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How much are you earning per annum?

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  #11731 (permalink)  
Old 27-06-2019, 11:22 AM
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I am the one who said our household networth is about S$2.4 mil (including our residence)
We own one Sg FH 3 bedder condo and 1 JB FH semid , both fully paid
Hubby is a VP and I am a locum GP, both earning S$10k plus each mth.
I work about 30 hrs a week with 3-4 afternoons off.
Though we don't have that much passive income now, mostly active. We can retire in JB by renting out our condo in future.
My spouse and I are thinking of retiring in a less developed and cheaper country. Thailand and Malaysia come to mind. We quite like KL as we have family and friends there and most people can speak English. Penang is also possible.

When we retire at 55, our children will be working and living in their own BTO flat. We can then rent out our Singapore home to professional FTs and their family. If we rent out at S$2500 pm, we can then get RM7,500 pm after currency conversion.

We will spend on:
KL condo rental RM2,000 pm
Food and groceries RM1,000 pm
Transport and utilities RM1,000 pm
Medical and entertainment RM1,000 pm
Holidays and miscellaneous RM1,000 pm
Total expenses RM6,000 pm
Savings RM1,500 pm

When we reach 65, we will get an extra S$4,000 pm (RM12,000 pm) from our CPF Life. We can then rent a more posh prime property in KL for RM5,000 pm and enjoy holidays to Europe. As well as saving more.

Not sure of retiring in JB though. Is it safe to retire in JB? Whatís your opinion?

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  #11732 (permalink)  
Old 27-06-2019, 11:55 AM
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Originally Posted by Unregistered View Post
My spouse and I are thinking of retiring in a less developed and cheaper country. Thailand and Malaysia come to mind. We quite like KL as we have family and friends there and most people can speak English. Penang is also possible.

When we retire at 55, our children will be working and living in their own BTO flat. We can then rent out our Singapore home to professional FTs and their family. If we rent out at S$2500 pm, we can then get RM7,500 pm after currency conversion.

We will spend on:
KL condo rental RM2,000 pm
Food and groceries RM1,000 pm
Transport and utilities RM1,000 pm
Medical and entertainment RM1,000 pm
Holidays and miscellaneous RM1,000 pm
Total expenses RM6,000 pm
Savings RM1,500 pm

When we reach 65, we will get an extra S$4,000 pm (RM12,000 pm) from our CPF Life. We can then rent a more posh prime property in KL for RM5,000 pm and enjoy holidays to Europe. As well as saving more.


Not sure of retiring in JB though. Is it safe to retire in JB? Whatís your opinion?
Depends on the quality of your wife. If ugly confirm safe. If chio you better rethinks.

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  #11733 (permalink)  
Old 29-06-2019, 03:59 PM
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Very well thought out retirement plan. This shows our policies are excellent.

1. Our HDB flat allows us to rent out when we retire.
2. Our CPF Life provides annuity.

The only problem is if there are not enough FTs to rent our flat. There are people saying we should cut the number of FTs working here. This is bad for retirees who need to rent out their rooms and flat for rental income. We need more FTs as our retirees is getting more and more every year. Oversupply of property is bad for retirees.



Quote:
Originally Posted by Unregistered View Post
My spouse and I are thinking of retiring in a less developed and cheaper country. Thailand and Malaysia come to mind. We quite like KL as we have family and friends there and most people can speak English. Penang is also possible.

When we retire at 55, our children will be working and living in their own BTO flat. We can then rent out our Singapore home to professional FTs and their family. If we rent out at S$2500 pm, we can then get RM7,500 pm after currency conversion.

We will spend on:
KL condo rental RM2,000 pm
Food and groceries RM1,000 pm
Transport and utilities RM1,000 pm
Medical and entertainment RM1,000 pm
Holidays and miscellaneous RM1,000 pm
Total expenses RM6,000 pm
Savings RM1,500 pm

When we reach 65, we will get an extra S$4,000 pm (RM12,000 pm) from our CPF Life. We can then rent a more posh prime property in KL for RM5,000 pm and enjoy holidays to Europe. As well as saving more.

Not sure of retiring in JB though. Is it safe to retire in JB? Whatís your opinion?

