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How much are you earning per annum?

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  #4521 (permalink)  
Old 04-06-2014, 07:50 PM
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I am quite surprised (actually shocked) that at this day and age, people are still expecting their children to support them financially. We should move away from the mentality of depending on our children for financial support.

In our parents' generation, most of them have lower education, earn lower wages and thus have lower savings. They have no choice but to depend on their children to support them in their old age. And we (our current generation) ended up supporting our parents and our own families. It is tough, having to handle housing loans, car loan, running a family and yet having to take care our aged parents.

I am thus very determined to be financially independent when I retire and not to be a burden to my children. I think they will find it even tougher going forward, having to compete with all the cheap labour flooding the job market world wide.

I have been saving and investing since I got my first pay check, a good 30 years ago. I am now enjoying the compounding effect of my investment returns and can see my networth increasing steadily. With a few more years of working and reinvesting my returns, I am confident that not only will we not be dependent on our children, we could also leave behind quite a decent bequest to them.
It is indeed tough for the sandwich generation. Especially those who entered the work force that was in a slump in the past decade with suppressed wages, and then got caught off guard when property prices soared before they could buy. Perhaps that is why there has been so much discontent lately.

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  #4522 (permalink)  
Old 04-06-2014, 08:17 PM
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It is indeed tough for the sandwich generation. Especially those who entered the work force that was in a slump in the past decade with suppressed wages, and then got caught off guard when property prices soared before they could buy. Perhaps that is why there has been so much discontent lately.
The youngsters can easily afford BTO flats which are sold very cheaply. They must not be choosy and demand buying a condo as their first property. For the low income group, they can even buy a 2 room BTO flat for $10k (after grants, etc).

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  #4523 (permalink)  
Old 04-06-2014, 09:28 PM
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51, 52, live in a 4 room hdb flat, now worth $500k, paid up. $80k pa combined salaries.
cash and cpf, $300k.

when we reach 65, we will get $1500 per month each from cpf life.
when we reach 60, we will sell our 4 room flat and buy the hdb studio flat for the elderly.
will use the cash balance for retirement, will spend $1500 per month from the cash.
so, in total we will have $4500 to spend for our retirement.
You are very lucky to own a paid up flat which is worth a lot of money. If you sell your flat, you can retire rich in Malaysia, Thailand, Vietnam, Philippines, Indonesia, Cambodia, etc.

Our HDB flat is our best retirement asset. Our home ownership and asset enhancement policies are a big success. It allows us to retire rich in our neighbouring countries.

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  #4524 (permalink)  
Old 04-06-2014, 10:44 PM
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So many posts here mention selling the current HDB flat and buying a new studio HDB. HDB should quickly extend the current lease buy back program to also cover the 4 and 5-room flat. I imagine it may be difficult for some especially when one is getting on with age to suddenly uproot oneself and move.
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  #4525 (permalink)  
Old 04-06-2014, 11:11 PM
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Many people seems to worry about their retirement funding, how to finance their old age. Here are some quick notes:

1. When you are old and retired, you can rent out two of your rooms in your HDB flat. For this to be possible, our property and rental market must be strong. So, you must support FTs working here as they will help to finance our retirement. You can rent out $600 per room or $1200 for two rooms per month.

2. Our CPF minimum sum scheme will ensure we will when you reach 65, you will get a monthly payout for life. With the latest min sum, you get $1200 per month, so if your wife also have, you will get $2400 per month.

3. Make sure your children give you allowance of at least $200 per month each or $400 per month for you and wife. If you have two kids, you will get $800 per month as a couple.

4. So, your passive income is $1200 + $2400 + $800 = $4400 per month. This is enough for you and wife. Make sure your expenses are kept low. Do NOT smoke, drink, gamble, womanize nor sodomize. These will make you unhealthy and diseased. Do not own a car. Do not employ a maid. Cook your own simple meals or eat at cheap hawker centres. Do not get conned by get rich quick scams.

5. All the best.
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  #4526 (permalink)  
Old 05-06-2014, 06:21 PM
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52, sole breadwinner, $100k pa. Spouse, 45, takes care of our two young kids. She is training them to go to top schools. Home is a condo, worth $1m, loan outstanding $300k. Savings, $25k pa. Own a 2nd hand small car (still servicing loan) to ferry around kids and wife. Net worth $1m. Any advice on our financial situation? How can I retire at 65?
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  #4527 (permalink)  
Old 05-06-2014, 08:29 PM
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52, sole breadwinner, $100k pa. Spouse, 45, takes care of our two young kids. She is training them to go to top schools. Home is a condo, worth $1m, loan outstanding $300k. Savings, $25k pa. Own a 2nd hand small car (still servicing loan) to ferry around kids and wife. Net worth $1m. Any advice on our financial situation? How can I retire at 65?
First, congratulations to you for owning a condo. Only 15% of Singaporeans live in a condo, so you are among the top in our society. Second, you are lucky to have a dedicated spouse who cares more about your kids than earning that extra dollar today. If your kids grow up to be successful such as top doctors with $50k monthly salaries, they can give you a monthly allowance of $10k per month. So, you don't have to worry about retirement.
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  #4528 (permalink)  
Old 05-06-2014, 10:02 PM
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Actually, there are many families who already retire in JB. They do exactky what you said. They don't need to so much. If they rent out their flat at $3k pm or $36k pa, they can get RM93k pa, which is big money in JB.

There is a doctor in this forum already going to retire in JB and she is only 35 years old I think.
Yes. Yes. Please go retire in Malaysia. Our Spore government will be happy to be relieved of looking after an aged population. Let all the aged leave Spore so Spore will be a place filled with the young, vibrant and economically active.


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  #4529 (permalink)  
Old 05-06-2014, 11:16 PM
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First, congratulations to you for owning a condo. Only 15% of Singaporeans live in a condo, so you are among the top in our society. Second, you are lucky to have a dedicated spouse who cares more about your kids than earning that extra dollar today. If your kids grow up to be successful such as top doctors with $50k monthly salaries, they can give you a monthly allowance of $10k per month. So, you don't have to worry about retirement.
Clown talk.
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  #4530 (permalink)  
Old 06-06-2014, 07:13 PM
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low middle income, 100k pa combined. 38, 39 yo.
home is a 4 room flat, worth $400k now, loan remaining $250k.
cash and cpf, $200k.
can anyone suggest how we can increase our wealth?
thanks.
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