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How much are you earning per annum?

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  #14091 (permalink)  
Old 25-06-2023, 10:51 AM
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The idea of retiring early is truly exhilarating now that we've both reached our 40s. It feels like a genuine possibility given our tremendous financial success. Our spacious 5-room HDB flat, which we purchased many years ago, is now mortgage-free. In addition, we've paid off our car loan, allowing our CPF savings to grow substantially each year.

With this positive trajectory, we should be able to bid farewell to our professional careers by the age of 50. Looking ahead, we estimate that our combined cash and CPF OA savings will accumulate to approximately $600,000 in five years' time. Meanwhile, our CPF SA balance is experiencing rapid growth, and we anticipate being able to opt for the CPF Life Enhanced Retirement Sum. By doing so, we can expect a combined monthly payout of around $5,000 ($60,000 annually) once we reach the age of 60. Furthermore, our children have expressed their willingness to contribute a total of $2,200 per month ($26,400 annually). As a result, our passive income during our retirement years should amount to $86,000 annually, while our estimated retirement expenses will be approximately $50,000 per year.

The prospect of retiring early at the age of 50 fills us with such immense joy. We've already started envisioning the countless possibilities and experiences that await us, which we've been unable to fully explore due to our demanding schedules.


No chance you can afford a landed property or even a reasonably sized CCR condo, even if you worked until you die. Need at least 3 million ++

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  #14092 (permalink)  
Old 30-06-2023, 09:47 AM
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No chance you can afford a landed property or even a reasonably sized CCR condo, even if you worked until you die. Need at least 3 million ++
Tremendous financial success indeed. People seem to forget you don't actually own your HDB

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  #14093 (permalink)  
Old 30-06-2023, 04:25 PM
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54, retired corporate executive. Retired at 44 with a fully paid apartment. Earns passive income from investments. Expenses covered by passive income and savings. It has been a wonderful ten years of early retirement.

Retirement activities include managing my investments, volunteering at charities, mentoring startups, working out at the gym, traveling, watching TV, reading, etc.

Retiring from a career does not mean retiring from an active lifestyle. You will be amazed there are a lot of activities retirees can do to lead a fulfilling life.

I have also recovered from various health conditions after leading a more active and less stressful lifestyle.
Very similar to what I hope for retirement life except for startup part. I wish you well and an enjoyable and healthy retirement life.

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  #14094 (permalink)  
Old 01-07-2023, 01:38 PM
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Serious discussion please. Average Joe here. My batch mate has left mostly during year 3 and 6
.

I have been in the same job since uni graduation. Had a rough start..

Year1: 2,850
Year2: 3,250
Year3: 3,250 (No increment, died during performance review)
Year4: 4,150 (Promotion)
Year5: 4,750
Year6: 4,750 (No increment, no vaccany to move up)
Year7: 5,400 (Promotion)
Year 8: 6,800 (Promotion)
Currently: 7,800 (Increment)

Is my progression normal- took 8 years to get to 7,800? Thinking if its time to look and jump this year.
Thank you.
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  #14095 (permalink)  
Old 01-07-2023, 02:39 PM
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Serious discussion please. Average Joe here. My batch mate has left mostly during year 3 and 6
.

I have been in the same job since uni graduation. Had a rough start..

Year1: 2,850
Year2: 3,250
Year3: 3,250 (No increment, died during performance review)
Year4: 4,150 (Promotion)
Year5: 4,750
Year6: 4,750 (No increment, no vaccany to move up)
Year7: 5,400 (Promotion)
Year 8: 6,800 (Promotion)
Currently: 7,800 (Increment)

Is my progression normal- took 8 years to get to 7,800? Thinking if its time to look and jump this year.
Thank you.
Very very good progression, many people who started around the same salary as you are probably still hovering around 5-6k now. Might you share what transpired the past 2 years - where you got a 25% pay bump from a promotion in y8 just shortly after you got promoted in y7, and you got another 15% increment in y8 to reach ur current now?? What on earth happened..
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  #14096 (permalink)  
Old 01-07-2023, 03:52 PM
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Serious discussion please. Average Joe here. My batch mate has left mostly during year 3 and 6
.

I have been in the same job since uni graduation. Had a rough start..

Year1: 2,850
Year2: 3,250
Year3: 3,250 (No increment, died during performance review)
Year4: 4,150 (Promotion)
Year5: 4,750
Year6: 4,750 (No increment, no vaccany to move up)
Year7: 5,400 (Promotion)
Year 8: 6,800 (Promotion)
Currently: 7,800 (Increment)

Is my progression normal- took 8 years to get to 7,800? Thinking if its time to look and jump this year.
Thank you.
does this include any bonuses?
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  #14097 (permalink)  
Old 01-07-2023, 03:56 PM
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Originally Posted by Unregistered View Post
Serious discussion please. Average Joe here. My batch mate has left mostly during year 3 and 6
.

I have been in the same job since uni graduation. Had a rough start..

Year1: 2,850
Year2: 3,250
Year3: 3,250 (No increment, died during performance review)
Year4: 4,150 (Promotion)
Year5: 4,750
Year6: 4,750 (No increment, no vaccany to move up)
Year7: 5,400 (Promotion)
Year 8: 6,800 (Promotion)
Currently: 7,800 (Increment)

Is my progression normal- took 8 years to get to 7,800? Thinking if its time to look and jump this year.
Thank you.
What is your profession if I may ask?
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  #14098 (permalink)  
Old 01-07-2023, 04:47 PM
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Total 5 yrs working in banking, non-FO, local uni grad in 2018. Is my progression OK? Or below market and should nego with employer / look out for the next jump in the next 1 year? TIA!!

Base salary (not including bonus):

Y1 - 2.5 = 3900
Y3.0 = 5600 (adjustment)
Y3.5 - 4.0 = 6100 (adjustment)
Y4.5 = 7200 (adjustment)
Y5.0 - 5.5 = 8900 (hop to new company)
Y6.0 = 9200 (adjustment)
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  #14099 (permalink)  
Old 01-07-2023, 07:22 PM
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Total 5 yrs working in banking, non-FO, local uni grad in 2018. Is my progression OK? Or below market and should nego with employer / look out for the next jump in the next 1 year? TIA!!

Base salary (not including bonus):

Y1 - 2.5 = 3900
Y3.0 = 5600 (adjustment)
Y3.5 - 4.0 = 6100 (adjustment)
Y4.5 = 7200 (adjustment)
Y5.0 - 5.5 = 8900 (hop to new company)
Y6.0 = 9200 (adjustment)
how are your working hours like?
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  #14100 (permalink)  
Old 01-07-2023, 07:59 PM
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how are your working hours like?
On most days 9-630, occasionally work till later when high/urgent workload, varies, sometimes till 7 or have dinner first come back and work an hour or two.
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