How much are you earning per annum? - Page 878 - 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
  #8771 (permalink)  
Old 18-10-2015, 06:03 PM
Unregistered
Guest
 
Posts: n/a
Default

Like what the earlier poster said, you own a condo and only 20% of Singaporeans live in private property. So you should be proud of your achievement. Don't compare with others, it will never end. There will always be someone richer than you. Just be contented and happy. At the end of the day, all the wealth in this world is meaningless. You won't bring any to the grave. Invest your time in understanding the true meaning of life, where you come from and what's your purpose on this earth. Read.

Quote:
Originally Posted by Unregistered View Post
My wife and I are a low income grad couple. We have two children in secondary schools. We are both 49 years old and only earning $160k pa in total. Our paid up condo is in the OCR and is valued at only $900k. We drive a small non continental car. Life is not so easy. We worry about our finances. We need to think which place to eat out or where to buy food from as we are very cost conscious. We cannot afford to employ a maid. We can only afford holidays in the Asian region such as HK, Korea, China, Thailand, Taiwan, Vietnam, Australia. Only once a year. We can't afford holidays to Europe or America.

Our net worth (including our condo and car) is only $1.5m in total. This is very low when we compare with our friends and relatives.

Are there any grad couples here earning as low as us? How do you survive with the demands and expectations from family and society? How are you preparing for your retirement?

Do we have to work till we are in our 70s? What can we do to prepare for retirement? Please help advise. Thanks.

Reply With Quote
  #8772 (permalink)  
Old 18-10-2015, 06:13 PM
Unregistered
Guest
 
Posts: n/a
Default

Your HH income of $160k pa is not low however your networth of $1.5m is, especially for a 49 yo grad couple. Correct me I got the numbers wrong:

Total networth - $1.5 m coming from:

Home - $0.9m
CPF MS - 0.097m ($48.5k X 2)
CPF SA - 0.34m ($170k x2)
CPF OA - 0.15m ($75k x2)
Cash + others - 0.013m ($13k)

Downgrading is a given when you retire. You really should see how to cut down your expenses and start saving in earnest. At 49, there isn't much time on the horizon to save up.

Are your jobs secure? Hang on to them with your dear lives as you will have to work until at least your children complete their uni studies. As they are now in secondary schools (say sec 4) that will be another 5-7 years! Your big expenses are yet to come!

QUOTE=Unregistered;73847]My wife and I are a low income grad couple. We have two children in secondary schools. We are both 49 years old and only earning $160k pa in total. Our paid up condo is in the OCR and is valued at only $900k. We drive a small non continental car. Life is not so easy. We worry about our finances. We need to think which place to eat out or where to buy food from as we are very cost conscious. We cannot afford to employ a maid. We can only afford holidays in the Asian region such as HK, Korea, China, Thailand, Taiwan, Vietnam, Australia. Only once a year. We can't afford holidays to Europe or America.

Our net worth (including our condo and car) is only $1.5m in total. This is very low when we compare with our friends and relatives.

Are there any grad couples here earning as low as us? How do you survive with the demands and expectations from family and society? How are you preparing for your retirement?

Do we have to work till we are in our 70s? What can we do to prepare for retirement? Please help advise. Thanks.[/QUOTE]

Reply With Quote
  #8773 (permalink)  
Old 18-10-2015, 07:20 PM
Unregistered
Guest
 
Posts: n/a
Default Sell your condo if possible

Quote:
Originally Posted by Unregistered View Post
My wife and I are a low income grad couple. We have two children in secondary schools. We are both 49 years old and only earning $160k pa in total. Our paid up condo is in the OCR and is valued at only $900k. We drive a small non continental car. Life is not so easy. We worry about our finances. We need to think which place to eat out or where to buy food from as we are very cost conscious. We cannot afford to employ a maid. We can only afford holidays in the Asian region such as HK, Korea, China, Thailand, Taiwan, Vietnam, Australia. Only once a year. We can't afford holidays to Europe or America.

Our net worth (including our condo and car) is only $1.5m in total. This is very low when we compare with our friends and relatives.

Are there any grad couples here earning as low as us? How do you survive with the demands and expectations from family and society? How are you preparing for your retirement?

Do we have to work till we are in our 70s? What can we do to prepare for retirement? Please help advise. Thanks.
Having S$550k in liquid assets (after minus condo and car) for retirement is too low for a couple approaching 50 years of age. And considering you have 2 school going children, you will also need to plan for their university education. University education will be the heaviest investment you have for your children and will put you back by at least S$200k. Since you are living in condo, the monthly maintenance will also be quite heavy.

