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How much are you earning per annum?

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  #6031 (permalink)  
Old 23-11-2014, 02:51 PM
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58 year old retiree, 59 year old housewife wife. Owns a semi D, bought 20 years ago, now paid up and worth $5.3m. Other assets include stocks and properties, generate passive income of $150k pa. Children's contribution $3k pm or $36k pa. Total passive income $186k pa. Household expenditure, including car and maid, $80k pa. Savings $106k pa.

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  #6032 (permalink)  
Old 23-11-2014, 04:42 PM
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Quote:
Originally Posted by Unregistered View Post
58 year old retiree, 59 year old housewife wife. Owns a semi D, bought 20 years ago, now paid up and worth $5.3m. Other assets include stocks and properties, generate passive income of $150k pa. Children's contribution $3k pm or $36k pa. Total passive income $186k pa. Household expenditure, including car and maid, $80k pa. Savings $106k pa.
Awesome! So far you are the most successful self made guy (not inherited wealth) in this forum. Were you a banker or lawyer?

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  #6033 (permalink)  
Old 23-11-2014, 10:48 PM
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You're right, reading my statement again the bottom bit is uncalled for (assuming its genuine), apologies to seekingadvice999.

But my core reasoning still stands, given your case its very clear cut. Inheritance tax was abolished since 08 which makes the process even smoother.

I handled part of my family inheritance work before 08, IRAS officers would accompany and open safe deposit boxes, some had joint names with people unknown to us and we couldn't contact. Some boxes had bearer shares, gold bullion to be evaluated etc, sometimes we would also worry wtf we find inside. Things seem quite straightforward for you, a mid 30's working professional should be able to handle it well.

If you're really lost go talk to a lawyer / financial advisory, this thread is mostly for TKSS.

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Aiyah, give the dude a break. The dude has already lost both parents.

It is not everyday that people will tell strangers that their parents both died, probably at relatively young age, as the dude is only in mid 30s. Dying at such relatively young ages could only be due to serious illnesses or accident. I believe it must be quite traumatic for the dude.

He is also stressed with sudden wealth, still grappling with large inheritance tax and lost as to what to next, so leave him be, if you cannot offer any good advise.

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  #6034 (permalink)  
Old 24-11-2014, 08:56 AM
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Underperforming graduate couple, total income $130,500 per year. Lives in an old condo worth $800,000. Mortgage outstanding $400,000. Owns an old car. 3 children in schools. We are both 47 this year. Total net worth (including condo's equity value, cash, CPF and stocks) $1,050,000.

Any advice how to prepare for retirement? Is it wise for us to downgrade to a 3 room HDB flat when we reach 65? Or should we consider retiring elsewhere like some forummers here suggested Malaysia or Thailand. Thank you.
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  #6035 (permalink)  
Old 24-11-2014, 09:48 AM
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What kind of work are you and spouse in now? Is it something sustainable? I mean do you see your company employing you till 65 or will you be asked to leave by 55 or earlier.

I have a few colleagues who talked about working till 62 but had to leave much earlier because of job stress and structural unemployment where their skill set was no longer needed. They were given options to take on new job scopes but with reduced pay. They chose to leave.

How much do you think you will need in retirement assuming you can work till 65. Below is my crystal balling of the costs of some itmes in 15 years time.

1. Condo fees: now $250 - $350 pm. 15 yrs time -- $800 - $1300
2. Maid : Now $750 - $ 1000 pm (incl levy). 15 yrs time --- $1500- $2500
3. Cup of coffee (at hawker centres) -- 80cts - $1.10. 15 yrs time ---- $2.00 to $2.50
3a. Cup of coffee (at food court) -- $1.20 - $1.50. 15 yrs time --- $3.0 to $4.0
4. Chicken rice (hawker ctr) -- $2.50 - $3.0. 15 yrs time --- $6 - $8
5. Simple visit to GP -- $30 - $50. 15 yrs time --- $100 - $200
6. Bus rides --- 80 cts to $2, 15 yrs time --- $4.50 to $10
7. Handphone bill --- $30 - $100. 15 yrs time - $150 - $300

Prices will go up because of shrinking value of money, wage increase, countries print money...

So when you take your annuity payout at 65, it will be around $1300 - $1500 pm enough for you to pay your condo fees.

