How much are you earning per annum? - Page 792 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




How much are you earning per annum?

Reply
 
Thread Tools
  #7911 (permalink)  
Old 19-06-2015, 07:52 AM
Unregistered
Guest
 
Posts: n/a
Default

My wife and I have been working for a long time and we are exhausted. We are now in our early fifties and earn a total household income of $206k pa. We save $60k pa. Our 4 bedroom condo is now worth $1.8m and we have an outstanding mortgage of $400k. We will clear the mortgage by the time we retire at 60. Our current net worth is $1.8m. Are we ready for retirement?

Reply With Quote
  #7912 (permalink)  
Old 19-06-2015, 09:01 AM
Unregistered
Guest
 
Posts: n/a
Default

Life can be tough sometimes. But we choose the path we walk and have to live with the consequences of bad decisions or enjoy the fruits of good ones.

The more important thing at the end of one's life is not how much you have achieved or gained, but what kind of a person you have become when you have achieved your goals.
For example, do you back stabbed your competitors to climb the corporate ladder? Do you act dishonestly just to make a few more dollars? Do you turn into a hermit or miser just to save a few dollars more each month? You may have the millions at the end of the day, but you may not recognize the person you have become.

Ah, I digressed. It has been a tiring day for me, shuttling from one country to another for business meetings. As I sipped my morning coffee in the airport business lounge waiting for my connecting flight, I wonder how long more I can take of this life. The money is good, but I do not have the time to spend it. I have a nice condo but spent very little time enjoying it. I have a nice conti car but it spends more time in the car park as a showpiece rather than as a utility for me.

Quote:
Originally Posted by Unregistered View Post
My wife and I have been working for a long time and we are exhausted. We are now in our early fifties and earn a total household income of $206k pa. We save $60k pa. Our 4 bedroom condo is now worth $1.8m and we have an outstanding mortgage of $400k. We will clear the mortgage by the time we retire at 60. Our current net worth is $1.8m. Are we ready for retirement?




Primary School English Grammar and Vocabulary Drills
Primary School English Grammar and Vocabulary Drills


SG Bus Timing App
SG Bus Timing App - the best bus app - available on iOS and Android


Bursa Stocks Android App - check share prices
Bursa Stocks [Android] App - check latest share prices on the go


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
Reply With Quote
  #7913 (permalink)  
Old 19-06-2015, 10:05 AM
Unregistered
Guest
 
Posts: n/a
Default

How old are you? If you are more than 50 and have a total net worth (you and wife) of more than $2m, you can retire now. What's the point of working so hard and not being able to enjoy your hard earned wealth?

Worst, you die at 55 and leaving behind your millions to your children who then no longer need to work for the rest of their lives and enjoying your wealth.


Quote:
Originally Posted by Unregistered View Post
Life can be tough sometimes. But we choose the path we walk and have to live with the consequences of bad decisions or enjoy the fruits of good ones.

The more important thing at the end of one's life is not how much you have achieved or gained, but what kind of a person you have become when you have achieved your goals.
For example, do you back stabbed your competitors to climb the corporate ladder? Do you act dishonestly just to make a few more dollars? Do you turn into a hermit or miser just to save a few dollars more each month? You may have the millions at the end of the day, but you may not recognize the person you have become.

Ah, I digressed. It has been a tiring day for me, shuttling from one country to another for business meetings. As I sipped my morning coffee in the airport business lounge waiting for my connecting flight, I wonder how long more I can take of this life. The money is good, but I do not have the time to spend it. I have a nice condo but spent very little time enjoying it. I have a nice conti car but it spends more time in the car park as a showpiece rather than as a utility for me.

Reply With Quote
  #7914 (permalink)  
Old 19-06-2015, 10:54 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
My wife and I have been working for a long time and we are exhausted. We are now in our early fifties and earn a total household income of $206k pa. We save $60k pa. Our 4 bedroom condo is now worth $1.8m and we have an outstanding mortgage of $400k. We will clear the mortgage by the time we retire at 60. Our current net worth is $1.8m. Are we ready for retirement?
Congratulations! You both have done well financially. Owning a $1.8m condo is a big achievement indeed. Not many can even own a condo as 80% of people here live in flats. You are lucky indeed!

