How much are you earning per annum?

Good for you. Is the $3.7m combined net worth or just your share?

And the $290k salary is combined income or just yours?

As your younger kids are still in sec schools, you will need to work till they graduate, a good 8 - 10 years more (depending on whether they will proceed to uni, whether they need to serve NS)

Uni fees are always increasing. Lecturers' pay need to keep pace with inflation. Worst if your kids need to study overseas! Attending US uni currently cost anywhere between S$50k - S$100k per year depending on whether state U or private U.

Originally Posted by Unregistered

53 years old.
- Happy family wife (48) + 3 kids, 1 in JC, 2 in Sec...and close long time school friends
- No health issue, neither smoke nor drink
- BMI 22, BF 10.5%
- Work out in gym, run, cycle, swim 4-5x a week...yeah six pacs!
- Able to attain gold in cat z IPPT
- Planning for 1/2 Ironman next year
- Maintain good work life balance, moderate business travel but manageable
- Yoga and mediation for relaxation
- Eat healthily... Lots of fruit, vegetable, whole-grain, high fiber foods
- Lastly....last year salary 290k, expenses 100k, net worth 3.7M

You can surely retire at 60 but where you retire depends on your desired lifestyle. If you save $30k pa, then over 10 years, you save another $300k so your net worth will be $1.8m.

Scenario 1: You retire in Singapore. In this case you cannot retire in your condo. You need to monetize your condo and use the cash for your retirement. You have to sell your condo and then buy a 3 room resale HDB flat for $300k or an elderly BTO studio unit for $100k. You can then retire on the balance cash of $1.5m or $1.7m. You will need to retire frugally, buy $2 meals.

Scenario 2: You retire in Malaysia. You sell your condo and other assets and convert $1.8m to get RM4.7m cash. You can retire like a rich Malaysian tycoon.

Scenario 3: You retire in Thailand. You will be even richer than in Malaysia. You will retire like a super Thai tycoon. You can also afford to travel the world.

The choice is yours.

Originally Posted by Unregistered

Last year, my total income was $70,000. My wife's total income was $90,000. We save $30,000 per annum. We sold our flat in 2006 and upgraded and now our condominium unit is worth $1.2m. Our mortgage loan remaining is only $200,000. We use our CPF to pay for the mortgage. We have two kids, they are in good schools. We also own a car, no more loan outstanding. We are now in our late 40s. Including our condo, cash, cpf and some stocks, our total net worth is $1.5m.

Any comments how we are doing financially? Can we retire at 60?

Originally Posted by Unregistered

Last year, our total income was about $300,000. We have a fully paid condo worth $1.5M. We have 2 kids and they are in Top school. We also own a car fully paid. We hope to retire in 10 years time when we reach 55.

Yes you can retire at 55. I am lucky to be able to retire at 45. I was a corporate executive high flyer. Current passive income from multi million investment portfolio, $125k pa. Now spends a lot of time reading, working out in the condo gym, swimming, scuba diving and doing charity work. Owns a penthouse condo and a luxury car, both paid up. Wife, 40, $100k pa. Annual family expenditure, $90k pa.

Originally Posted by Unregistered

Yes you can retire at 55. I am lucky to be able to retire at 45. I was a corporate executive high flyer. Current passive income from multi million investment portfolio, $125k pa. Now spends a lot of time reading, working out in the condo gym, swimming, scuba diving and doing charity work. Owns a penthouse condo and a luxury car, both paid up. Wife, 40, $100k pa. Annual family expenditure, $90k pa.

is your expenditure less than $125k? this passive income doesn't seem sufficient for a luxurious lifestyle. or do you make huge capital returns occasionally?

Originally Posted by Unregistered

is your expenditure less than $125k? this passive income doesn't seem sufficient for a luxurious lifestyle. or do you make huge capital returns occasionally?

His total family income is $225k pa and his total family expenditure is $90k pa. I think his expenditure is low because he has paid off the big items.

Father of 3, 52 yo, $8k pm. Spouse, 46, $7k pm. Home is an old EC, worth $900k. Fully paid. Saves $3k pm. Drives a 5 yo car, loan $25k. Holidays, twice a year. Average middle income family. Contented with what we have achieved. Retirement will be a challenge but should be ok if we downgrade to a small HDB flat when we reach 65. We hope to buy a HDB BTO 2 room flat when we retire. Since we will have zero salary when we retire (hence considered low income), we hope to qualify for grants to get the $10k flat (after grants). Can we do that? Any property agents here to advise?

Wah very clever ah. While young and able and still working, spend as much as possible, enjoy life. Then old already quickly milk the government (also the rest of the tax paying population) for charity.

How can like that!!!???

Originally Posted by Unregistered

Father of 3, 52 yo, $8k pm. Spouse, 46, $7k pm. Home is an old EC, worth $900k. Fully paid. Saves $3k pm. Drives a 5 yo car, loan $25k. Holidays, twice a year. Average middle income family. Contented with what we have achieved. Retirement will be a challenge but should be ok if we downgrade to a small HDB flat when we reach 65. We hope to buy a HDB BTO 2 room flat when we retire. Since we will have zero salary when we retire (hence considered low income), we hope to qualify for grants to get the $10k flat (after grants). Can we do that? Any property agents here to advise?

45, $106k pa. Wife, 42, $100k pa.
Home is a condo worth $1.1m, paid up.
Car is a Korean make, paid up.
CPF and cash combined, $500k.
We usually go for holidays once a year in Dec.
Current net worth, $1.6m.
Target net worth at retirement age at 55, $2m.

Retirment plan: Sell condo and buy 3 room HDB resale flat. Invest $1.2m cash in 5% dividend yield stocks, maybe can get $60k pa or $5k pm. Will get additional monthly payout of $2k ($1k each) from CPF Retirement Account. Expenses will be low as we will not have a car, will eat at hawker centres only and will go for cheap groceries, the most will spend $3k pm. Save $4k pm. Savings can use for ad hoc holidays.

Originally Posted by Unregistered

45, $106k pa. Wife, 42, $100k pa.
Home is a condo worth $1.1m, paid up.
Car is a Korean make, paid up.
CPF and cash combined, $500k.
We usually go for holidays once a year in Dec.
Current net worth, $1.6m.
Target net worth at retirement age at 55, $2m.

Retirment plan: Sell condo and buy 3 room HDB resale flat. Invest $1.2m cash in 5% dividend yield stocks, maybe can get $60k pa or $5k pm. Will get additional monthly payout of $2k ($1k each) from CPF Retirement Account. Expenses will be low as we will not have a car, will eat at hawker centres only and will go for cheap groceries, the most will spend $3k pm. Save $4k pm. Savings can use for ad hoc holidays.

Sad to retire by downgrading to a hdb 3 room...just saying

Originally Posted by Unregistered

Sad to retire by downgrading to a hdb 3 room...just saying

Actually, if he has an open mind and flexible, he can retire in luxury if, instead of buying a HDB flat, he buys a Malaysian condo and retire there. His $60k pa dividend income is equivalent to RM156k, this is a lot and he can retire in luxury. If he like Thailand, he can retire there too, he can even stay in a big bungalow and employ 2 maids, a driver and a gardener there. This is better than live in a small flat and eating hawker food everyday.