How much are you earning per annum?

Nice try.

Successful people don't retire early. Successful people, in whatever field (lawyers, doctors, engineers and other professionals) will work till 62, then transit to into mentoring and consultancy roles. It is not money anymore for these driven people. They derive satisfaction, purpose and meaning in what they do.

People who cant cope with stress, who find themselves replaced by better colleagues, who become too expensive for their employers are those go into retirement prematurely. Especially those who were overpaid during their younger years, will have problems getting a new job after being forced out of their old ones.

Originally Posted by Unregistered

High flyers bankers and finance professionals can retire in their 40s. They can devote their retirement life to contribute back to society by doing social work because they didn't have the time to help others when they were busy bankers.

You are obviously shallow and ignorant. Bankers retire early for various reasons. Even those successful career bankers may choose to retire early to appreciate the more meaningful things in life such as on their relationships, caring for society, etc. The reason why they can pursue such higher goals in life is because they have built up their fortune. They know when to stop and not consumed by material greed.

So, pls grow up. Seriously.

Originally Posted by Unregistered

Nice try.

Successful people don't retire early. Successful people, in whatever field (lawyers, doctors, engineers and other professionals) will work till 62, then transit to into mentoring and consultancy roles. It is not money anymore for these driven people. They derive satisfaction, purpose and meaning in what they do.

People who cant cope with stress, who find themselves replaced by better colleagues, who become too expensive for their employers are those go into retirement prematurely. Especially those who were overpaid during their younger years, will have problems getting a new job after being forced out of their old ones.

You have reading problem izzit? He said successful individuals who worked past their retirement age are usually doing so because they believe they can still contribute to society and derive satisfaction from what they do. They are not after money.

I agree with him. You just have to look around the various industries/professions and see that the very senior people are still around. You can start from the government leaders and civil service, then the law professions, doctors, engineering professions etc.

The not so good ones are not around.....

Originally Posted by Unregistered

You are obviously shallow and ignorant. Bankers retire early for various reasons. Even those successful career bankers may choose to retire early to appreciate the more meaningful things in life such as on their relationships, caring for society, etc. The reason why they can pursue such higher goals in life is because they have built up their fortune. They know when to stop and not consumed by material greed.

So, pls grow up. Seriously.

I'm 47 and semi retired (not fully retired). I was a successful executive in the financial sector. I have made enough.

I'm retired from the finance industry and currently doing advisory and social work. It is very fulfilling to help organisations succeed and making the lives of the less fortunate better.

I now have a lot more time to spend with my family, especially my aging parents and children who need my care and attention.

My children loves me so much more now as I have more time to talk to them, to advise them and to be there when they need my help. I'm like their best friend.

I don't want to be super rich. I don't need to. I'm very happy with my wealth. I'm already richer than most people in Singapore. My quality of life is a lot better now. There is more to life than the incessant pursuit of material wealth.

As I'm already materially rich, it is time I take better care of my relationships with my loved ones and contribute back towards society.

Contributing towards society doesn't simply means donating a few thousand dollars but also taking the time and effort to make a real difference to the less fortunate. It requires active hands on involvement.

My life is now more balanced. I've achieved material wealth and now I'm pursuing other things in life. I'm a happier person now. Most importantly my family is happier now. That is what matters most.

From what you described, your children are still very young as they seem to need a lot of care and attention. That only means your expenses have yet to peak. Children university education cost is ever growing. Furthermore your ageing parents are going to need medical care as they aged. Retiring at 47 means your savings have to last a good 40 to 45 years.

You can run your numbers using the yahoo retirement calculator available online. If your expenses are $7k per month ($84k pa) you will need at least :

$3.52M for 40 yrs in retirement
$3.78M for 45 yrs

Both are assuming zero inflation. If there is inflation of 3 to 4 %, you better be making your savings work hard to at least beat inflation. If your savings can just match inflation, then your savings will be totally depleted at the end of the 40 to 45 years.

Originally Posted by Unregistered

I'm 47 and semi retired (not fully retired). I was a successful executive in the financial sector. I have made enough.

I'm retired from the finance industry and currently doing advisory and social work. It is very fulfilling to help organisations succeed and making the lives of the less fortunate better.

