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How much are you earning per annum?

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  #8781 (permalink)  
Old 20-10-2015, 09:50 PM
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Default Individual earning power and higher cost of living

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Originally Posted by Unregistered View Post
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.
The solution here is not how much the poster earn. This couple A can earn $160k p.a. but spend $140k p.a., leaving $20k in savings. Or another couple B can earn $80k p.a. but save $40k. Couple B will have a better retirement journey ahead as they have more savings, and they do not have to change their cost of living drastically before and after retirement. For couple A in order to retire, they will have to sell their condo. It will take quite a bit of adjustments when they downgrade to a HDB.

With regards to the misconception of top 20% household income, let's look at individual earning power instead. That will paint a more accurate picture. Since it is a household income at $160k p.a., on average each one of them is getting $80k p.a. It comes up to around $5k a month (with 13th month and 3 months variable bonus). Base on salary.sg "Benchmark Your Monthly Pay By Age & Gender 2015", he is within the "45 - 49" age group, for gross monthly pay of $5,000, places him at the 53.8th percentile among males. We can push his monthly up to $6,000, he's still amongst the top 38%. So he is not among the top 20% of income if we look at individual earning power.

This situation is compounded by couple A higher cost of living (living in condo, having a car, etc).

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  #8782 (permalink)  
Old 20-10-2015, 11:59 PM
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Quote:
Originally Posted by Bank workers View Post
Property: $1.8M no loan
Cash, stocks, unit trusts: $1M
Cpf: $200K

Are we doing well?

We are late 30s, monthly income $30K combined

I am better than you.
Liquid asset 5m.
Fixed assets 5m.
Yearly income 500k.

Am I better than most Singaporean?

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  #8783 (permalink)  
Old 21-10-2015, 12:05 AM
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49 yo married with 2 teen kids, making 300k. Wife doesnt work. Have 2.7 mil condo in 2012 fully paid. Got a 6 series gran coup a few mths ago, wife drives 8 year old Korean car. Apart from that we live pretty frugal, no maid. Haiz now how to pay for 2 daughters uni at the same time...Have 350k savings left
Am I alone in this situation?

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  #8784 (permalink)  
Old 21-10-2015, 12:22 AM
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37 single living with parent in HDB flat

Salary SG$60K per annual, diploma holder
CPF OA around SG$200k
No savings and property
US stocks estimate US$4M (I invest all my savings in stock market)
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  #8785 (permalink)  
Old 21-10-2015, 09:47 AM
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Quote:
Originally Posted by Bank workers View Post
Property: $1.8M no loan
Cash, stocks, unit trusts: $1M
Cpf: $200K

Are we doing well?

We are late 30s, monthly income $30K combined
im just curious, cpf cap is at 5k, how did u get 200k in 10-15yrs?
even if your starting pay is 5k, 2 pax, you will never reach 200k in 20yrs
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  #8786 (permalink)  
Old 21-10-2015, 09:59 AM
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U can top up cpf with cash.
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  #8787 (permalink)  
Old 21-10-2015, 10:05 AM
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Quote:
Originally Posted by Unregistered View Post
im just curious, cpf cap is at 5k, how did u get 200k in 10-15yrs?
even if your starting pay is 5k, 2 pax, you will never reach 200k in 20yrs
Assuming current CPF rates of 17% (20% employee contribution + 17% employer contribution) and starting pay of $5k, CPF accumulated in one year would be 0.37 x 5000 x 12 = 22200. In 10 years, it would already be over $200k.
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  #8788 (permalink)  
Old 21-10-2015, 11:28 AM
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Quote:
Originally Posted by Unregistered View Post
Assuming current CPF rates of 17% (20% employee contribution + 17% employer contribution) and starting pay of $5k, CPF accumulated in one year would be 0.37 x 5000 x 12 = 22200. In 10 years, it would already be over $200k.
rates werent 37% consistently - was much lower few years back.

more likely poster is a sim person doing some nonsense job
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  #8789 (permalink)  
Old 21-10-2015, 12:19 PM
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It's true that CPF rates fluctuate, but the calculations show that amassing over $200k in CPF over 10 years is achievable. Of course, starting salary of $5k is not common, but then the calculations have also not factored in bonuses and compound interest.
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  #8790 (permalink)  
Old 21-10-2015, 10:24 PM
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I supposed you will also be surprised if someone in his mid 50s says he has $1m in his CPF (combined total of OA, SA and MA)?

I can assure you it is entirely possible.

Quote:
Originally Posted by Unregistered View Post
im just curious, cpf cap is at 5k, how did u get 200k in 10-15yrs?
even if your starting pay is 5k, 2 pax, you will never reach 200k in 20yrs
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