If you dont think this will happen, you just have to look back 15 yrs ago how much things cost. I remember my NS allowance was $250 pm, now it is $500+ for NCOs, to $1000 for officers. I remember my Uni fees was $600 per year. Now it is $1200+ per year.

I have been eating same rice from thai for many years. It was $7 per 10kg, now it is $22

A close relative of mine retired happily with $1m 15 yrs ago, now very worried money no enough. He only 65.

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Underperforming graduate couple, total income $130,500 per year. Lives in an old condo worth $800,000. Mortgage outstanding $400,000. Owns an old car. 3 children in schools. We are both 47 this year. Total net worth (including condo's equity value, cash, CPF and stocks) $1,050,000.

Any advice how to prepare for retirement? Is it wise for us to downgrade to a 3 room HDB flat when we reach 65? Or should we consider retiring elsewhere like some forummers here suggested Malaysia or Thailand. Thank you.
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  #6036 (permalink)  
Old 24-11-2014, 06:47 PM
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Quote:
Originally Posted by Unregistered View Post
Underperforming graduate couple, total income $130,500 per year. Lives in an old condo worth $800,000. Mortgage outstanding $400,000. Owns an old car. 3 children in schools. We are both 47 this year. Total net worth (including condo's equity value, cash, CPF and stocks) $1,050,000.

Any advice how to prepare for retirement? Is it wise for us to downgrade to a 3 room HDB flat when we reach 65? Or should we consider retiring elsewhere like some forummers here suggested Malaysia or Thailand. Thank you.
I think you may want to retire in Chiang Mai or Phuket. You can rent out your condo to get rental income and plus your CPF Life money, you can retire comfortably. Today, if you have a passive income of S$2k pm, you can retire there very well.
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  #6037 (permalink)  
Old 24-11-2014, 10:06 PM
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We upgraded from a flat to a condo in 2006. We were lucky as we bought the condo for only $600k. We have cleared the mortgage since we did not take a huge loan as we used the sale proceeds from the flat sale to pay down a lot. The condo is now worth $1.2m. Our other assets is worth $500k and hence our net worth combined is $1.7m. We are in our early forties. How are we doing? Are we in the lower range of net worth for our age group? Any forumers here in the same age group care to share your net worth?
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  #6038 (permalink)  
Old 24-11-2014, 11:44 PM
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40 this year. $2m in cash, equities and bonds. Stay in HDB, rent out $1.5m condo for rental income. Annual passive income $100k. No car, no kids - boring life.

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We upgraded from a flat to a condo in 2006. We were lucky as we bought the condo for only $600k. We have cleared the mortgage since we did not take a huge loan as we used the sale proceeds from the flat sale to pay down a lot. The condo is now worth $1.2m. Our other assets is worth $500k and hence our net worth combined is $1.7m. We are in our early forties. How are we doing? Are we in the lower range of net worth for our age group? Any forumers here in the same age group care to share your net worth?
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  #6039 (permalink)  
Old 25-11-2014, 01:04 AM
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40 this year. $2m in cash, equities and bonds. Stay in HDB, rent out $1.5m condo for rental income. Annual passive income $100k. No car, no kids - boring life.
How much is your salary? How much is your combined salary with your wife?

Both your flat and condo fully paid up?

What's your total combined net worth? $4m?
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  #6040 (permalink)  
Old 25-11-2014, 07:48 AM
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I thought the more important question is how do you see your net worth growing. For eg., what will it be when you hit 55?

Let's say you are now 42, and your combined net worth is $1.7m, and if on average, you and spouse are able to squirrel away $100k a year. In 15 yrs time, you will have another $1.5m bringing your total net worth to $3.2m.

For our case, our rate of savings was around $100k a year from age 40 - 45. From 45 - 50 it was $180k pa on average. Then 50-55 it hit $250k pa. The higher savings came with the help from passive income of about $50k pa. This year (1 more month to go), we will save a total of $300k pa. Our highest by far.

Quote:
Originally Posted by Unregistered View Post
We upgraded from a flat to a condo in 2006. We were lucky as we bought the condo for only $600k. We have cleared the mortgage since we did not take a huge loan as we used the sale proceeds from the flat sale to pay down a lot. The condo is now worth $1.2m. Our other assets is worth $500k and hence our net worth combined is $1.7m. We are in our early forties. How are we doing? Are we in the lower range of net worth for our age group? Any forumers here in the same age group care to share your net worth?
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