How much are you earning per annum?

Originally Posted by Unregistered

Looks like we have many rich Singaporeans as seen in this forum. I suppose a typical Singaporean professional in their 30s and 40s make at least $200k pa. Not surprising why COE prices is expected to rise further despite the rise in COE supply. Many of these people are buying their 2nd or 3rd cars I suppose. Huat Ah!

So sad, I can only pray COE drop and buy a $99k Altis classic. Unlike many rich bros buying 2nd or 3rd car here...

Originally Posted by Unregistered

So sad, I can only pray COE drop and buy a $99k Altis classic. Unlike many rich bros buying 2nd or 3rd car here...

its the foreigners buying up our houses at high prices and pushing our COE up. singaporeans cant outbeat them. Outbeating them will get us more in debt.

Think why Govt come up with TDSR and 50% downpayment to buy car?? Because Govt know that Singaporeans CANT THINK. Govt have to decide for us.

Govt bring in RICH Foreigners, push up our prices and later found that Singaporeans blindly chasing dreams and heavily in DEBT!

Originally Posted by Unregistered

its the foreigners buying up our houses at high prices and pushing our COE up. singaporeans cant outbeat them. Outbeating them will get us more in debt.

Think why Govt come up with TDSR and 50% downpayment to buy car?? Because Govt know that Singaporeans CANT THINK. Govt have to decide for us.

Govt bring in RICH Foreigners, push up our prices and later found that Singaporeans blindly chasing dreams and heavily in DEBT!

Many foreigners, especially those in the mid managerial/ professional level ranks, don't buy cars. They would rather spend on renting a nice condo near an MRT station which brings them to the CBD fast. It may actually take them faster to travel in an MRT than being stuck in traffic jams. If you take the MRT along the green line from Boon Lay to the CBD, the train journey is only about 30min, whereas if you drive, it can be more than an hour due to the massive traffic congestion. Not forgetting the high car park fees in the CBD. If you ask what about the crowd at MRT? Well, it could be worse from where these expats come from. Our transport system is still much, much better.

Well put.

Don't blindly blame the FTs. And in tiny Singapore, the public transportation is comprehensive, very comfortable, convenient and relatively cheap compared to many other countries. There is really no need to own a car here. They are luxury items.

Buy cars only if you have spare cash! Save the money for investment, retirement and travels.

Originally Posted by Unregistered

Many foreigners, especially those in the mid managerial/ professional level ranks, don't buy cars. They would rather spend on renting a nice condo near an MRT station which brings them to the CBD fast. It may actually take them faster to travel in an MRT than being stuck in traffic jams. If you take the MRT along the green line from Boon Lay to the CBD, the train journey is only about 30min, whereas if you drive, it can be more than an hour due to the massive traffic congestion. Not forgetting the high car park fees in the CBD. If you ask what about the crowd at MRT? Well, it could be worse from where these expats come from. Our transport system is still much, much better.

Those earning more than RM5k (S$1923) in Malaysia are in the top 10%.

So, you can consider retiring in places such as KL or Penang to retire. In Penang, you can rent a 3 bedroom condo for only RM1,000 pm or S$385 pm.

If you and wife choose the enhanced cpf life scheme you will receive at 65 a total amount of S$3500 pm or RM9100 pm. You can retire like a rich tycoon over there. Huat Ah!!

----------------------------------------------------------------------

KUALA LUMPUR — Nearly 80 per cent of Malaysian workers who will turn 55 this year will not have enough savings in their Employees Provident Fund (EPF) to live above the poverty line, figures released by the fund’s chief executive officer showed.

Mr Shahril Ridza Ridzuan said for the next 20 years, the workers would not have enough EPF savings to enable them to live on RM800 (S$300) a month, which is below Malaysia’s average poverty line of RM830 per month.

This is because most of them had low wages when they started contributing to the fund in the 1980s and continued earning relatively low salaries until they turned 55, said Mr Shahril.

The revelation shines the spotlight on the problem of low incomes among a majority of Malaysian workers, even while the government aims to make Malaysia a high-income nation within five years.

Mr Shahril said more than 75 per cent of its 14 million EPF contributors earn less than RM2,000 a month. About 15 per cent earn between RM2,000 and RM5,000 a month, while those earning more than RM5,000 are in the top 10 per cent.

The EPF has set RM196,800 as a savings threshold that would allow a contributor to spend at least RM800 a month for the next 20 years. The threshold is revised every three years to take into account the rate of inflation.

Only about 20 per cent of its contributors who turn 55 this year are expected to have RM196,800 in total savings. That percentage is likely to stay about the same in the coming years, said Mr Shahril.

“Historically, we have a low wage environment, so that percentage has inched up only a little. This is why we tell contributors not to take out their savings till they are 60, when they really retire. That extra five years can earn them an extra 40 per cent through compound interest,” Mr Shahril said.

These figures, he added, reflect the new reality of working life in Malaysia, as people will have to work beyond 55 in order to save enough to live out the rest of their lives. “This is the trend in developed countries and we are getting there. The reality is that you cannot retire and enjoy yourself at 55 any longer.”

That age was set in the 1950s and has not been changed to take into account longer life expectancies, he said, adding that these days, people expect to live through their 70s.

This trend is compounded by the fact that Malaysia is a rapidly ageing nation. In 2030, 17 per cent of the population will be aged above 65, he said. In 2040, people aged 65 will outnumber younger individuals.

“So we need policies to deal with this, such as financial literacy training so that young people are aware of the need to save for retirement and how to integrate old workers into the market. These are issues that advanced economies have to deal with and we are getting there,” Mr Shahril said.

My wife and I are in our mid 50s, no kids.
We plan to retire soon and here's our plan.
We will retire in Malaysia or Thailand as it is cheaper.
We will sell our flat for $800k and invest in dividend stocks.
With 5% dividend yield, we will get $40k pa in dividends which is RM104k pa or RM8600 pm.
The income is a lot to retire on since it is only for two persons.
When we reach 65, we will get more money from CPF Life.
What do you think? Thank you.

Originally Posted by Unregistered

Looks like we have many rich Singaporeans as seen in this forum. I suppose a typical Singaporean professional in their 30s and 40s make at least $200k pa. Not surprising why COE prices is expected to rise further despite the rise in COE supply. Many of these people are buying their 2nd or 3rd cars I suppose. Huat Ah!

These people who earn >200k/year are also savy and shrewd - government already drops hints that there is tsunami of COEs flooding the market.
Alamak some people still catch no ball. Just take it COE will drop to $30k soon

yeah, I am waiting patiently for the day to come...$30k COE, will be buying a new Altis at $60k. That's all I can afford. So I hope the government can fulfill my aspiration and I will confirm support them in the next GE. Huat ah!

This is an excellent idea!
You can now retire comfortably in Penang or Chiang Mai.
Very cheap housing and low living expenses.

Originally Posted by Unregistered

My wife and I are in our mid 50s, no kids.
We plan to retire soon and here's our plan.
We will retire in Malaysia or Thailand as it is cheaper.
We will sell our flat for $800k and invest in dividend stocks.
With 5% dividend yield, we will get $40k pa in dividends which is RM104k pa or RM8600 pm.
The income is a lot to retire on since it is only for two persons.
When we reach 65, we will get more money from CPF Life.
What do you think? Thank you.

40 & 42, middle income household, $105k pa combined.
4 room HDB flat, bought very cheap, still got loan but not so much.
Drives an old small car, no loan.
Total net worth $600k.
Are we performing well?