It depends on the value of your flat and the amount of cash and CPF OA savings you have. If your flat is worth $600k, after selling it and paying the $100k loan, your have $500k. And if your cash savings is $100k and your CPF OA is $100k, you then have $700k which you can use as downpayment for a $900k condo. You just need to take a loan of $200k. It is advisable that you take mortgage as small as possible, $200k the max.

You're in the top 5% of your cohort (i.e. among graduate couples in their 50s). Most in their 50s are still servicing their condo and car loans. You're among the rare few who have no loans on your condo and car.

Thanks for the info. I'm glad to be in the top 5%.

There are two ways you can check where you stand in terms of your income and abode.

One is to compare your income among your peers (in your age group). At 50/52, your combined $180k pa puts you just above the average household income for the age group.

The other way is to compare with those staying in condos since you are a condo dweller. According to last year's household survey, average condo household monthly income is $19,000 or $228k pa. So your household income of $180k pa puts below the average of condo dwellers.

For further comparison, the average household income for landed property dwellers is $23k per month or $276k pa.

I am staying in a condo, and I think the data is probably quite reflective of the real situation judging from the number of families owning 2 cars in my condo. There are many conti cars among them.

Heheeee
 

This forum is so funny. One of the best in SG.
Come here for a good laugh, you wont be disappointed!!
Thanks to all the talented comedians here, better than mark Lee.

Hi, you are doing better than us. My wife and I are in our mid 50s. I'm the sole breadwinner earning $150k pa. We live in a 5 room flat bought many years ago and it is fully paid. We just bought a new car to replace our old car. We used up our savings to pay for the car in full. Since you own a condo and car and is debt free, you are actually very fortunate. I know of people staying in condos but still have big loans to pay. Some bought landed properties thinking that they have jobs till their old age.

Your estimate of another poster's position via a vis others in their cohort is quite far off....

At 50/52, with a HH I come of 180k, at best is only 70th percentile. Infact, if we use income as a yard stick solely, the earlier poster is leaving "beyond their means". Condo dwellers have an average yearly income of roughly 250k or so....

I don't think he is living beyond his means as he is already saving $50k pa, not much compared to those saving much more but decent enough. In his case, his right timing in buying a condo when prices were low enabled him to own his condo outright since his loan was not much. Is he worse off than a HH with income of $250k pa but laden with $1m mortgages and $200k car loans? I don't think so. He is debt free and this is what matters most.

There seem to be no data on wealth by age group so we can't do peer comparison. However you could compare yourself against the whole Singapore population. I think about 18% lives in condos, many are still paying their mortgage. Let's assume only 20% of those living in condos have cleared their mortgage loan. This means only the top 3.6% (i.e. 0.18 x 0.2 = 0.036 or 3.6%) of the population lives in a fully paid condo and you are one of them. So, you are among the top 3.6% in Singapore in terms of economic standing. This is awesome!

There's no real point in comparing wealth. It won't make you any happier for sure.