The best approach now is to save up at least half of your annual salary if possible. And put in safe investments that give stable returns. Sell off your condo if possible and have as much liquid assets. But typically people who live in condo for long periods will find it difficult to downgrade to HDB. And the system in Singapore is such that properties are typically paid for using CPF. You have to pay back to CPF the money you used to buy your properties plus the interests incurred. There may not be much remaining after you have sold your property.

At this age, you will also need to start planning for job security. The economic downturn cycles are getting shorter. And companies will use this opportunity to retrench older workers. Being out-of-work will drain whatever liquid reserves you have.

All financial decisions will need to tread wisely now. Good luck.

Reply With Quote
  #8774 (permalink)  
Old 18-10-2015, 09:15 PM
Unregistered
Guest
 
Posts: n/a
Default

Retiring overseas is a good option. However if you don't want to retire overseas, you can retire here provided you start saving more. First, make sure you go for the CPF Life Enhanced option as it gives you and wife $3600 pm at 65 until you die. Second, make sure your children contribute at least $1000 pm (assuming 2 kids, $500 per child). With $4600 pm, you should be ok provided you do not own a car, do not employ a maid and lead a simple lifestyle. Do not gamble and drink. If you need more cash, sell your condo and buy a one bedroom condo. You will have more cash in hand or you can invest in dividend stocks.


Quote:
Originally Posted by Unregistered View Post
My wife and I are a low income grad couple. We have two children in secondary schools. We are both 49 years old and only earning $160k pa in total. Our paid up condo is in the OCR and is valued at only $900k. We drive a small non continental car. Life is not so easy. We worry about our finances. We need to think which place to eat out or where to buy food from as we are very cost conscious. We cannot afford to employ a maid. We can only afford holidays in the Asian region such as HK, Korea, China, Thailand, Taiwan, Vietnam, Australia. Only once a year. We can't afford holidays to Europe or America.

Our net worth (including our condo and car) is only $1.5m in total. This is very low when we compare with our friends and relatives.

Are there any grad couples here earning as low as us? How do you survive with the demands and expectations from family and society? How are you preparing for your retirement?

Do we have to work till we are in our 70s? What can we do to prepare for retirement? Please help advise. Thanks.
Reply With Quote
  #8775 (permalink)  
Old 19-10-2015, 07:28 AM
Unregistered
Guest
 
Posts: n/a
Default

You can sell your condo and then buy a new 2 room BTO flat for $100k. If you sell your condo at $900k, you will have $800k in hand. If you live up to the age of 85, you will have 20 years of retirement if your retirement start at 65. So, you can spend $40k pa or $3.3k pm. Your CPF Life will give $3.6k and your children will give $1k pm. In total, you have $7.9k pm. You only need $3k pm so you can save the rest for you to go holidays around the world.
Reply With Quote
  #8776 (permalink)  
Old 19-10-2015, 02:18 PM
Unregistered
Guest
 
Posts: n/a
Talking Unrealistic expectations

Quote:
Originally Posted by Unregistered View Post
Second, make sure your children contribute at least $1000 pm (assuming 2 kids, $500 per child).
OK sir! I will make sure they sign the contract to pay me & wife $1K per month before I let them have dinner tonight!

A retirement plan that has a compulsory component of children's contribution is shaky or even unrealistic these days....

Why? Just speak to those in their 40s now and ask them if they see that coming in 15/20 years' time....
Reply With Quote

  #8777 (permalink)  
Old 19-10-2015, 08:10 PM
Unregistered
Guest
 
Posts: n/a
Default

Actually giving your parents $500 pm is no big deal, in fact very little. Many posters here earn more than $10k pm of HH income. Giving $500 pm is too little.

Quote:
Originally Posted by Unregistered View Post
OK sir! I will make sure they sign the contract to pay me & wife $1K per month before I let them have dinner tonight!

A retirement plan that has a compulsory component of children's contribution is shaky or even unrealistic these days....

Why? Just speak to those in their 40s now and ask them if they see that coming in 15/20 years' time....
Reply With Quote
  #8778 (permalink)  
Old 19-10-2015, 09:15 PM
Unregistered
Guest
 
Posts: n/a
Default

While that's true, don't forget some of the parents are also still working.

Whatever my son gives I will graciously take. I then invest the money when it reaches a sizable amount. It will all go back to him when I am done with this world.

