I'm in a Ministry. One of those specialist schemes. Farmer. I am sure more than 50% of my peers (32 to 34 yo) earn more than me.

Possible to hit 200k pa for 50% of your peers?

Unlikely at our age. But they probably will reach 200k in late 30s.

5 digit pay per month and stable.

Long hours + 24/7 phone may ring and gotta drop things to react. No free lunch

Married couple in our early 50s. We have a combined income of S$150k pa. Our expenses (a 4 persons household) include food, groceries, utilities, condo fees, clothings, eating out at restaurants, car, insurance, holidays (2X per year), taxes, monthly allowances for aged parents, donations, etc. Our home is a paid up condominium apartment. Upper middle class lifestyle. We are blessed to be a couple millionaire. Our combined net worth is currently at S$1.4 mil (includes value of our condo home, CPF OA, SA and MA, stocks and cash). S$700k net worth for each of us. This is higher than the average wealth per adult in Singapore which is about S$390k. So, we have done well financially.

We are planning to retire at 60 after our children get their own flats. We will retire in our current condo home. By the time we are 60, our cash savings will be about S$400k. This cash will be for our expenses (S$36k pa/S$180k for 5 years) from 60 to 65 years old. From 65 onwards we will get S$4k pm (S$48k pa) from our CPF Life.

Our retirement expenses will be a lot lesser than our current expenses as it will be only for 2 retired persons (excluding our children who will be working, married and staying in their own flats by then). We will only go holidays once a year. We will also not own a car (don’t need anymore) and we will eat less often at expensive restaurants. We will have time to cook our own cheap nutritious meals.

What do you think of our retirement plan?

Married couple in our early 50s. We have a combined income of S$150k pa. Our expenses (a 4 persons household) include food, groceries, utilities, condo fees, clothings, eating out at restaurants, car, insurance, holidays (2X per year), taxes, monthly allowances for aged parents, donations, etc. Our home is a paid up condominium apartment. Upper middle class lifestyle. We are blessed to be a couple millionaire. Our combined net worth is currently at S$1.4 mil (includes value of our condo home, CPF OA, SA and MA, stocks and cash). S$700k net worth for each of us. This is higher than the average wealth per adult in Singapore which is about S$390k. So, we have done well financially.

We are planning to retire at 60 after our children get their own flats. We will retire in our current condo home. By the time we are 60, our cash savings will be about S$400k. This cash will be for our expenses (S$36k pa/S$180k for 5 years) from 60 to 65 years old. From 65 onwards we will get S$4k pm (S$48k pa) from our CPF Life.

Our retirement expenses will be a lot lesser than our current expenses as it will be only for 2 retired persons (excluding our children who will be working, married and staying in their own flats by then). We will only go holidays once a year. We will also not own a car (don’t need anymore) and we will eat less often at expensive restaurants. We will have time to cook our own cheap nutritious meals.

What do you think of our retirement plan?

You are in the top 20% of households in Singapore because you own and live in a private property. 80% of households in Singapore live in HDB flats. You have achieved the Singapore Dream. Well done.

You have no problem retiring comfortably given your financial circumstances. Retiring in a condo is a luxury as not many couples can retire in a condo. Those who live in a condo now may need to downgrade to a HDB flat when they retire so that they can get some money for their retirement after selling their condo.

Being a millionaire couple is another big achievement for you. Congratulations! You have done well in life. Be grateful. Spend some time to volunteer at charities during your retirement. Don’t be selfish.

What defines as upper middle class lifestyle? Always wondered
Does the 1.4M net worth count?

does the CPF Life calculator show that you'll each be getting $2k pm ~15 yrs from now?