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How much are you earning per annum?

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  #4411 (permalink)  
Old 21-05-2014, 03:09 PM
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I cant believe you came back to this "crap" here. Did you get deported by them for graffiti or some other crime? You should be thankful you have a home to come back to.

I have lived and studied in US and Europe, and I know our HDB are up there with the best of their public housing any time. Same for the public transport.

At the end of the day, the government can provide a beautiful home and place to stay, but if you spit, urine and draw graffiti here and there -- it is your fault that you have a crappy place to stay. Not your government's fault, not your neighbours' fault but your own fault.

Please dont stay here if you are one of those inconsiderate, anti-social, self serving individual. We dont need people like you.

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You must be from a certain political party.

I have stayed overseas for many years, and experienced the type of basic housing that is a million times better than the crap in singapore. Big spaces, quality furnishing and a pool are considered basic there. Not cramped, poorly maintained HDB with yelling neighbours and rats running about below.

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  #4412 (permalink)  
Old 21-05-2014, 08:43 PM
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47/49, $120k pa combined.
Condo, $1.1m, mortgage $300k.
No car. No maid.
Cash and CPF, $400k.
Combined net worth, $1.2m.

When we retire at 65, we will sell our condo, get cash of $1.1m and buy a HDB studio unit for the elderly for $100k. We will invest the $1m cash balance to get dividends of $50k pa. We will also get the CPF annuity payout of $28k pa. So our total monthly passive income is $78k pa or $6.5k pm. This is enough since we don't drive and we cook our own simple meals.

Do you think this is a good retirement plan?

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  #4413 (permalink)  
Old 22-05-2014, 12:10 AM
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Quote:
Originally Posted by Unregistered View Post
47/49, $120k pa combined.
Condo, $1.1m, mortgage $300k.
No car. No maid.
Cash and CPF, $400k.
Combined net worth, $1.2m.

When we retire at 65, we will sell our condo, get cash of $1.1m and buy a HDB studio unit for the elderly for $100k. We will invest the $1m cash balance to get dividends of $50k pa. We will also get the CPF annuity payout of $28k pa. So our total monthly passive income is $78k pa or $6.5k pm. This is enough since we don't drive and we cook our own simple meals.

Do you think this is a good retirement plan?
Good plan. Provided the valuation of your property is $1.1m when you retire.

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  #4414 (permalink)  
Old 22-05-2014, 06:35 PM
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Early 50s couple, living in a paid up 20 year old 5 room HDB flat, worth $700k. We earn $140k pa salaries combined. Planning to sell our flat and buy a brand new (just TOP, fresh 99 year lease) 2 bedroom condo in the West region, next to a MRT station. One room for us and another for our daughter. Budget $1m. Will use the proceeds from sale of flat ($700k) plus our CPF and cash savings ($300k) to pay in full. We look forward to a more luxurious lifestyle. We will also stop owning a car as we can travel easily with the MRT. We will save $2k pm by not having a car. This will help us with our retirement savings.
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  #4415 (permalink)  
Old 23-05-2014, 01:15 AM
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After buying the condo, do you still have any cash or cpf?
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  #4416 (permalink)  
Old 23-05-2014, 02:57 AM
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44 /39 yrs old, grad couple
220k pa combined income
Fully paid 4 room hdb valued at 400k
2 room ocr condo valued at 850k, o/s loan 500k, TOP Y2015
cpf + cash on hand 550k
cash locked in shares & endowment plans 45k (capital protection),
current cash out value 80k
jap car fully paid. No maid. Expenses approx 70k pa combined.

Are we faring ok as compared to our peers ?
Any opinions, advise on how we can generate passive income in our situation ?
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  #4417 (permalink)  
Old 23-05-2014, 09:19 AM
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You have done well. Your net worth is $1.4m now. Since you save $150k pa, over 20 years your additional savings will be $3m. So at the age of 64, your total net worth will be about $5m since you would have cleared your loan. This is definitely more than enough to retire.
You will be a rich man.

Quote:
Originally Posted by Unregistered View Post
44 /39 yrs old, grad couple
220k pa combined income
Fully paid 4 room hdb valued at 400k
2 room ocr condo valued at 850k, o/s loan 500k, TOP Y2015
cpf + cash on hand 550k
cash locked in shares & endowment plans 45k (capital protection),
current cash out value 80k
jap car fully paid. No maid. Expenses approx 70k pa combined.

Are we faring ok as compared to our peers ?
Any opinions, advise on how we can generate passive income in our situation ?
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  #4418 (permalink)  
Old 23-05-2014, 10:46 AM
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40/41 married couple with 2 kids. Combined salaries, $150k pa.

Sold our BTO flat, use profits to buy a brand new car (paid in full) and downpayment for a 5 year old condo in the East. Condo now worth $1m, loan $750k. CPF and cash, $400k. Our kids love the condo as they get to swim in the pool.

Are we doing ok financially? Are we doing the right thing?

Any advice from the gurus here?
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  #4419 (permalink)  
Old 23-05-2014, 11:56 AM
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If I were in your shoes, I would have gone for an EC since your income is still within the $12k limit. ECs are there to help HDB upgraders aspiring to own condos.

Anyway, dont you think it is way too late to ask whether you are doing the right thing when you have already done it?

Weird way of thinking.

I am not so concern about the $750K loan for 2 reasons. 1) the collateral is the condo, and 2) the loan rate is very very low - less than 1.2% I suppose?

And you are both still young, so there's lots of upside in your pay.

Quote:
Originally Posted by Unregistered View Post
40/41 married couple with 2 kids. Combined salaries, $150k pa.

Sold our BTO flat, use profits to buy a brand new car (paid in full) and downpayment for a 5 year old condo in the East. Condo now worth $1m, loan $750k. CPF and cash, $400k. Our kids love the condo as they get to swim in the pool.

Are we doing ok financially? Are we doing the right thing?

Any advice from the gurus here?
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  #4420 (permalink)  
Old 23-05-2014, 06:29 PM
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Thank you for the assurance. We didn't want to buy an EC as there are MOP restrictions, also don't want to wait for 3 years. We exited from our HDB flat at a good price so can afford the condo. Yes, we have no worries about the loan as we are able to finance it comfortably.


Quote:
Originally Posted by Unregistered View Post
If I were in your shoes, I would have gone for an EC since your income is still within the $12k limit. ECs are there to help HDB upgraders aspiring to own condos.

Anyway, dont you think it is way too late to ask whether you are doing the right thing when you have already done it?

Weird way of thinking.

I am not so concern about the $750K loan for 2 reasons. 1) the collateral is the condo, and 2) the loan rate is very very low - less than 1.2% I suppose?

And you are both still young, so there's lots of upside in your pay.
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