Quote:
Originally Posted by Unregistered View Post
Actually giving your parents $500 pm is no big deal, in fact very little. Many posters here earn more than $10k pm of HH income. Giving $500 pm is too little.
Reply With Quote
  #8779 (permalink)  
Old 20-10-2015, 05:57 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Having S$550k in liquid assets (after minus condo and car) for retirement is too low for a couple approaching 50 years of age. And considering you have 2 school going children, you will also need to plan for their university education. University education will be the heaviest investment you have for your children and will put you back by at least S$200k. Since you are living in condo, the monthly maintenance will also be quite heavy.

The best approach now is to save up at least half of your annual salary if possible. And put in safe investments that give stable returns. Sell off your condo if possible and have as much liquid assets. But typically people who live in condo for long periods will find it difficult to downgrade to HDB. And the system in Singapore is such that properties are typically paid for using CPF. You have to pay back to CPF the money you used to buy your properties plus the interests incurred. There may not be much remaining after you have sold your property.

At this age, you will also need to start planning for job security. The economic downturn cycles are getting shorter. And companies will use this opportunity to retrench older workers. Being out-of-work will drain whatever liquid reserves you have.

All financial decisions will need to tread wisely now. Good luck.
u make the poster who has a combined family income of 160K PA sound as if hes in the lowest percentile of his age group.

based on the latest MOM survey, 160K plants him almost in the top 20% of income earners in SG.

yet you paint such a gloom picture for him, as if hes earning 16K PA.

lest we forget, theres 80% of the population earning lesser than him and his wife.
Reply With Quote
  #8780 (permalink)  
Old 20-10-2015, 08:22 PM
Bank workers
Guest
 
Posts: n/a
Default

Property: $1.8M no loan
Cash, stocks, unit trusts: $1M
Cpf: $200K

Are we doing well?

We are late 30s, monthly income $30K combined
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
Career as Teacher ( 1 2 3... Last Page)
10,208 Replies, 6,356,055 Views
DBS tech seed programme ( 1 2 3... Last Page)
3,743 Replies, 1,465,758 Views
GovTech ( 1 2 3... Last Page)
4,959 Replies, 2,082,789 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
1,740 Replies, 1,005,322 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
14,618 Replies, 4,829,372 Views
Work culture in IHiS ( 1 2 3... Last Page)
700 Replies, 519,200 Views
Roles in accenture singapore ( 1 2 3... Last Page)
7,053 Replies, 2,231,486 Views
Compilation of MAs/Analysts Gross... ( 1 2 3... Last Page)
1,262 Replies, 696,911 Views
Jobs with travel opportunities
6 Replies, 3,532 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,264 Replies, 734,661 Views
Factual Local Bank Salaries - DBS... ( 1 2 3... Last Page)
1,720 Replies, 1,337,422 Views
Singapore Airlines ( 1 2)
16 Replies, 8,944 Views
Compare civil service salary ( 1 2 3... Last Page)
16,235 Replies, 12,260,117 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
618 Replies, 314,807 Views
Enterprise Singapore hiriing... ( 1 2 3... Last Page)
180 Replies, 221,602 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
6,066 Replies, 3,663,877 Views
ITE (lecturer) ( 1 2 3... Last Page)
275 Replies, 377,273 Views
Civil Service Performance Bonus ( 1 2 3... Last Page)
4,983 Replies, 4,495,905 Views
Anyone work in JPM/GS/Morgan... ( 1 2 3... Last Page)
413 Replies, 154,939 Views
ST Electronics ( 1 2 3... Last Page)
3,638 Replies, 1,486,780 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
5,770 Replies, 4,561,748 Views
How is life as a doctor in... ( 1 2 3... Last Page)
7,160 Replies, 3,308,270 Views
Lawyer Salary ( 1 2 3... Last Page)
20,862 Replies, 10,152,838 Views
Salary ranges in Big Tech in...
0 Replies, 273 Views
Micron starting pay ( 1 2 3... Last Page)
701 Replies, 384,003 Views
Visa Graduate Development Program ( 1 2 3... Last Page)
203 Replies, 125,890 Views
Hospital (Private or Public)... ( 1 2 3... Last Page)
746 Replies, 382,846 Views
Shopee fresh grad pay ( 1 2 3... Last Page)
1,020 Replies, 421,638 Views
DBS ACE Programme ( 1 2 3... Last Page)
105 Replies, 72,019 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,238 Replies, 584,912 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 11:11 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2