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How much are you earning per annum?

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  #3111 (permalink)  
Old 04-11-2013, 07:03 PM
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Wow! You are doing very well. You can consider retiring at 60. But you don't have to stay in an old public housing. You can retire in Malaysia or Thailand as very rich retirees. If you sell your condo say at S$2m, you will get RM5m. Even if you spend RM1m to buy a mansion there, you still have RM4m to retire on. More than enough to last you for 30 years. In Thailand, you will be like a rich tycoon, with maids and servants serving you.
how to retire in Thailand? Give singapore passport? citizenship?

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  #3112 (permalink)  
Old 05-11-2013, 06:57 PM
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Retired couple in mid 50s. Stay in a 2 bedroom condo, fully paid up. Has an investment portfolio which gives an annual dividend of $70k. Annual spendings only $50k as no more debt to worry about. Eat at hawker centers and take public transport. Our condo is walking distance to an MRT station. No longer go for long holidays at far away countries as we have done this during our working years. We now spend most of our time watching TV, reading books, swimming and working out in the gym. Also volunteer at an old folk's home every weekend.

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  #3113 (permalink)  
Old 06-11-2013, 08:32 AM
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Retired couple in mid 50s. Stay in a 2 bedroom condo, fully paid up. Has an investment portfolio which gives an annual dividend of $70k. Annual spendings only $50k as no more debt to worry about. Eat at hawker centers and take public transport. Our condo is walking distance to an MRT station. No longer go for long holidays at far away countries as we have done this during our working years. We now spend most of our time watching TV, reading books, swimming and working out in the gym. Also volunteer at an old folk's home every weekend.
That's actually quite an ideal retirement goal. There's no need to have massive wealth, but substantial enough to not worry about daily bread and butter, as well as for emergencies. My end goal is to not have to ponder many times when contemplating buying things (regardless whether it's household items, personal items, or luxury items). Buy knowing that you can afford it and not worry about making a dent in your income.

Currently in my late 20s and aiming to be like that at your age. Am doing investments with my wife. Any word of advice/caution on what should I be looking out for?

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  #3114 (permalink)  
Old 07-11-2013, 12:49 PM
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For most people, our main income will be from our job. So invest in yourself first - constantly upgrade your skill and enhance your marketability. Increase your worth to the company you are working for.

The other thing to note is to not have a break in your working career. Job hop only when it will enhance your career (and salary).

Another thing I would like to point out is: many people made the mistake of retiring early. Many do so just when they are earning their highest pay in their career. For the last 5 years that I contemplated retiring to enjoy the fruits of my over 30yrs of working, I was pleasantly surprised that I managed to save another $1m. By my calculation, barring unforeseen circumstances, I should be able to grow my savings by another $1.5m (coupled with passive income of $100k) if I work till 60.

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That's actually quite an ideal retirement goal. There's no need to have massive wealth, but substantial enough to not worry about daily bread and butter, as well as for emergencies. My end goal is to not have to ponder many times when contemplating buying things (regardless whether it's household items, personal items, or luxury items). Buy knowing that you can afford it and not worry about making a dent in your income.

Currently in my late 20s and aiming to be like that at your age. Am doing investments with my wife. Any word of advice/caution on what should I be looking out for?
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  #3115 (permalink)  
Old 07-11-2013, 01:10 PM
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Don't look down at those who retired early. Don't be proud. You may die tomorrow, all your so called retirement plans just gone to hell.


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For most people, our main income will be from our job. So invest in yourself first - constantly upgrade your skill and enhance your marketability. Increase your worth to the company you are working for.

The other thing to note is to not have a break in your working career. Job hop only when it will enhance your career (and salary).

Another thing I would like to point out is: many people made the mistake of retiring early. Many do so just when they are earning their highest pay in their career. For the last 5 years that I contemplated retiring to enjoy the fruits of my over 30yrs of working, I was pleasantly surprised that I managed to save another $1m. By my calculation, barring unforeseen circumstances, I should be able to grow my savings by another $1.5m (coupled with passive income of $100k) if I work till 60.
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  #3116 (permalink)  
Old 07-11-2013, 03:12 PM
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Originally Posted by Unregistered View Post
For most people, our main income will be from our job. So invest in yourself first - constantly upgrade your skill and enhance your marketability. Increase your worth to the company you are working for.

The other thing to note is to not have a break in your working career. Job hop only when it will enhance your career (and salary).

Another thing I would like to point out is: many people made the mistake of retiring early. Many do so just when they are earning their highest pay in their career. For the last 5 years that I contemplated retiring to enjoy the fruits of my over 30yrs of working, I was pleasantly surprised that I managed to save another $1m. By my calculation, barring unforeseen circumstances, I should be able to grow my savings by another $1.5m (coupled with passive income of $100k) if I work till 60.
Why is it a "mistake" to retire at the height of one's career? You may be able to save a lot but if you already have enough, it's hardly a mistake to retire. Of course, the opportunity cost (in terms of money) is high, but there are also other intangible opportunity costs of staying on in a career.
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  #3117 (permalink)  
Old 07-11-2013, 03:49 PM
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Why is it a "mistake" to retire at the height of one's career? You may be able to save a lot but if you already have enough, it's hardly a mistake to retire. Of course, the opportunity cost (in terms of money) is high, but there are also other intangible opportunity costs of staying on in a career.
I know of someone who died at the age of 58. Too bad he didn't manage to enjoy his retirement. His wealth goes to his wife and kids. Sad life.
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  #3118 (permalink)  
Old 07-11-2013, 05:53 PM
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I know of someone who died at the age of 58. Too bad he didn't manage to enjoy his retirement. His wealth goes to his wife and kids. Sad life.
It's not that great to be permanently poorer because you retired early.

Some people like their jobs.
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  #3119 (permalink)  
Old 07-11-2013, 06:06 PM
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I am very skeptical of many of the claims here. According to the latest forbes reprot Singapore's Multimillionaires: New Wealth Report Busts The Myths - Forbes, the average age for Singaporean to hit his first million is 49 and average age for multi-millionaires here is 69.

Looking at all the post here, most people seem to be claiming they are millionaire in their late 20s or early 30s. Many self declare multi millionaires here all say they are in their 30s or 40s. If true these anoynomous unregistered posters are not only elite, but top even among the elite society in Singapore
It is totally plausible. Not that a million is worth that much these days.

Lots of Singaporeans benefited from fast climbing property prices in the past 2 decades. Flipping properties alone made millionaires out of many average Joes.
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  #3120 (permalink)  
Old 07-11-2013, 07:49 PM
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I sold my old HDB flat for $900k and then bought a brand new $1m condo, paid up in full. High class living now. I'm glad I made the right decision to invest in a HDB flat many years ago. My HDB flat is my best investment. I can now live in a high class condo because of my HDB flat. So happy. I thank the Singapore system in making sure my HDB flat property value appreciate. Since I own a $1m condo, paid in full, I am a millionaire. I'm just an average working class Joe and yet I am a millionaire.

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It is totally plausible. Not that a million is worth that much these days.

Lots of Singaporeans benefited from fast climbing property prices in the past 2 decades. Flipping properties alone made millionaires out of many average Joes.
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