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How much are you earning per annum?

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  #5721 (permalink)  
Old 23-10-2014, 06:54 PM
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Bonus month coming. Here's what I am going to do with my bonus.

1. Buy brand new car to replace my current old car.
2. Go one week holiday.
3. Buy some stocks.
4. Save for old age.
5. Donate.

What's your plans with your bonus?
You didn't plan to upgrade from your hdb to EC. Our resident agent is sorely dissapointed! Lol

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  #5722 (permalink)  
Old 23-10-2014, 09:41 PM
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Looks like you are one of the many drivers who are buying a brand new car before the new year.

Quote:
Originally Posted by Unregistered View Post
Bonus month coming. Here's what I am going to do with my bonus.

1. Buy brand new car to replace my current old car.
2. Go one week holiday.
3. Buy some stocks.
4. Save for old age.
5. Donate.

What's your plans with your bonus?


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  #5723 (permalink)  
Old 23-10-2014, 10:00 PM
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Demand for new cars are strong due to these factors:

1. Incomes are rising in general. Many families are dual income, so if husband and wife each earn $5k pm, their combined income will be $10k pm. So no problem buying a new car.

2. Fresh grads are earning higher starting salaries. So new demand from the younger crowd.

3. BTO flats are sold too cheaply, which means mortgage can be financed by CPF and no need to come out with cash. So many people have a lot of excess cash to buy new cars.

4. Many cars going to be scrapped so current car owners need to replace with brand new cars.

5. Property market has been good over the past few years. Many people make money after selling their HDB flat, they have lots of cash to buy new cars.

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  #5724 (permalink)  
Old 23-10-2014, 11:54 PM
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31 year old female.
Earning 8K a month and about 1 months bonus.
However feel that the glass ceiling is coming soon.
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  #5725 (permalink)  
Old 24-10-2014, 12:24 AM
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Originally Posted by Unregistered View Post
Middle class couple in our mid 50s earning a combined salary of only $180k pa. Our home, a 3 bedroom condo, is paid up and now worth slightly more than $1.2m. We don't have any other investments (our condo is our best investment since we bought it at $600k in 2003), we only have cash and CPF savings. Our current net worth is about $1.8m. We hope to remain employed till 65. Upon 65, we hope to have a net worth of $2.5m. We will then downsize to a one bedroom condo unit and use the extra cash to buy dividend stocks. We will also get our CPF Life monthly money, so in total our monthly passive income will be $6k pm. I think this would be sufficient as we (my wife and I) just need the money for food, utilities, medical and public transport. We should be spending only $3k pm since we are debt free. Any comments on our retirement plan?
Retirement age is going to increase to 68. Life span also increase to 78.
If you retire at 68, your saving is definitely can see you through the next 10 years without any difficulty.
You can spend 200k first year, 220k second year, 240k, 260k, 280k,300k,320k,340k,360k and finally 380k. Total 2.7m. No problem.
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  #5726 (permalink)  
Old 24-10-2014, 06:49 AM
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You forgot these other contributing factors:

1. People are going to retire later (beyond 62), so they will continue to buy new cars even they reached 55.

2. People who previously did not own cars will do so when they withdraw their CPF at 55 because they will continue to work for another 10 years.

3. Previously I was thinking of giving up my car to my son when he starts work, but now I tell him to buy his own because I will still be working and need my car. By the way, my wife has her own car because she said she also needs one for her work.

And now that the gahmen said they will cut the car population growth to 0.25%, I don't think the COE price is ever going back to $20k.

Quote:
Originally Posted by Unregistered View Post
Demand for new cars are strong due to these factors:

1. Incomes are rising in general. Many families are dual income, so if husband and wife each earn $5k pm, their combined income will be $10k pm. So no problem buying a new car.

2. Fresh grads are earning higher starting salaries. So new demand from the younger crowd.

3. BTO flats are sold too cheaply, which means mortgage can be financed by CPF and no need to come out with cash. So many people have a lot of excess cash to buy new cars.

4. Many cars going to be scrapped so current car owners need to replace with brand new cars.

5. Property market has been good over the past few years. Many people make money after selling their HDB flat, they have lots of cash to buy new cars.
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  #5727 (permalink)  
Old 24-10-2014, 07:00 AM
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Don't be sour grape lah. This forum is for posters to share their incomes. If cannot tahan how much other people earn, then don't come here.

$1.8m net worth for a mid 50s couple is just so so only. They are wise to plan to continue working. Especially if they want to maintain their lifestyle in retirement. Once you are used to a certain lifestyle and level of comfort, cutting back on them is going to be painful and difficult.

Like giving up the car. Like moving into a smaller home, like not being able to eat out at restaurants etc...

Quote:
Originally Posted by Unregistered View Post
Retirement age is going to increase to 68. Life span also increase to 78.
If you retire at 68, your saving is definitely can see you through the next 10 years without any difficulty.
You can spend 200k first year, 220k second year, 240k, 260k, 280k,300k,320k,340k,360k and finally 380k. Total 2.7m. No problem.
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  #5728 (permalink)  
Old 24-10-2014, 08:17 AM
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Many of my neighbors bought a brand new car. Their previous cars were close to 10 years old. Some even have two cars as both husband and wife need a car each for their work. I think many are waiting for their bonuses to get a new car before the lunar new year. COE prices likely to rise by 10% in the November and december COE bidding in order to secure the new cars before the new year. $20k COE is a thing of the past. Most people's salaries have doubled over the past 10 years and with inflation over the past 10 years, COE prices cannot be that low any more. If COE do hit $20k, then each Uni student can afford to buy a new car and this is not good as it leads to worsening traffic congestion.


Quote:
Originally Posted by Unregistered View Post
You forgot these other contributing factors:

1. People are going to retire later (beyond 62), so they will continue to buy new cars even they reached 55.

2. People who previously did not own cars will do so when they withdraw their CPF at 55 because they will continue to work for another 10 years.

3. Previously I was thinking of giving up my car to my son when he starts work, but now I tell him to buy his own because I will still be working and need my car. By the way, my wife has her own car because she said she also needs one for her work.

And now that the gahmen said they will cut the car population growth to 0.25%, I don't think the COE price is ever going back to $20k.
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  #5729 (permalink)  
Old 24-10-2014, 09:07 AM
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Quote:
Originally Posted by Unregistered View Post
Don't be sour grape lah. This forum is for posters to share their incomes. If cannot tahan how much other people earn, then don't come here.

$1.8m net worth for a mid 50s couple is just so so only. They are wise to plan to continue working. Especially if they want to maintain their lifestyle in retirement. Once you are used to a certain lifestyle and level of comfort, cutting back on them is going to be painful and difficult.

Like giving up the car. Like moving into a smaller home, like not being able to eat out at restaurants etc...
You are absolutely right. Why should you lower quality of your living when you retire.
You work while you still having able body. Enjoy current lifestyle. Saving more for retirement. Spend less living time after retirement. Then what you have saved should able to last you another 10 years if you decide to retire at 68. I am the one who support working unless you are physically or mentally no more capable to work. Probably by the time I reach 68, government will decide retirement to be at 72. I will definitely support government's decision.


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  #5730 (permalink)  
Old 24-10-2014, 09:16 AM
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If COE do hit $20k, then each Uni student can afford to buy a new car and this is not good as it leads to worsening traffic congestion.
No logic. Fixed number of COEs, so doesn't matter who owns the cars. The no. on the road will be the same.
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