How much are you earning per annum?

Originally Posted by Unregistered

Insurance industry (non- sales role)

According to IRAS, I made 75,208 in 2022.

However, my base is 62,400 in 2022 which has recently been raised to 65,520 in 2023.

why is it 75208 such a weird number??

also 62k to 65k after a year sucks, that's like what? 5% increment?

Originally Posted by Unregistered

We are around 50, me 48 and hubby 51 and can retire now in our freehold 4 bedder with our 2 teenage sons. Condo will be paid up soon using CPF. We have S$900k in cash and equivalents which can last us till 65 to 68 years old after spending S$4k a mth
Overseas house rented out which gives us another S$1k a mth. When we are 65 years old, cpf life will also give us S$4k a mth. So we have S$5k a mth till old.

Only thing is sons' education. Will prob ask them to take a student loan.
But I am still working now since still able to work and 48 years old is a bit too young to retire. But it feels good that I don't have to worry even if I lose my job.

Maybe you should retire after your sons finished university?

I don’t think you can retire with $4k pm if you’re still supporting your sons. University education is not cheap especially if they have to study overseas.

Originally Posted by Unregistered

Maybe you should retire after your sons finished university?

I don’t think you can retire with $4k pm if you’re still supporting your sons. University education is not cheap especially if they have to study overseas.

Yes, and my sons say they won't study if I retire. Lol. So have to keep working prob till they are independent.

Just that if disaster strikes and I cannot work. At least we can still survive. It is comforting and liberating to know that.

Originally Posted by Unregistered

how many years of experience?

I have been in the industry for 7 years.

Originally Posted by Unregistered

why is it 75208 such a weird number??

also 62k to 65k after a year sucks, that's like what? 5% increment?

I guess it's because IRAS takes into account the flexible benefits and bonuses.

I didn't round the number so it's gonna not be nice and round.

I usually only get 5% or 6% as increment. 10% for promotions, except an off-cycle one which was 21.4%.

Originally Posted by Unregistered

Yes, and my sons say they won't study if I retire. Lol. So have to keep working prob till they are independent.

Just that if disaster strikes and I cannot work. At least we can still survive. It is comforting and liberating to know that.

If you cannot work you can sell your condo for $2 mil and downgrade to a HDB flat. Can use the cash for your household expenses.

Originally Posted by Unregistered

I guess it's because IRAS takes into account the flexible benefits and bonuses.

I didn't round the number so it's gonna not be nice and round.

I usually only get 5% or 6% as increment. 10% for promotions, except an off-cycle one which was 21.4%.

oh interesting

Originally Posted by Unregistered

I have been in the industry for 7 years.

7 years damn lol ur field really dont make much money huh

how long does it take to hit 10k?

for what its worth, in tech its about 6+ years, starting average is around 5k, then 2 years later get mid-level around 7k flat. then of course if u hop around etc, can get 20% bump

if u stay same place then it'll be like 5k - 7k - 9k ( 2-3 years apart )

Originally Posted by Unregistered

If you cannot work you can sell your condo for $2 mil and downgrade to a HDB flat. Can use the cash for your household expenses.

Yes, that works too. If we do that now can prob retire now as excess cash is enough for boys' university fees.

Originally Posted by Unregistered

7 years damn lol ur field really dont make much money huh

how long does it take to hit 10k?

for what its worth, in tech its about 6+ years, starting average is around 5k, then 2 years later get mid-level around 7k flat. then of course if u hop around etc, can get 20% bump

if u stay same place then it'll be like 5k - 7k - 9k ( 2-3 years apart )

I think it's mainly because I have not changed company.

I have been told by my friends that I should but I enjoy working there for the culture.

That said, recently the culture is a bit different so I am also starting to look out a bit more.