How much are you earning per annum?

Originally Posted by Unregistered

It is correct money is not everything, not just for retirees but for everyone.

The question is how much money is enough.

In a high cost society like Singapore, that amount, that magic number can be quit high.

I was just reading a 65 yo retiree's plight about not having enough money and seeking to go back to work. He said he got $500 pm payout from his minimum sum and that is going to dry up in 9 years. The $500 pm is severely inadequate for him and his wife. He estimated he would need at least $2000 pm. To supplement the $500 pm, his wife had to go out to work.

So it is important to get the basics right. Many times, things are sweeter knowing you have a safety net. If you don't have enough money, you will constantly worry about it, and not able to devote time and love to your spouse. Worse, both of you will end up quarreling all the time - about the lack of money.

退休準備分享 Get prepared financially and psychologically. Too bad if they were the jollies when they were young without given due consideration for their golden years. So youngster should save adequately for rainy days. Singaporean are mostly millionaires with condos and high CPF/ savings. Not enough money to spend? Just rent out one or two rooms, or better still, sell it outright to get ROI 10%. You will get 180k annually or 15k every month!

A few questions you can ask yourself to see if you can achieve your financial goal by 65.

1. Are you now giving your parents $1k pm each?
2. Is your / your wife's job sustainable? Ie whether you see yourself working in the job for so long, up to 65?
3. Is career progression potential good?
4. How much are you able to save now, and in future years?
5. Would you be buying new car for as long as you work? If so, you need to set aside amount for 2 changes of cars.
6. Have you budgeted for your children's uni fees and other costs?
7. Are you currently enjoying good health, and has health insurance coverage?
8. Do you foresee upgrading to EC or condo in future?
9. Have you any investments in the stock market currently?
10. How much are you willing to lose in the stock market? Up to 50%? If not, then unlikely you will go for stocks with your $1m. You will more likely put the bulk of your money in FDs with low interest return. So you will not achieve your 5% return to fund your retirement.
11. Have you factored in inflation in your calculation?

Originally Posted by Unregistered

Office worker, 41, $5,300 pm.
Wife, works in manufacturing industry, 45, $4,700 pm.
Lives in a HDB 5 room flat, worth $500k. Paid up loan.
Drives a one year old car, loan remaining $50k.
Cash and stocks, $50k.
CPF funds and other assets, $450k.
Total net worth (husband and wife), $1m.
Our target net worth when we retire at 65, $2m.
We hope to invest $1m in stocks when we retire to get $50k pa, assuming 5% dividend yield. We will also rent two empty rooms to get $2k pm or $24k pa. We hope our kids gives us at least $1k pm in total or $12k pa. We will also get our CPF Life of $1500 pm for each person or $3k for two persons ($36k pa).
In total our passive income will be about $122k pa. Our expenses should only be $60k pa the most.

On the contrary, what happened to this 65yo person was that he lost his job when the SME he worked for, folded up when he was in his 50s. At 55, he took out his CPF money to start a business, but unfortunately the business lost money and he closed down the business losing his CPF savings.

Since then, he has been trying to get back to work. You can imagine how hard it is for him at his age to get a job. His wife (a housewife) then had to take on work to supplement the family's income.

It is easy to say money is not important when we have plenty of money. It is actually cruel and hypocritical to say that to poor and struggling families. So don't blindly forward such you-tube nonsense.

Originally Posted by Unregistered

退休準備分享 Get prepared financially and psychologically. Too bad if they were the jollies when they were young without given due consideration for their golden years. So youngster should save adequately for rainy days. Singaporean are mostly millionaires with condos and high CPF/ savings. Not enough money to spend? Just rent out one or two rooms, or better still, sell it outright to get ROI 10%. You will get 180k annually or 15k every month!

The below idiot cannot comprehend the difference between income and household net worth.

By using solely income as a criterion, the below nincompoop relegated the many rich retiree households with no more income to lower class households, and prematurely elevated households just starting out, but earning higher incomes to middle class households.

There is a different classification to measure the incomes. Use that.

Originally Posted by Unregistered

There are many idiots in this forum who make statements without checking the facts.

Who are in the middle class? This is a large group from the 20th to 80th percentile. The HH income in the 20th percentile is a gross income of $2,800 pm. So if your HH income is more than $2800, then you are in the middle class. The median HH income is $7,800 pm. This is the 50th percentile. So if you HH income is $12,000 pm, you are likely to be in the 80th percentile. A HH with income of $200k pa or $16.6k pm would be in the top 20% of households.