Since you save $60k pa, you can then save $540k over 9 years, assuming you will retire at 60 and you are now 51. This amount of cash is enough for you to retire on from age 60 to 65. When you reach 65, you will get your CPF Life monthly sum which is enough for a retired couple who has a paid up home and no car. Well done and enjoy your retirement at 60.
Reply With Quote
  #7915 (permalink)  
Old 19-06-2015, 03:07 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
My wife and I have been working for a long time and we are exhausted. We are now in our early fifties and earn a total household income of $206k pa. We save $60k pa. Our 4 bedroom condo is now worth $1.8m and we have an outstanding mortgage of $400k. We will clear the mortgage by the time we retire at 60. Our current net worth is $1.8m. Are we ready for retirement?
We are slightly luckier. Both of us are 45 and work shorter time than you. Just received from IRAS that last year we filed $400k pa income. Too bad have to pay a lot of tax. We just have a fully paid condo probably worth $1.5M. We are waiting patiently to time the market to buy another cheap private property with our cash+CPF on hand of $1M. We hope to retire in Singapore by 55. Can or not?
Reply With Quote
  #7916 (permalink)  
Old 19-06-2015, 03:45 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
We are slightly luckier. Both of us are 45 and work shorter time than you. Just received from IRAS that last year we filed $400k pa income. Too bad have to pay a lot of tax. We just have a fully paid condo probably worth $1.5M. We are waiting patiently to time the market to buy another cheap private property with our cash+CPF on hand of $1M. We hope to retire in Singapore by 55. Can or not?
Yes, you can retire by 55.

Here is what you need to do.

1. Let's assume you save $200k pa between age 45 and 55 (10 years). So your additional savings will be $2m.

2. Invest your total savings of $3m in a 5% dividend yield stocks portfolio which will give you $150k pa in dividend income.

3. Spend $100k pa during your retirement and invest back $50k pa into your stocks portfolio. By the time you are 85, you will have $4.5m. You can donate half of your wealth to charity to help the poor, aged and needy.
Reply With Quote

  #7917 (permalink)  
Old 19-06-2015, 04:19 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Yes, you can retire by 55.

Here is what you need to do.

1. Let's assume you save $200k pa between age 45 and 55 (10 years). So your additional savings will be $2m.

2. Invest your total savings of $3m in a 5% dividend yield stocks portfolio which will give you $150k pa in dividend income.

3. Spend $100k pa during your retirement and invest back $50k pa into your stocks portfolio. By the time you are 85, you will have $4.5m. You can donate half of your wealth to charity to help the poor, aged and needy.
What about me then? We are both 40 and work even shorter time. Just received from IRAS that last year we file $850K pa income. Glad we are paying a lot of tax. We have a fully paid HDB prob worth $800K and a corner terrace worth $2.1m, both fully paid. We save around $300K per year and have around $2m invts in a variety of products. We hope to retire by 60. Can or not?
Reply With Quote
  #7918 (permalink)  
Old 19-06-2015, 04:39 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
What about me then? We are both 40 and work even shorter time. Just received from IRAS that last year we file $850K pa income. Glad we are paying a lot of tax. We have a fully paid HDB prob worth $800K and a corner terrace worth $2.1m, both fully paid. We save around $300K per year and have around $2m invts in a variety of products. We hope to retire by 60. Can or not?
You can retire now ...... at IMH
Reply With Quote
  #7919 (permalink)  
Old 19-06-2015, 04:59 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
You can retire now ...... at IMH
Thanks, I will vist you there. IMH not for me..
Reply With Quote
  #7920 (permalink)  
Old 19-06-2015, 05:11 PM
Unregistered
Guest
 
Posts: n/a
Default

There are many reasons why people continue in their line of work even though they may feel tired, jaded or stressed. They could feel a deep sense of duty/responsibility to the company or work team. Rightly or wrongly they could also feel that they are indispensable. There are others who also loved their jobs and are therefore prepared to make sacrifices like working long hours and go on long business trips. Then there are those who stayed on on their jobs because they have no more market value. Last but not least there is always the monetary rewards of working.

