How much are you earning per annum?

Originally Posted by Unregistered

both of us do not have outstanding debt. condo and 1 year old car all paid.

i am thinking of taking time off before finding the next job. I am willing to settle for a lesser stress job with pay cut. I am 45 this year. Should I take a break first?

It is normal for the 30's. My son quit working for a MBB business consulting job (SAC) in London at age 30 and took a break for one year. Now he is earning 400k+. No problem.
But for those reaching 45, your prime has passed. Not that easy to get a better offer. It will be wise to stay put while hunting for a better opportunity.

Originally Posted by Unregistered

We are older than you, 53 & 54 yo. Our son is working overseas in an MNC after finishing his studies. He is doing well and may marry someone there. We are now retired and we earn a passive income of $100k pa while our expenses is $60k pa. we don't have any loans as both our penthouse condo and car is paid up. We are enjoying our retirement after years of hectic corporate life. We love seeing our investment portfolio grow every year and our dividends growing too. Since our passive income is greater than our expenses, we still manage to save and we reinvest our savings back into our portfolio. Our portfolio grows from both savings and capital appreciation.

Wow! You must be a multi millionaire!

I think you are the most successful person in this forum. All of us here are in our 30s, 40s and even old 50s, still struggling, waking up early in the morning and going back late in the evening.

We are still slogging and have to report to bosses every morning. You are free like a bird and you are the boss to your own life now! You are living my dream!

My point precisely. Every private property is the same, no need to go and stay in those double gated property in Leisure Farm.

Police will come and catch you if you try and trespass into people's property.

Originally Posted by Unregistered

Enter into a private property without permission amounts to trespassing. How come simple criminal law (Penal Code) also don't know? Try it yourself to be treated as a VIP in lockup.

Originally Posted by Unregistered

It is normal for the 30's. My son quit working for a MBB business consulting job (SAC) in London at age 30 and took a break for one year. Now he is earning 400k+. No problem.
But for those reaching 45, your prime has passed. Not that easy to get a better offer. It will be wise to stay put while hunting for a better opportunity.

I will hang on for a couple months first

If it still cannot work.out. Then I likely throw the letter.

Originally Posted by Unregistered

How are you going to finance your household spendings if you are jobless?
How confident are you to get another job?

i have 12-24 months of savings, and if i am resting, i will probably scale down on my spendings.

as for next job, i probably will not go into Manufacturing again. Looking for a lighter role.

Originally Posted by Unregistered

i have 12-24 months of savings, and if i am resting, i will probably scale down on my spendings.

as for next job, i probably will not go into Manufacturing again. Looking for a lighter role.

I think you should just start applying for a new job without quitting just yet. Or perhaps you can find a lighter role in your company? Not easy to get a new job when you're in your 40s and unemployed. Unless you're prepared to drive a taxi.

Originally Posted by Unregistered

I think you should just start applying for a new job without quitting just yet. Or perhaps you can find a lighter role in your company? Not easy to get a new job when you're in your 40s and unemployed. Unless you're prepared to drive a taxi.

Does company usually accept employees to self volunteer to downgrade?

48, makes $120k pa. spouse, 47, makes $123k pa.
lives in a condo, valued at $1.7m, mortgage outstanding $1m.
drives a 5 year old conti car, loan left $50k.
total household spendings $173k pa.
total household savings $70k pa.
total household net worth $1.2m.
how are we doing?
when can we retire?

12 - 24 months savings - how come such a wide range?

Typical financial advice used to say that people should aim to keep 6 months to a year's worth of savings for emergencies such as in the case of loss of job. The savings is meant to enable you to sustain your living expenses while you look for another job.

I think the advice is only meaningful for younger workers who are in better demand than older or mid career workers. The closer one gets to 50 years old, the more difficult it is to find another job, especially one that gives the same position and pay as your previous job.

For older and mid career workers, it is best to plan for the worst. Meaning - make sure the savings can go the distance (as in pre-mature retirement or having to take a much lower paying job)

In this respect, I am quite thankful I have saved and invested all throughout my working life. If I were to lose my job today, there will be no panic, no anxiety nor fear.

Originally Posted by Unregistered

i have 12-24 months of savings, and if i am resting, i will probably scale down on my spendings.

as for next job, i probably will not go into Manufacturing again. Looking for a lighter role.

Let's see

Your home equity is $700k. If you cleared your mortgage by the time you retire at 65, and assuming your condo appreciates to $2.5m in 17 years time, your home equity when you are 65 is $2.5m. Currently your other assets besides your home equity is $500k ($1.2m - $700k). These could be your cash, CPF and stocks. For your CPF, you can choose the Enahnced scheme CPF Life. You said you save $70k pa so in 17 years time, you will save $1.19m. So when you are 65, your total net worth will be at least $4.19m. With this, you can invest $2m to give you dividends of $100k pa (5% dividend yield stocks). Your CPF Life will give you $3500 pm for a couple or $42k pa. You can sell your condo and move into a smaller condo. So your passive income at 65 is $142k pa at least. This is definitely give you and spouse a very comfortable retirement.

Originally Posted by Unregistered

48, makes $120k pa. spouse, 47, makes $123k pa.
lives in a condo, valued at $1.7m, mortgage outstanding $1m.
drives a 5 year old conti car, loan left $50k.
total household spendings $173k pa.
total household savings $70k pa.
total household net worth $1.2m.
how are we doing?
when can we retire?