How much are you earning per annum?

It is not difficult to retire here. You need to plan your finances carefully.

Buy the cheapest HDB BTO 3 room flat you can find and stay there until you retire. You can get a cheap BTO flat for $100k plus after subsidies. Don't buy those $1m resale HDB flats if you're not rich.

Make sure you don't waste money on cars, employing maids, spending lavishly, going holidays frequently, smoking, drinking, gambling, partying, etc. Save 50% or more of your income.

If you have a household income of $100k pa and save $50k pa, in 20 years you will save $1m! You can surely retire with $1m.

Don't be like those who earn a household income of $100k pa but own a car (cost you $24k pa to own and use a car), employ a maid (cost you $12k pa), gamble, drink, smoke etc.

Most people earn enough but they OVERSPEND.

If your household income is only $100k pa, you should not own a car, employ a maid, etc. You should save $50k pa for your retirement.

Originally Posted by Unregistered

So many good stories here. Glad that many succeeded.
But we assume year in year out everyone is making +ve returns.
What happens when the economy is down, people lose jobs and many has to dip into savings during rainy days.

I actually think that only dual income families can retire comfortably.
Most single income average families would tend to struggle more when they age.

[rj1915]

60 Y/O
Airline Pilot
350k per annum
PROPERTIES
Landed house with bank valuation of $5m ($1m loan left)
1 condo worth $1m fully paid
1 condo worth $1m (600k loan left)
1 condo worth $1m (700k loan left)
Can someone tell me how am i doing?
honest opinions and advice if i should liquidate assets as well
thanks

27 years old running a small business - $300k per annum
24 years old fiancee working in finance - $120k per annum

Driving a Jap car, recently bought a small suburban condo for $1m. Both of us are doing well now but unsure of what the future holds. Careful not to overstretch and eventual goal is to get out of the rat race and travel the world. Money isn't everything

Honestly curious why do you ask whether do you need to liquidate and am doing well?

Perhaps you have given the full story about yourself, like are you retiring, sick, no saving, wife maintenence, no passive rental income despite having 4 properties, etc.

Otherwise common people would think that such high income of $350K should able to continue to support the loan. Why bother to think how such person is doing compare to a person that is 60yo earning $35K and has outstanding loan which would require advise rather than an airline pilot.

Originally Posted by rj1915

60 Y/O
Airline Pilot
350k per annum
PROPERTIES
Landed house with bank valuation of $5m ($1m loan left)
1 condo worth $1m fully paid
1 condo worth $1m (600k loan left)
1 condo worth $1m (700k loan left)
Can someone tell me how am i doing?
honest opinions and advice if i should liquidate assets as well
thanks

You can retire now. Just sell your landed house and then move to one of your condos.
You have $4m to spend for your retirement. Also you can get passive income from your other condos. You can relax at home, don't even need to travel the world as you've done so already.

Originally Posted by rj1915

60 Y/O
Airline Pilot
350k per annum
PROPERTIES
Landed house with bank valuation of $5m ($1m loan left)
1 condo worth $1m fully paid
1 condo worth $1m (600k loan left)
1 condo worth $1m (700k loan left)
Can someone tell me how am i doing?
honest opinions and advice if i should liquidate assets as well
thanks

[rj1915]

I'm retiring. Income is enough to support the oustanding loans. But I'm thinking if I should liquidate, have more cash on hand and enjoy the profits.

[rj1915]

Originally Posted by Unregistered

Honestly curious why do you ask whether do you need to liquidate and am doing well?

Perhaps you have given the full story about yourself, like are you retiring, sick, no saving, wife maintenence, no passive rental income despite having 4 properties, etc.

Otherwise common people would think that such high income of $350K should able to continue to support the loan. Why bother to think how such person is doing compare to a person that is 60yo earning $35K and has outstanding loan which would require advise rather than an airline pilot.

Retiring. Income is sufficient for loans but thinking if I should cash out, have even more cash on hand and enjoy the profits.

Rather than asking how you're doing financially, no one ever asks how he can contribute to the less well-off, the needy, the sick and still live comfortably?

I guess we are that society now

I see. But don't you have CPF, Saving, Insurance, etc?

Do you need a lot to enjoy? Like buying a one time big purchase private plane, luxury sport car, spending more sweet young thing?

How much is your expenses per year?

To most, your thread is a show-off asking how are you doing with high income and multi-properties at this age of 60yo which you would not require much.

Someone just commented that you should think about liquidate and consider helping those needy which is more meaningful and enjoyable.

Think about it!!

Originally Posted by rj1915

I'm retiring. Income is enough to support the oustanding loans. But I'm thinking if I should liquidate, have more cash on hand and enjoy the profits.

Dual income household with two children. Annual combined income is about $200k. We are staying in a 3 bedroom luxury condominium unit. Our condo has a large swimming pool, a gymnasium, a tennis court and beautiful landscaping. We are very fortunate to be able to afford such a luxurious home.

We are left with only $178k on our mortgage loan. We pay $1k pm or $12k pa for our mortgage. This is a MSR of only 6%. Actually we can pay off our remaining mortgage in full using our CPF balance if we want to but since our CPF interest rate is giving 2.5% and our mortgage rate is less than 2.5%, it doesn't make sense for us to pay off in full. If mortgage rates rise above 2.5%, we will just pay off our remaining mortgage in full.

We lead a middle class lifestyle. We do own a nice car which allows us to move around in comfort. We enjoy good food at restaurants at least once a week. Family bonding is important to us, hence we invest in year end holidays where we get to be closer as a family. Our holidays are full of sweet, happy memories.

To prepare for our retirement, we save about $35k pa in cash. We also build up our CPF savings for our future. We aim to retire in ten years time when we reach 57. We should have enough cash savings and CPF Life for us to spend during our retirement. We will need about $36k pa during our retirement. We will have enough cash savings to take care of inflation.

Our retirement expenses will include food and groceries, public transport fees, utilities, medical fees, insurance, broadband, mobile phone, entertainment, holidays, condo fees, etc.