How much are you earning per annum?

Originally Posted by Unregistered

Hi,

We have our child at mid-40's, I do not know how to retire then.

Do you have to support your grand children?

Is your child handicap?

Otherwise ask him to contribute 500 pm. If staying with you, he should contribute 1.5k a month for room rent plus utilities.

Originally Posted by Unregistered

I laughed when I read this. Rather immature comments. Not all who retired early are poor and lazy. There are many who retired early because they can. These people were high flyers who made their fortune early in their careers.

These are typically the ex-investment bankers, definitely not those who work as the typical engineers and accountants all their lives. They retire in their big penthouse condos or bungalows and spend their retirement growing their wealth through investments. They no longer need to be salaried workers. They no longer need to commute to work early in the morning, stuck in traffic jams as they work in the comfort of their home or while they relax at a beach resort. They are busy growing their passive income and wealth. And busy collecting the latest sport car models!

Good points bro. Some people are just naive even though they are old men. They like to make sweeping statements. LOL.

Originally Posted by Unregistered

you are grossly under paid. My son at this age is earning 360k + 6 month bonus.
You must be working sub management job or technical job. A non professional.
try to get a professional degree and you should earn not less than 100k at your age.

i am only working as an mechanical engineer in a GLC.


so your son is a banker/finance.....sector???

I even doubt my general manager (age 50) earning as much as your son...

please comment

Not sure whether we are on the right path towards retirement. Hoping to get some comments from posters here.

We are not earning that much, only $172k pa as a couple. Savings $30k pa. We upgraded our home to a condo in 2006. Now it is fully paid. The last we checked, it is valued at $1m. We have CPF savings and cash savings, overall savings totalling $500k. Our net worth is $1.5m as a couple, 46 & 44 years old.

Are we on the right track towards retirement? When can we retire? 55? 60? 65? 70? 75? 80?

What do we need to do to prepare? Any finance guru here to advise? Thank you.

Originally Posted by Unregistered

i am only working as an mechanical engineer in a GLC.


so your son is a banker/finance.....sector???

I even doubt my general manager (age 50) earning as much as your son...

please comment

Technical man won't earn much. Service engineer?
Have you got your PE?
Try to work for it, and you should become a consultant in that field.

Sorry, I don't intend to look down upon you. Different category of profession. By the way, GM/ Project coordinator should be earning around 300k pa in big establishment.

It depends on your desired retirement lifestyle. You can retire at 55 if you are willing to move to a 4 room hdb flat at 55. At 55, let's say you sell your condo for $1.2m, then you buys flat for $400k in cash, you will then have $800k cash to spend for your retirement. At 55, your children would be working and will be financially independent from you. You and Wife will need about $3k pm. So between age 55 to 65, you will spend $360k. Your children will also start giving you money for about $1000 pm (2 kids) which you can save. Over 10 years, you will save $120k. So at the end of 10 years, your cash will be $(800-360+100) = $560k. When you reach 65, you will get $3500 pm as a couple from CPF Life. So your passive income will be $4500 pm.

If you want to stay in your condo, you will have to retire at 65 to wait for your CPF Life payout.

If you want to retire spending lavishly travelling around the world on first class, stay in 6 star hotels, gamble at casinos, party all night, etc, then you will need to retire at 80 years old and then die at 85. 5 years of retirement after 60 years of work.

Or you could die before you could even retire. No one knows when he will die.

Originally Posted by Unregistered

Not sure whether we are on the right path towards retirement. Hoping to get some comments from posters here.

We are not earning that much, only $172k pa as a couple. Savings $30k pa. We upgraded our home to a condo in 2006. Now it is fully paid. The last we checked, it is valued at $1m. We
have CPF savings and cash savings, overall savings totalling $500k. Our net worth is $1.5m as a couple, 46 & 44 years old.

Are we on the right track towards retirement? When can we retire? 55? 60? 65? 70? 75? 80?

What do we need to do to prepare? Any finance guru here to advise? Thank you.

Middle income couple, 47 & 45 yo, makes $184k pa combined. We save $45k pa.

Our expense items are home mortgage, car instalment and expenses, household expenses, parental allowance, children's expenses, holidays twice a year, eating out, taxes, insurance, etc.

Home is a condo bought in 2013 for $1.1m with outstanding mortgage of $300k left.

Other assets (stocks, cash, CPF) $500k in total. Total net worth $1.3m.

Do you think we are managing our finances well?

We want to retire in 10 years time. Possible?

Middle income couple, 35 & 33 yo, makes $210k pa combined. We save $80k pa.

Our expense items are home mortgage, car installment and expenses, household expenses, parental allowance, children's expenses, holidays five times a year, eating out, taxes, insurance, etc.

Home is a condo bought in 2013 for $1.1m with outstanding mortgage of $300k left.

Other assets (stocks, cash, CPF) $500k in total. Total net worth $2.3m.

Do you think we are managing our finances well?

We want to retire in 10 years time. Possible?

Middle income couple, 27 & 25 yo, makes $84k pa combined. We save $15k pa.

Our expense items are home mortgage, car installment and expenses, household expenses, parental allowance, children's expenses, holidays once a year, eating out, taxes, insurance, etc.

Home is a HDB bought in 2013 for $300k with outstanding mortgage of $280k left.

Other assets (stocks, cash, CPF) $50k in total. Total net worth $50k.

Do you think we are managing our finances well?

We want to retire in 38 years time. Possible?

Low income couple, 25 & 25 yo, makes $54k pa combined. We save $5k pa.

Our expense items are home rental, MRT transport and expenses, household expenses, parental allowance, self improvement expenses, holidays once a year to Malaysia, eating home cook, taxes, insurance, etc.

Other assets (stocks, cash, CPF) $10k in total. Total net worth $10k.

Do you think we are managing our finances well?

We want to retire in 40 years time. Possible?