In my case, it is a combination of all the above factors. If I were to quit now, there could be big disruption to the project my team is working on. I also welcome the overseas business trips as a means to break the monotony of working here. At 55, my market value is not what it used to be. I don't think I could walk into a new job at my current remuneration. And yes, the financial benefits of my current is quite attractive.

The question is not about retiring. For me, it is about what to do in retirement. The prospect of doing nothing, living life aimlessly, is not appealing to me. We have achieved financial security 5 years at 50, and we found that we would have a more meaningful life working as compared to retirement with no purpose.

Quote:
Originally Posted by Unregistered View Post
How old are you? If you are more than 50 and have a total net worth (you and wife) of more than $2m, you can retire now. What's the point of working so hard and not being able to enjoy your hard earned wealth?

Worst, you die at 55 and leaving behind your millions to your children who then no longer need to work for the rest of their lives and enjoying your wealth.
Reply With Quote
Reply

Bookmarks

Tags
bond, bond breaking, income pa, lawyer, saf

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Industries with Highest Proportion Earning 5-Figure Monthly Income Salary.sg Income and Jobs 25 23-04-2021 10:40 PM
Lawyer earning $25k/mth forged $65k payslip to get job Salary.sg Income and Jobs 2 30-12-2011 02:42 PM

» 30 Recent Threads
NCS (SingTel subsidiary) ( 1 2 3... Last Page)
1,672 Replies, 1,424,925 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
1,148 Replies, 658,391 Views
Compare civil service salary ( 1 2 3... Last Page)
16,839 Replies, 14,173,184 Views
Anyone jobless for a long time... ( 1 2 3... Last Page)
3,569 Replies, 2,086,470 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,673 Replies, 966,783 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
7,205 Replies, 4,481,021 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,510 Replies, 932,629 Views
GovTech ( 1 2 3... Last Page)
7,190 Replies, 3,133,194 Views
Hospital (Private or Public)... ( 1 2 3... Last Page)
1,350 Replies, 701,743 Views
Need advice, employer not paying... ( 1 2 3)
21 Replies, 17,261 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
6,520 Replies, 5,426,448 Views
How is life as a doctor in... ( 1 2 3... Last Page)
10,139 Replies, 4,214,744 Views
Factual Local Bank Salaries - DBS... ( 1 2 3... Last Page)
2,059 Replies, 1,843,611 Views
Workplace in Vital
3 Replies, 205 Views
Roles in accenture singapore ( 1 2 3... Last Page)
8,732 Replies, 2,970,437 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
1,128 Replies, 658,252 Views
ST Electronics ( 1 2 3... Last Page)
4,151 Replies, 1,949,868 Views
Lawyer Salary ( 1 2 3... Last Page)
22,222 Replies, 12,038,338 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
21,543 Replies, 6,599,687 Views
DSO (under Mindef) ( 1 2 3... Last Page)
71 Replies, 88,365 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
6,958 Replies, 3,180,749 Views
Whats your net worth ( 1 2 3... Last Page)
2,969 Replies, 1,509,865 Views
Is my understanding of Gold ETF...
1 Replies, 956 Views
Civil Service Performance Bonus ( 1 2 3... Last Page)
5,572 Replies, 5,369,204 Views
SLA (Singapore Land Authority) ( 1 2 3... Last Page)
43 Replies, 39,502 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,836 Replies, 1,720,899 Views
Constituency Manager (People... ( 1 2 3... Last Page)
1,008 Replies, 908,549 Views
Mining Industry ( 1 2 3... Last Page)
81 Replies, 84,918 Views
HDB (under MND) ( 1 2 3... Last Page)
557 Replies, 693,307 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 10:21 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2025, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2