How much are you earning per annum?

45, single, millionaire, retired.
Condo home and new car paid up.
Well insured.
Passive income $65k pa.
Expenses $30k pa.
Saves $35k pa.
My wealth grows gradually every year.
Spends time playing stocks, swimming & working out in the gym.
Goes for long holidays with friends once a year.
Plans to do social work.
Life is now no stress and I'm a lot happier.
I won't miss the crazy lifestyle of my previous corporate life.

Originally Posted by Unregistered

45, single, millionaire, retired.
Condo home and new car paid up.
Well insured.
Passive income $65k pa.
Expenses $30k pa.
Saves $35k pa.
My wealth grows gradually every year.
Spends time playing stocks, swimming & working out in the gym.
Goes for long holidays with friends once a year.
Plans to do social work.
Life is now no stress and I'm a lot happier.
I won't miss the crazy lifestyle of my previous corporate life.

is it worth retiring early?

the tail end of your career is probably the golden years.

one year at 60, is probably equivalent the first 3 yrs of your working life?

Originally Posted by Unregistered

is it worth retiring early?

the tail end of your career is probably the golden years.

one year at 60, is probably equivalent the first 3 yrs of your working life?

for me & wife. endure one more year $250k pa. Equivalent of retirement for 4 years at $60k pa expense. Will endure another 5 years of hard ship to prolong retirement by 20 years.

Definitely worth it. Every minute.
I've done my sums. I'm single and I don't need so much.
My passive income is more than double my expenses.
The longer I work, I will have more millions but for what?
I will be very stressed and unhappy and then leaving behind the millions when I die.
Better for me to have a long retirement from work.
Doesn't mean I retire from life. I can do many things which I had always wanted to do. I can spend more time going to the library and read about the universe and religion.
I don't think I will live till 60 if I stay on in my previous corporate life.

Originally Posted by Unregistered

is it worth retiring early?

the tail end of your career is probably the golden years.

one year at 60, is probably equivalent the first 3 yrs of your working life?

Originally Posted by Unregistered

Definitely worth it. Every minute.
I've done my sums. I'm single and I don't need so much.
My passive income is more than double my expenses.
The longer I work, I will have more millions but for what?
I will be very stressed and unhappy and then leaving behind the millions when I die.
Better for me to have a long retirement from work.
Doesn't mean I retire from life. I can do many things which I had always wanted to do. I can spend more time going to the library and read about the universe and religion.
I don't think I will live till 60 if I stay on in my previous corporate life.

Fully agree since you are a single for life and don't plan to commit to having a family of your own then you are more than competent to enjoy life till the very last moment enjoying the fruits of your own work. Congratulations!

Originally Posted by Unregistered

for me & wife. endure one more year $250k pa. Equivalent of retirement for 4 years at $60k pa expense. Will endure another 5 years of hard ship to prolong retirement by 20 years.

Another 5 years how old will you be?

My spouse and I have upgraded from low income families when we were young to a typical middle class, middle income Singapore family today. Our meritocratic system has allowed us to move up the social ladder. Today, at the age of 46 and 44 respectively, we are proud of our achievements. I earn a modest income of $80k pa while my spouse earns $90k pa. We started off staying in a HDB flat but managed to upgrade to a condo eventually. Today, our condo is worth $1.1m and we have only about $250k of mortgage left to pay. We have no problem paying the monthly mortgage payment via our CPF.

We are fortunate to be able to save too. From my income of $80k pa, I save $30k pa. As for my spouse, she saves $40k pa from her income of $90k pa. We are also fortunate to be able to change to a new car, which we paid off in cash using our savings, saved over the years.

We look forward to a good retirement as we watch our CPF funds grow.

Originally Posted by Unregistered

Another 5 years how old will you be?

We are both mid 40s. in 5 years time, just reach the golden number 50.

Hope to do some charity or volunteer work as we enjoy the fruits of our labor after working hard for so many years.

It is good to know that many posters are happy with their lives, no matter the income level they are currently in. This is important for a harmonious society where there is no envy nor jealousy among the different income levels.

The wealthy are happy with their bungalows/semi Ds, big chauffeured conti cars, expensive overseas holidays and their gilded lives. The upper middle income people are happy and proud of their terrace homes, condos/penthouses, conti cars, and annual holidays, yearly incomes of $500k and above.

The middle income and lower income people are equally proud and happy of their smaller condos, DBSS, or BTO flats.

I think this state of mind, which is a good thing, is mainly due to the following reasons:
1. Lower income people have the perception (rightly or wrongly) that the higher your income, the higher the stress level. So they are contented to earn a lower salary for the perceived lower stress. The fact is that capable people, coupled with the right skills and training and right job fit can manage their high paying jobs well.

2. People believe that meritocracy works here. They believe that if they work hard, upgrade themselves and invest well, they could also become rich.

3. Different income class tended to stay or cluster together. This is logical since people naturally buy properties in neighborhoods they can afford. So they look around them and say they are the same as their neighbors and they feel they are doing alright. They also sometimes do not believe the rich are actually rich. They thought the big landed properties, big cars and expensive holidays that the rich enjoy are all paid by taking on debts!

4. Posters also accept that if they don't work hard, they have to accept a lower standard of living or lower quality of life. Here you see many posters suggesting cutting back on their lifestyles, downgrading their homes, eating simply just because they want an easier, carefree lifestyle.

It is a good and natural outcome that ensure harmony in our society. Mind you, Singapore has quite a huge income/wealth gap!

Originally Posted by Unregistered

My spouse and I have upgraded from low income families when we were young to a typical middle class, middle income Singapore family today. Our meritocratic system has allowed us to move up the social ladder. Today, at the age of 46 and 44 respectively, we are proud of our achievements. I earn a modest income of $80k pa while my spouse earns $90k pa. We started off staying in a HDB flat but managed to upgrade to a condo eventually. Today, our condo is worth $1.1m and we have only about $250k of mortgage left to pay. We have no problem paying the monthly mortgage payment via our CPF.

We are fortunate to be able to save too. From my income of $80k pa, I save $30k pa. As for my spouse, she saves $40k pa from her income of $90k pa. We are also fortunate to be able to change to a new car, which we paid off in cash using our savings, saved over the years.

We look forward to a good retirement as we watch our CPF funds grow.

Two big Cs in Singapore are CONDO and CAR. An average condo would cost $1.5m while cars cost you $600k if you drive for 40 years (assuming $150k for each new car you buy, lasting 10 years each). You have achieved both so you are considered successful. In terms of household income, your total household income of $170k pa puts you in the top 25% of Singapore households. You are not in the middle income group (50th percentile) but you are in the upper middle income group. Congratulations on your success in climbing up Singapore's social ladder. Your parents must be very proud of you.

Originally Posted by Unregistered

My spouse and I have upgraded from low income families when we were young to a typical middle class, middle income Singapore family today. Our meritocratic system has allowed us to move up the social ladder. Today, at the age of 46 and 44 respectively, we are proud of our achievements. I earn a modest income of $80k pa while my spouse earns $90k pa. We started off staying in a HDB flat but managed to upgrade to a condo eventually. Today, our condo is worth $1.1m and we have only about $250k of mortgage left to pay. We have no problem paying the monthly mortgage payment via our CPF.

We are fortunate to be able to save too. From my income of $80k pa, I save $30k pa. As for my spouse, she saves $40k pa from her income of $90k pa. We are also fortunate to be able to change to a new car, which we paid off in cash using our savings, saved over the years.

We look forward to a good retirement as we watch our CPF funds grow.