How much are you earning per annum?

We only want rich foreigners who can afford to buy our condos.

In time to come, old retiree locals will be staying in HDB while rich foreigners will occupy the condos.

Originally Posted by Unregistered

It seems many people as condo owners have the plan to sell their condos and fund their retirement as they trade down to a BTO, I would like to pose the following issue. Given that there is an increasing proportion of retirees vs those in the work force (unless there is continued increase in foreigners) there will be increasing supply of condos for sale over the next 10-20 years due to this, driving prices lower unless developers stop building and keep supply low.
The only way to guarantee higher prices is to allow more foreigners to come in large numbers. Do you agree?

It is critical that our property market remain to be open. Singapore must continue to be a leading global city. This will make our property attractive. This will ensure that our property value do not depreciate in the long term. In the short term, we must reduce the supply available.

Condo owners who are retiring and planning to sell their condo and downgrade to a 2 room BTO flat (costing about $100k) should not worry. They can sell their fully paid condo for $1.5m when they retire and buy the $100k BTO flat for the elderly. They can then invest the balance $1.4m cash in high dividend yield stocks to give them $70k pa in dividend income. Their CPF Life will give them $3500 pm or $42k pa. Their children can give them $2k pm or $24k pa.

So, in total they will have a passive income of $136k pa. They can spend $36k pa (assuming no car and no maid) during their retirement and they can save $100k pa. They can use a portion of the $100k savings to travel the world every year until they get bored of travelling. They can also donate some of their savings to charity.

Originally Posted by Unregistered

It seems many people as condo owners have the plan to sell their condos and fund their retirement as they trade down to a BTO, I would like to pose the following issue. Given that there is an increasing proportion of retirees vs those in the work force (unless there is continued increase in foreigners) there will be increasing supply of condos for sale over the next 10-20 years due to this, driving prices lower unless developers stop building and keep supply low.
The only way to guarantee higher prices is to allow more foreigners to come in large numbers. Do you agree?

Compared to the top performers in this thread, our earnings are modest at only $180k pa as a couple. However, we were savvy in our timing when we upgraded to a condo in 2006. We got our condo at a good price. We have since cleared our condo mortgage. Like any middle class families, we can also afford to buy a new car.

We must say that for the past 10 years, our life has improved significantly. Our net worth increased significantly too. Today, we are happy with our combined net worth of $2.2m. I'm 47 while my spouse is 45. We are optimistic of the future and look forward to a comfortable retirement. We are thankful and grateful.

You have done extremely well. To own a fully paid condo and to own a car is a big achievement. A net worth of $2.2m is indeed remarkable. You are a millionaire couple!

You have no problem retiring as long as you don't overspend and make wrong investment decisions.

Originally Posted by Unregistered

Compared to the top performers in this thread, our earnings are modest at only $180k pa as a couple. However, we were savvy in our timing when we upgraded to a condo in 2006. We got our condo at a good price. We have since cleared our condo mortgage. Like any middle class families, we can also afford to buy a new car.

We must say that for the past 10 years, our life has improved significantly. Our net worth increased significantly too. Today, we are happy with our combined net worth of $2.2m. I'm 47 while my spouse is 45. We are optimistic of the future and look forward to a comfortable retirement. We are thankful and grateful.

51 & 50 yo, HH income $13,900 pm (pro rated; annual income/12). Saves $3,000 pm.
2 bedroom condo, paid up, worth $1m.
1 year old car, no loan.
Debt free.
Cash and CPF $700k.
Any advice for our retirement at 60?

Originally Posted by Unregistered

51 & 50 yo, HH income $13,900 pm (pro rated; annual income/12). Saves $3,000 pm.
2 bedroom condo, paid up, worth $1m.
1 year old car, no loan.
Debt free.
Cash and CPF $700k.
Any advice for our retirement at 60?

If no kids and not high expectation, can retire once your net assets hit 2 or 2.5million

If you have no more dependents at age 55, then you can retire at 55. Here's how.

1. Sell your condo for $1m.
2. Use $100k cash from your savings to buy a new 2 room BTO flat for the elderly for $100k only.
3. Invest the $1m you get after selling condo in a 5% dividend yield stocks. Annual passive income $50k pa. assuming you don't drive and no maid, this is more than enough as a retired couple can live comfortably with only $3k pm.
4. At age 65, you and spouse will get a sum of $3500 pm from CPF Life. Passive income will grow to $92k pa. Since you spend only $36k pa, you can reinvest $56k pa. or you can travel the world.

Originally Posted by Unregistered

51 & 50 yo, HH income $13,900 pm (pro rated; annual income/12). Saves $3,000 pm.
2 bedroom condo, paid up, worth $1m.
1 year old car, no loan.
Debt free.
Cash and CPF $700k.
Any advice for our retirement at 60?

Low income male, 46, makes only $38k pa.
Lives in a small home.
I would like to seek advice on how I can earn more.
Thank you.

What is your education level? If you still got the energy level and spare time, you can try doing jobs.

Frankly speaking, even highly educated people lose their jobs when they are in their late 40s or 50s. After that it is very difficult for them to find another job that pays them the same wage as their old jobs. So they have no choice but to either retire, or take on lower paying jobs.

Some tried to go into politics but as they found out, it is not so easy to get elected. Some unlucky ones even lost their deposits.

Many others I know bet on toto while still working hoping to win their retirement fund. $1m can help them go a long way but it is still not enough to retire on. You will need at least $2.2m prize money.

Originally Posted by Unregistered

Low income male, 46, makes only $38k pa.
Lives in a small home.
I would like to seek advice on how I can earn more.
Thank you.

49, income $7450 pm (annual/12), savings $1300 pm
Here's my expenses
Condo mortgage $1200 pm
Car loan installment $1000 pm
Car related expenses $1000 pm
Parents allowance $800 pm
Insurance $800 pm
Utilities and Internet $350 pm
Food and misc $1000 pm
Total $6150 pm

Spouse, 47, $7000 pm, savings $1100 pm
Expenses
Condo mortgage $1000 pm
Groceries and food $2000 pm
Parents allowance $600 pm
Insurance $800 pm
Kids $500 pm
Misc $1000 pm
Total $5900 pm

Any comments on our expense items? Too much? Too little? Ok?