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  #11734 (permalink)  
Old 01-07-2019, 12:09 PM
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Originally Posted by Unregistered View Post
The only problem is if there are not enough FTs to rent our flat. There are people saying we should cut the number of FTs working here. This is bad for retirees who need to rent out their rooms and flat for rental income. We need more FTs as our retirees is getting more and more every year. Oversupply of property is bad for retirees.
As a fresh grad in Singapore, thanks for helping increase all the housing prices till the point where we need 100 months of 3.5k salary just to pay off a 4 room BTO in punggol

at least the cooling measures are helping a little.
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  #11735 (permalink)  
Old 06-07-2019, 09:14 AM
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We are currently 50 and 47 years old. Our total household income is $160k pa. We are debt free. We own a paid up big car (more than 2000 cc) and go for overseas holidays twice a year. We eat at expensive restaurants occasionally. We enjoy the good life.

We plan to retire in 2025 in our fully paid up 3 bedroom condo unit. By 2025, we should have about $600k cash, enough for us to retire in our current condo home without the need to downgrade.

We will set aside the most $4k pm for our retirement expenses over the ten years from 55 to 65 years old, after taking inflation into consideration. This amounts to the most $480k. $4k pm is more than what we need in our retirement years. We will still have some savings after the ten years.

Our expected expenses per month (for two retired persons) will be:

Food, groceries, utilities, condo fees, internet, mobile phone $1500
Public transport $100
Medical fees & insurance $800
Holidays (pro rated) $400
Misc $700
Total $3500 pm ($42k pa)

We are heavily insured so that we don't have to worry about any big medical expenses in our old age.

Our CPF Life annuity (ERS) will give us passive income of $48k pa ($4k pm) starting from age 65 until we die.

We are very happy with our success. We came from humble backgrounds, worked very hard in school and at work and have successfully upgraded from a HDB flat to a modern luxury 3 bedroom private condominium.

We are contented and feel very fortunate and grateful to be in the top 5% of Singapore's society social economic status. To fully own and retire in a 3 bedroom condo unit is a big achievement in Singapore.

We have achieved the Singapore Dream.
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  #11736 (permalink)  
Old 06-07-2019, 10:37 AM
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80k pa at 29. However long hours of average 55 per week.
Any thoughts on how to increase my income? Or any advice appreciated.
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  #11737 (permalink)  
Old 06-07-2019, 10:39 AM
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Originally Posted by Unregistered View Post
Very well thought out retirement plan. This shows our policies are excellent.

1. Our HDB flat allows us to rent out when we retire.
2. Our CPF Life provides annuity.

The only problem is if there are not enough FTs to rent our flat. There are people saying we should cut the number of FTs working here. This is bad for retirees who need to rent out their rooms and flat for rental income. We need more FTs as our retirees is getting more and more every year. Oversupply of property is bad for retirees.
Then donít retire la. Work till die
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  #11738 (permalink)  
Old 07-07-2019, 12:56 AM
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80k pa at 29. However long hours of average 55 per week.
Any thoughts on how to increase my income? Or any advice appreciated.
55 Hours per week, sounds like finance industry? Most straightforward way is to jump to a competitor. If not, then is the usual invest in REITs and collect dividends lor.
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  #11739 (permalink)  
Old 07-07-2019, 12:58 AM
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55 Hours per week, sounds like finance industry? Most straightforward way is to jump to a competitor. If not, then is the usual invest in REITs and collect dividends lor.
Need to work on weekends?
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  #11740 (permalink)  
Old 07-07-2019, 12:59 AM
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Originally Posted by Unregistered View Post
Very well thought out retirement plan. This shows our policies are excellent.

1. Our HDB flat allows us to rent out when we retire.
2. Our CPF Life provides annuity.

The only problem is if there are not enough FTs to rent our flat. There are people saying we should cut the number of FTs working here. This is bad for retirees who need to rent out their rooms and flat for rental income. We need more FTs as our retirees is getting more and more every year. Oversupply of property is bad for retirees.
This is good for younger people in SG. If not, people will have to inherit their parents HDB in order to own homes. You can always sell your unit to get the money out.
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