So if you are earning $200k pa as a HH and has a combined net worth of $2m, you are definitely in the top 10% of households. Only insecure, stupid people don't know this.

A typical median middle class households:

1. HH income of $94k pa. Dual income family.
2. Lives in a 4 room HDB flat, still on loan.
3. May own a small, used car, still on loan.
4. Two children.
5. Goes to holidays twice a year to neighboring countries.
6. Owns a flat panel TV and other common electrical appliances.
7. Owns notebooks or PCs at home, each per family member.

Petrol price now very cheap. Now cheaper to own and use a new car rather than taking the taxi. Taxi uncles all very happy now as diesel prices dropped a lot. Many taxi uncles now rich.

You should buy a new car now as it is cheaper to own and run a new car. New cars are more fuel efficient and with the plunge in oil prices, it is now cheaper to own a new car.

Buy your new car now before COE prices continue its uptrend. Many people buying new car to change their old, less fuel efficient cars to new, fuel efficient cars.

BE CAREFUL OF CAR SCAMS !!!!!!

Originally Posted by Unregistered

SGD200k
Procurement Director
43

Hi

Can I check what was your annual as a Procurement Manager then ?

Thanks

Originally Posted by Unregistered

On the contrary, what happened to this 65yo person was that he lost his job when the SME he worked for, folded up when he was in his 50s. At 55, he took out his CPF money to start a business, but unfortunately the business lost money and he closed down the business losing his CPF savings.

Since then, he has been trying to get back to work. You can imagine how hard it is for him at his age to get a job. His wife (a housewife) then had to take on work to supplement the family's income.

It is easy to say money is not important when we have plenty of money. It is actually cruel and hypocritical to say that to poor and struggling families. So don't blindly forward such you-tube nonsense.

Is it prudent to venture into business at age 55? Is he has sufficient knowledge, skill and experience to run the business he ventured into? 90% of new startup will fail. New business startup is only good for young people who has the will to success at the expense of sleep, family life and always prepare to fail and still can come out alive!

Originally Posted by Unregistered

Petrol price now very cheap. Now cheaper to own and use a new car rather than taking the taxi. Taxi uncles all very happy now as diesel prices dropped a lot. Many taxi uncles now rich.

You should buy a new car now as it is cheaper to own and run a new car. New cars are more fuel efficient and with the plunge in oil prices, it is now cheaper to own a new car.

Buy your new car now before COE prices continue its uptrend. Many people buying new car to change their old, less fuel efficient cars to new, fuel efficient cars.

BE CAREFUL OF CAR SCAMS !!!!!!

COE poised to drop this time round as the global stock market goes for correction..... it's the start of the downtrend... Huat ah.

47, $120k pa. Wife, 40, $50k pa. Our home is a 3 bedroom condo in the OCR, worth $1.4m, totally paid up. One teenage son. We own a 5 year old car, paid up. Our total cash and CPF savings $500k. Total net worth $1.9m.

We hope to retire when we reach 65 years old. By then, our son should be married and living in his BTO flat. We can then buy a small studio condo. We aim to have $1.5m worth of investments to give us a 4% dividend yield or $60k pa. Our CPF Life will give us $3k pm or $36k pa. Our passive income will be $96k pa. We don't need our son to give any allowance, if he does it will be a bonus. We don't think we will need a maid but we will still have a small car for the two of us to do marketing.

Sounds like a plan! Buy maybe you should hedge your bets on your kids. You never know.

Originally Posted by Unregistered

Office worker, 41, $5,300 pm.
Wife, works in manufacturing industry, 45, $4,700 pm.
Lives in a HDB 5 room flat, worth $500k. Paid up loan.
Drives a one year old car, loan remaining $50k.
Cash and stocks, $50k.
CPF funds and other assets, $450k.
Total net worth (husband and wife), $1m.
Our target net worth when we retire at 65, $2m.
We hope to invest $1m in stocks when we retire to get $50k pa, assuming 5% dividend yield. We will also rent two empty rooms to get $2k pm or $24k pa. We hope our kids gives us at least $1k pm in total or $12k pa. We will also get our CPF Life of $1500 pm for each person or $3k for two persons ($36k pa).
In total our passive income will be about $122k pa. Our expenses should only be $60k pa the most.