We are both mid 40s with 2 teenage kids
Annual income $350k with Dividend&Interest income $50k pa Stay in a OCR condo worth $1.5mil paid up Owns a luxury car 1 yo worth $200k paid up Cash and CPF balance about $2mil How are we doing? Can we both afford to retire? |
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You are a successful couple. To own a car and a condo is a big achievement in Singapore. You should be among the top 5% in Singapore.
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Middle class couple
My earnings $176k pa (47 yo) Wife's earnings $160k pa (45 yo) Annual savings $210k pa Home, mortgage outstanding $130k Car, loan outstanding $40k Cash & CPF, total $750k Net worth, total $3.1m How are we doing? When can we retire? |
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Couple, 53 & 50.
Home - 2 BR condo worth $900k, paid up. Car - paid up. Combined cash & CPF - $500k. Combined net worth (excluding car) - $1.4m. Combined income - $160k pa. Combined cash savings - $25k pa. How are we doing? If you're in our age group, please share your situation. When and how can we retire? |
What is the difference between "Combined cash & CPF - $500k." and "Combined cash savings - $25k pa."?
Does that mean your combined cash is $25K and CPF is $475K? If above is correct, you need to continue to work as long as you can, until official retirement age. By continuous working, you would enjoy medical benefit, grow your CPF further, not touching your saving for regular expenses and save more since the car and condo are paid up. Meanwhile, look into how to invest your cash saving so you could have safe passive income when you retire. Quote:
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39, earning 185k pa.
Not asking for any opinion, just sharing. |
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