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How much are you earning per annum?

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  #8811 (permalink)  
Old 25-10-2015, 12:06 PM
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[QUOTE=Unregistered;74170]
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When do you both intend to retire? Next year?[/QUOTE

looking at semi retirement from 55.
I'm retiring from being a salaried worker to self employment.
I target to do that when I hit 50. Will do a small biz with a more relaxed lifestyle.

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  #8812 (permalink)  
Old 25-10-2015, 02:43 PM
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dellysunny is on a distinguished road
Default There is no relax in biz, please think twice

[QUOTE=Unregistered;74174]
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Originally Posted by Unregistered View Post

I'm retiring from being a salaried worker to self employment.
I target to do that when I hit 50. Will do a small biz with a more relaxed lifestyle.


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  #8813 (permalink)  
Old 25-10-2015, 06:31 PM
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Projected Retirement Budget – Comfortable Scenario. Someone worked this out.

How much would a retiree truly need?
Let us imagine another hypothetical 54 year old, whom we call Mr Yeo, who hopes to retire next year when he hits 55. If he is fairly healthy, lives comfortably, drives, and has no outstanding home or vehicle loans, his projected living costs may look like this:

Car – $1,500 to $2,000 per month (for a modest Japanese sedan and includes vehicle loan payments, Road Tax, parking, ERP, fuel, insurance, repairs, and other costs). See Money Smart’s article here for the estimate.
Restaurant/Cafe – $600 per month (assuming 20 meals/drinks of about $30 each per month at restaurants, cafes, and bars)
Groceries – $300 per month (this is for all home-cooked meals)
Telco, Utilities and Conservancy Fees – $150 to $200 per month (broad band, mobile, electricity, water, conservancy fees)
Clothes and Accessories Shopping – $300 per month
Domestic Helper – $700 to $800 per month (includes levy and other living and sundry expenses like food, etc).
Healthcare and Medical – approx $80 to $100 per month (supplements, visits to GP, medicine, Chinese herbs, etc).
Personal Grooming – $50 to $100 per month (hair, facial, toiletries, creams etc)
Holiday Expenses – $500 per month (assuming $6,000 per year for one long haul trip of about $4,000, two short haul trips of about $1,000 each)
Gifts and Donations – $200 per month (assuming about $2,400 per year for Christmas/CNY/Hari Raya/Deepavali gifts, donations to charities, and offerings to religious institutions)
This works out to an estimated monthly budget of approximately $4,750 or so, excluding other miscellaneous expenses. If we assume that Mr Yeo lives till an average age of 85 years (Singapore’s life expectancy), the total amount needed could look like this:
Annual expenses (first year): $57,000
Expenses over 30 years: approx $1.71 million

Hang on a minute. We forgot to add something very important. Inflation!
If we assume a modest annual inflation rate of 1.8% (based on Singapore’s historical inflation rate of 1.83% over the past 30 years), the total would look like this:
Annual expenses (first year): $57,000
Expenses over 30 years (incl 1.8% annual inflation): approx $2.36 million

If we are talking about a retired couple (who share the car and domestic helper), their cumulative expenses over 30 years could easily rise to $3.5 million or more!

Bear in mind that while comfortable, the projections above are still fairly conservative. Mr Yeo’s vehicle expenses are based on a Corolla Altis and not a Mercedes, and his restaurant bills are on the low side.
Aiyo, why u all add up all the expenses over 30 years one? If you have a lump sum to invest now, your investment is going to generate income over this 30 years mah.

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  #8814 (permalink)  
Old 26-10-2015, 05:52 PM
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34 this year, UOL grad.

started off at a BB IB, earning $8.5k monthly.

now VP at the money markets trading desk. drawing close to 25K monthly, usual bonus > 6m.

around ~$500k in cash savings
~50k in US equities

staying in condo, driving a Z4 (fully paid up)
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  #8815 (permalink)  
Old 26-10-2015, 07:16 PM
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34 this year, UOL grad.

started off at a BB IB, earning $8.5k monthly.

now VP at the money markets trading desk. drawing close to 25K monthly, usual bonus > 6m.

around ~$500k in cash savings
~50k in US equities

staying in condo, driving a Z4 (fully paid up)
Another bs poster overflow from EDMW. they are just not educated enough to make the numbers look real..... Annual pay > 6.3 million and cash savings of $500k?????? Unless your name is Jamie cuaca, in which case you will not be sitting at the trading desk, the numbers do not gel LOL

Can you, a student of uol @ Clementi road, just stay in EDMW and continue to spout off nonsense there.......
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  #8816 (permalink)  
Old 27-10-2015, 03:21 PM
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Businessman, $100k pa, work from home office in a condominium. Even though I earn lesser than when I was a salaried worker, I save more because I don't have to spend so much as previously. Spouse is a salaried worker, $110k pa.

We are fortunate to be able to pay off our condominium mortgage. We intend to retire in our condominium but will give up our car when we retire. We hope to build up our passive income.
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  #8817 (permalink)  
Old 27-10-2015, 06:39 PM
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Businessman, $100k pa, work from home office in a condominium. Even though I earn lesser than when I was a salaried worker, I save more because I don't have to spend so much as previously. Spouse is a salaried worker, $110k pa.

We are fortunate to be able to pay off our condominium mortgage. We intend to retire in our condominium but will give up our car when we retire. We hope to build up our passive income.
Well done. Maybe your business will grow many folds and you will soon become a billionaire! Huat Ah!!!!!
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  #8818 (permalink)  
Old 27-10-2015, 07:12 PM
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Another bs poster overflow from EDMW. they are just not educated enough to make the numbers look real..... Annual pay > 6.3 million and cash savings of $500k?????? Unless your name is Jamie cuaca, in which case you will not be sitting at the trading desk, the numbers do not gel LOL

Can you, a student of uol @ Clementi road, just stay in EDMW and continue to spout off nonsense there.......
I think he meant to say bonus >6 months. not >6 million
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  #8819 (permalink)  
Old 29-10-2015, 02:59 PM
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There is no need to accumulate so much wealth if you plan to retire simply. There are many old retirees who retire by renting out their spare rooms in their hdb flat. They also get allowance from their dutiful children as well from their cash and CPF savings. For the richer folks, they sell their landed property and downgrade to a penthouse condo to retire. They use their cash to buy dividend stocks and annuity for their retirement. They don't depend on their children but if their children give them allowance, they keep the money in case their children need the money in the future. Those who retire in Malaysia rent out their hdb flat and retire in KL, JB or Penang. Some retire in Thailand like a rich man.
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  #8820 (permalink)  
Old 30-10-2015, 08:28 AM
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There is no need to accumulate so much wealth if you plan to retire simply. There are many old retirees who retire by renting out their spare rooms in their hdb flat. They also get allowance from their dutiful children as well from their cash and CPF savings. For the richer folks, they sell their landed property and downgrade to a penthouse condo to retire. They use their cash to buy dividend stocks and annuity for their retirement. They don't depend on their children but if their children give them allowance, they keep the money in case their children need the money in the future. Those who retire in Malaysia rent out their hdb flat and retire in KL, JB or Penang. Some retire in Thailand like a rich man.
This is true. Our life in this world is short. Make the best of your life by doing good. Help those in need, feed the poor and orphans, make a positive difference to the world. Those waste your time chatting and bragging about the wealth you have but think of how you are going to spend your wealth for charity. Spend your free time volunteering in charities rather than wasting it away.
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