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How much are you earning per annum?

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  #10821 (permalink)  
Old 11-02-2017, 10:52 PM
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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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  #10822 (permalink)  
Old 12-02-2017, 08:02 AM
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Quote:
Originally Posted by Unregistered View Post
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?
Yes, you can retire now. Sell your condo for $1.5m and then buy a 5 room HDB flat for $500k. Invest the $1m cash balance to give you a 5% dividend yield. So you get $50k pa in additional dividends. Your annual passive income will be $100k pa. This is sufficient for a family of four if you spend properly.

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  #10823 (permalink)  
Old 12-02-2017, 07:30 PM
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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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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.

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  #10824 (permalink)  
Old 13-02-2017, 09:58 AM
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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
Cannot survive on my own still wanna care about others?
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  #10825 (permalink)  
Old 13-02-2017, 02:34 PM
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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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  #10826 (permalink)  
Old 13-02-2017, 02:39 PM
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Quote:
Originally Posted by Unregistered View Post
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?
You can retire now. Assuming you can use $500k from your cash and CPF to pay for a HDB flat. You can sell your condo and buy a HDB flat. You will then have $2.6 mil to invest in a 5% dividend portfolio giving you $130k pa. This passive income is enough for your family of four.
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  #10827 (permalink)  
Old 16-02-2017, 12:29 AM
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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?
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  #10828 (permalink)  
Old 16-02-2017, 10:30 AM
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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:
Originally Posted by Unregistered View Post
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?
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  #10829 (permalink)  
Old 16-02-2017, 11:33 AM
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Quote:
Originally Posted by Unregistered View Post
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.
It is annual cash savings of $25k
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  #10830 (permalink)  
Old 16-02-2017, 02:02 PM
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39, earning 185k pa.

Not asking for any opinion, just sharing.
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