How much are you earning per annum?

I don't care if people want to retire early or not, I only find the guy who keep repeating his early retirement nonsense annoying. Same mantra about people dropping dead before they enjoy themselves and how he has made it in life.

What makes me laugh is he probably accumulated 5 odd million and thinks we should all look up him. People with 10 x that don't even boast half as much. Should I also state my net worth to show how much I have in comparison?

I won't be surprised if you are him, if you are did I burst your ego?

Originally Posted by Unregistered

People want to retire early, let them retire early. They happy, why you kay poh?

Just because you and your old father don't want or cannot retire, don't force others to listen to you.

You sound just like the kind of boss people want to avoid looking at their face every morning. That is why they want to retire early.

46 & 38 year old couple, earning a combined income of $172k pa. Lives in a 4 room HDB flat worth $450k, fully paid. CPF and cash savings $600k in total. Saves $60k pa in total. Debt free.

Just curious how is it that your household expenses is so high at $112K pa? Do you have children?

I stay in 4 bedroom condo with 6 members (including maid) and my expenses is also $110k pa?

I am worried because downgrading to a HDB was one of my options when I retire, expecting that my cost of living to reduce.

Originally Posted by Unregistered

46 & 38 year old couple, earning a combined income of $172k pa. Lives in a 4 room HDB flat worth $450k, fully paid. CPF and cash savings $600k in total. Saves $60k pa in total. Debt free.

Originally Posted by Unregistered

Just curious how is it that your household expenses is so high at $112K pa? Do you have children?

I stay in 4 bedroom condo with 6 members (including maid) and my expenses is also $110k pa?

I am worried because downgrading to a HDB was one of my options when I retire, expecting that my cost of living to reduce.

Yes, I have kids. A lot of of expenses is to support my parents and my wife's parents. We are very filial children, unlike many people I know. But we are blessed by our One and Only Creator. We can even save $60k pa. It is a good idea to downgrade when you retire. You can consider buying a 3 room HDB flat and enjoy the many rebates. I plan to downgrade to a HDB studio apartment for the elderly. Very cheap.

Originally Posted by Unregistered

Just curious how is it that your household expenses is so high at $112K pa? Do you have children?

I stay in 4 bedroom condo with 6 members (including maid) and my expenses is also $110k pa?

I am worried because downgrading to a HDB was one of my options when I retire, expecting that my cost of living to reduce.

How old are you? How much is your household income? What's your current net worth?

Both of us late 40s. Our combined income is $350k pa. Net worth including home is $3.5m.
Our car COE expiring soon, so setting aside $140k for replacement car. Jap will have to do.

Originally Posted by Unregistered

How old are you? How much is your household income? What's your current net worth?

Originally Posted by Unregistered

Both of us late 40s. Our combined income is $350k pa. Net worth including home is $3.5m.
Our car COE expiring soon, so setting aside $140k for replacement car. Jap will have to do.

Why do you worry so much? You are rich. You save $240k pa, your savings alone is more than most people's household income. Over the next 20 years, assuming your current net worth doubled due to asset appreciation to $7m and you add $4.8m from your savings, your net worth will be $11.8m.

So when you downgrade to a 3 room HDB flat when you retire and assuming the flat cost $600k by then, you still have $11.2m to retire on. By then you will be in your late 60s, and if you spend $100k pa, your retirement money can last another 112 years. I don't think you will live to 180 years old. So, don't worry.

LOL.

Dont know what calculator you use, but the figures look good. Anyway, better to err on the safe side and assume the worst case scenario.

If the property value can increase to $7m, I dread to think what the inflation rate might be.

Originally Posted by Unregistered

Why do you worry so much? You are rich. You save $240k pa, your savings alone is more than most people's household income. Over the next 20 years, assuming your current net worth doubled due to asset appreciation to $7m and you add $4.8m from your savings, your net worth will be $11.8m.

So when you downgrade to a 3 room HDB flat when you retire and assuming the flat cost $600k by then, you still have $11.2m to retire on. By then you will be in your late 60s, and if you spend $100k pa, your retirement money can last another 112 years. I don't think you will live to 180 years old. So, don't worry.

I'm 40 years old graduate, earn only $220k pa. Wife is housewife, takes care of twins, parents and household chores. We live in exec apartment, paid up. Besides our home, other assets include MPV, cash, CPF and some stocks. My net worth is $800k, my wife's net worth is $400k. We are a millionaire couple.

My wife and I are graduates in our late 40s. We have achieved the Singapore Dream - car, condo, cash, holidays overseas. This is especially meaningful as both of us came from low income families. We studied hard and went to top schools, mixing with the rich kids. We then progressed in our careers.

While we are thankful with what we have achieved, we are still under performing when compared to our peers.

We live in a 3 bedroom condo, they live in landed properties.
We drive an Asian, basic car, they drive a continental, luxury car.
We go for Asian holidays, they go to Europe and Asia.
Our combined income is $220k pa, their combined income is $500k pa.

That's life. We have to be contented with what we have. The fact that we are doing much better than our parents is a big achievement. Also we must always remember the many low income families in our society. So, we must be happy.