I now have a lot more time to spend with my family, especially my aging parents and children who need my care and attention.

My children loves me so much more now as I have more time to talk to them, to advise them and to be there when they need my help. I'm like their best friend.

I don't want to be super rich. I don't need to. I'm very happy with my wealth. I'm already richer than most people in Singapore. My quality of life is a lot better now. There is more to life than the incessant pursuit of material wealth.

As I'm already materially rich, it is time I take better care of my relationships with my loved ones and contribute back towards society.

Contributing towards society doesn't simply means donating a few thousand dollars but also taking the time and effort to make a real difference to the less fortunate. It requires active hands on involvement.

My life is now more balanced. I've achieved material wealth and now I'm pursuing other things in life. I'm a happier person now. Most importantly my family is happier now. That is what matters most.

1. My children are not very young, their education fund already set aside.
2. My parents are well off to take care of their own needs including medical.
3. I'm not fully retired from work. I'm semi retired, still generating income.
4. I've built enough fortune. I worked in the FINANCE industry.
5. I earn passive income from my investments.
6. Finances is not a worry.

Hope this is clear enough for you to understand.

Originally Posted by Unregistered

From what you described, your children are still very young as they seem to need a lot of care and attention. That only means your expenses have yet to peak. Children university education cost is ever growing. Furthermore your ageing parents are going to need medical care as they aged. Retiring at 47 means your savings have to last a good 40 to 45 years.

You can run your numbers using the yahoo retirement calculator available online. If your expenses are $7k per month ($84k pa) you will need at least :

$3.52M for 40 yrs in retirement
$3.78M for 45 yrs

Both are assuming zero inflation. If there is inflation of 3 to 4 %, you better be making your savings work hard to at least beat inflation. If your savings can just match inflation, then your savings will be totally depleted at the end of the 40 to 45 years.

How to understand when you dont provide numbers?

You may have only allocated $100k per child for their education and if they are only in their early teens now, you will find to your shock, that it is not adequate when they reach uni age. And if they have to go overseas for uni education, then it could be easily $500k per child by then.

If your passive income is less $100k now, it is definitely not going to last the distance.

We have heard of people who worked in the FINANCE industry and who were retrenched and are now driving taxis or are Uber drivers to survive. A former senior banker even appeared in the news with his sob story, but what was shocking was that he was only earning below $14k pm. That is hardly top salary.

Do provide numbers and we can help you check your blind spots, although it may be a bit late now.

Originally Posted by Unregistered

1. My children are not very young, their education fund already set aside.
2. My parents are well off to take care of their own needs including medical.
3. I'm not fully retired from work. I'm semi retired, still generating income.
4. I've built enough fortune. I worked in the FINANCE industry.
5. I earn passive income from my investments.
6. Finances is not a worry.

Hope this is clear enough for you to understand.

36yrs old guy
Industry: Banking
Salary: $240k excluding bonuses

First job at 20yrs old was around $21k per annum. Looking back, it has been a pretty long road and am happy to have gotten to where I am at this stage.

Just 5 years ago I was only drawing around 84k per annum, as an encouragement to those out there, dont give up and continue to work hard!

Originally Posted by 36SG

36yrs old guy
Industry: Banking
Salary: $240k excluding bonuses

First job at 20yrs old was around $21k per annum. Looking back, it has been a pretty long road and am happy to have gotten to where I am at this stage.

Just 5 years ago I was only drawing around 84k per annum, as an encouragement to those out there, dont give up and continue to work hard!

Hi thanks for sharing. May I know how did you jump from 84k to 240k in 5 years? Did you change industry?

Originally Posted by Unregistered

Hi thanks for sharing. May I know how did you jump from 84k to 240k in 5 years? Did you change industry?

Prior to the 5 years i was making around 120 base + commission doing financial sales. Took an overall paycut to move to a non sales role to business development.

In truth its probabably a mixture if hard work, opportunity and luck.
Less than a year I was offered 25% increment to a new firm. Then i had a series of small increments. Thereafter I also moved to a regional role to a different firm and they gave me a 50% increment on my old base.

Make connections and ensure that you have a good reputation in the market.
I was lucky to have been approached by recruiters and senior management from competitors to join them.

All along i have been in the financial industry.