returns are higher than the effective loan rate per annum.

I would recommend that you set aside 2/3, 3/4 of your income if you can, for investment. Property is a safe bet. If not, some bonds or blue chip stocks. If you do this, you should be able to retire before 50.
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