How much are you earning per annum?

48, earns $90k pa.
Spouse, 50, earns $80k pa.
Savings $40k pa.
We bought our condo ten years ago and now it is paid up, current valuation $1m.
We bought our car two years ago, paid up.
Total net worth (condo + cash + cpf) $1.5m.
How are we doing financially?
Can we retire by 60?

Originally Posted by knz0109

8 Years Experience
Fireman 80k PA

Ooooh, fireman.... SEXY!

husband 38 and wife 36, both in banking back office / support functions

combined income $30K per month

Originally Posted by happy couple

husband 38 and wife 36, both in banking back office / support functions

combined income $30K per month

How much did you pay for your GCB?

Street beggar
Annual income $120K
No tax

Originally Posted by Unregistered

48, earns $90k pa.
Spouse, 50, earns $80k pa.
Savings $40k pa.
We bought our condo ten years ago and now it is paid up, current valuation $1m.
We bought our car two years ago, paid up.
Total net worth (condo + cash + cpf) $1.5m.
How are we doing financially?
Can we retire by 60?

Congrats on your success. You made the right move to upgrade to a condo 10 years ago. In the next 10 years you can save $400k. You can use this for your retirement at 60. When you reach 65, you will get $3500 pm as a retired couple if you choose the enhanced CPF life. Your children will give you $1000 pm. If you have two kids, you will get $2000 pm. So, passive income $5500 pm.

Hubby and I are in our early 40s. Our combined income $132k pa. We have two kids in primary school. We are now living in our 5 room flat which we bought very cheap and now it is paid up. Currently it is worth $650k. We plan to sell our flat and upgrade to a condo in the West region. We may have to take a loan of $460k over 20 years. We look forward to living in a condo.

Originally Posted by Unregistered

Hubby and I are in our early 40s. Our combined income $132k pa. We have two kids in primary school. We are now living in our 5 room flat which we bought very cheap and now it is paid up. Currently it is worth $650k. We plan to sell our flat and upgrade to a condo in the West region. We may have to take a loan of $460k over 20 years. We look forward to living in a condo.

I would like to be very clear about the $132k pa. Is it the take home salary or does it include CPF contributions also?

Originally Posted by Unregistered

I would like to be very clear about the $132k pa. Is it the take home salary or does it include CPF contributions also?

Everything

Based on mortgage rates of 1.5% and mortgage period of 20 years, your mortgage payment is $2200 pm or $26,640 pa. This is a MSR or 20%. Even if mortgage rates go to 3%, your payment will be $2551 pm or $30,612 pa. This is a MSR of 23%. So, you are doing ok and not over leveraged. Enjoy your condo living and an upgrade of your social status. Well done!

Originally Posted by Unregistered

Hubby and I are in our early 40s. Our combined income $132k pa. We have two kids in primary school. We are now living in our 5 room flat which we bought very cheap and now it is paid up. Currently it is worth $650k. We plan to sell our flat and upgrade to a condo in the West region. We may have to take a loan of $460k over 20 years. We look forward to living in a condo.