How much are you earning per annum?

Originally Posted by Unregistered

Haha true lah. What a bunch of jokers.

Anyways, here's my stats:
41 year old with 2 kids
Living in a fully paid up condo
5 room HDB house - on rent
4 room condo ($120k loan left) - on rent

My salary: $260k per annum (including bonus)
Wife salary: $150k per annum (including bonus)

I hope we are doing well.

You are not doing well at all. Compared to the top 1% here, you are just a mere top 5%. I suggest you get another job. Uber driver maybe?

According to the CPF website, people reaching 55 in 2016 can opt for the enhanced retirement sum (ERS) of $241k, with estimated monthly payout of $1,700 to $1,900 for life.

So for a couple, both meeting the ERS, they can expect to get a combined monthly payout of $3,400 to $3,800 for life.

But according to MOM website (//.mom.gov.sg/newsroom/parliament-questions-and-replies/2014/oral-answer-by-mr-tan-chuanjin-minister-for-manpower-to-parliamentary-questions-on-cpf-issues), in response to a query from an MP, Minister Tan Chuan Jin said that 50% of Singaporeans met the minimum sum (including 15% who pledged their properties) in 2013. Effectively only 35% can meet the minimum sum ($148k in 2013). Below is the extract of his reply to the MP.

"On that last point, to answer Mr Gan Thiam Poh’s question, 50% of active CPF members met the Minimum Sum in 2013, including 15% who used their properties to support up to half of the CPF Minimum Sum. Members who had used their properties to support their Minimum Sum included (i) members who had less savings in their CPF and had their housing withdrawals pledged to meet the Minimum Sum, as well as (ii) members who had met the Minimum Sum but pledged their property to withdraw their CPF savings above half the Minimum Sum. In general, we look at the percentage of active CPF members who meet their Minimum Sum in cash plus property, because home ownership (and monetisation if necessary) contribute towards how adequately we are prepared for retirement."

Now that they created the ERS ($241k in 2016), realistically how many Singaporeans can meet this?

Already I thought I was saving well in my CPF, with my SA hitting $221k, but it looks it is still insufficient to meet the ERS. I will have to top up either with $20k from my OA or with cash injections.

And every year the ERS amount increases.

So is it realistic to assume / estimate retirement income of $3,400 - $3,800 pm if you are not sure you can meet the ERS?

Am I allowed to top up beyond $241k for the ERS? Can I top up to $1m so that my payout at 65 can by $7,000 pm?

Originally Posted by Unregistered

According to the CPF website, people reaching 55 in 2016 can opt for the enhanced retirement sum (ERS) of $241k, with estimated monthly payout of $1,700 to $1,900 for life.

So for a couple, both meeting the ERS, they can expect to get a combined monthly payout of $3,400 to $3,800 for life.

But according to MOM website (//.mom.gov.sg/newsroom/parliament-questions-and-replies/2014/oral-answer-by-mr-tan-chuanjin-minister-for-manpower-to-parliamentary-questions-on-cpf-issues), in response to a query from an MP, Minister Tan Chuan Jin said that 50% of Singaporeans met the minimum sum (including 15% who pledged their properties) in 2013. Effectively only 35% can meet the minimum sum ($148k in 2013). Below is the extract of his reply to the MP.

"On that last point, to answer Mr Gan Thiam Poh’s question, 50% of active CPF members met the Minimum Sum in 2013, including 15% who used their properties to support up to half of the CPF Minimum Sum. Members who had used their properties to support their Minimum Sum included (i) members who had less savings in their CPF and had their housing withdrawals pledged to meet the Minimum Sum, as well as (ii) members who had met the Minimum Sum but pledged their property to withdraw their CPF savings above half the Minimum Sum. In general, we look at the percentage of active CPF members who meet their Minimum Sum in cash plus property, because home ownership (and monetisation if necessary) contribute towards how adequately we are prepared for retirement."

Now that they created the ERS ($241k in 2016), realistically how many Singaporeans can meet this?

Already I thought I was saving well in my CPF, with my SA hitting $221k, but it looks it is still insufficient to meet the ERS. I will have to top up either with $20k from my OA or with cash injections.

And every year the ERS amount increases.

So is it realistic to assume / estimate retirement income of $3,400 - $3,800 pm if you are not sure you can meet the ERS?

Lol, good plan. Can ask your MP to lobby for you.

With $7k pm, you will use up $84k per year.

Your $1m will run out in about 12 years.

If your MP can help convince CPF to take your $1m, you will receive $7k pm for life!

Originally Posted by Unregistered

Am I allowed to top up beyond $241k for the ERS? Can I top up to $1m so that my payout at 65 can by $7,000 pm?

If both my spouse and I can top to $1m each, then we can get $14k pm for life. This is enough for us.

Originally Posted by Unregistered

Lol, good plan. Can ask your MP to lobby for you.

With $7k pm, you will use up $84k per year.

Your $1m will run out in about 12 years.

If your MP can help convince CPF to take your $1m, you will receive $7k pm for life!

The ERS should be enhanced to $482k so that we can get $3,400 pm for each retiree. This will ensure people don't overinvest in properties and get burnt in the stock market.

Agree with the rest, quite under-achiever. Quite normal to reach there before 40 years old.

Originally Posted by Unregistered

Haha true lah. What a bunch of jokers.

Anyways, here's my stats:
41 year old with 2 kids
Living in a fully paid up condo
5 room HDB house - on rent
4 room condo ($120k loan left) - on rent

My salary: $260k per annum (including bonus)
Wife salary: $150k per annum (including bonus)

I hope we are doing well.

Originally Posted by Unregistered

Am I allowed to top up beyond $241k for the ERS? Can I top up to $1m so that my payout at 65 can by $7,000 pm?

Cannot lah....

You can only top up to the prevailing minimum sum.

I topped up mine and wife's to 120k nearly 10 years ago and that was it... Now well on the way to ERS sums with 4% compound..

In a couple of days we will celebrate the new year. It is now a time of reflection, to be grateful of the many blessings we have. I must say I'm very happy and contented with what I have. I always compare with those with lesser and not those with more for me to feel grateful. The truth is we will never feel enough if we compare with those with more. There will always be people who are richer, smarter, slimmer, more good looking, more charming, etc than you. I know I will never be able to afford a GCB at Nassim, so why bother working so hard to achieve that. So, I aspire something within my reach such as a condo. I also know I will never be able to afford that $1m sports car, so why bother working so hard for it. Instead, I aim for something within my means such as a small car. I know I can never be as successful as the top bankers and lawyers who are so successful that they can retire in their 40s, so I aim to retire at a more practical age of 60.

Here are my blessings I'm very grateful for and I'm very happy to have:

1. A good family with well mannered children who respects you a lot.
2. A condominium unit which is paid up.
3. A small car which is paid up.
4. Good household income. Not as high as many here but sufficient.
5. Year end holidays every year.
6. Good friends.
7. Good environment.
8. Good health.
9. Good amount of savings.
10. Decent amount of household net worth (S$2m).
11. Debt free.
12. Can afford to eat good food at restaurants, once a week.

We are nearing 50 years old soon. We are confident that we can retire well.

Good post. Reminds me to be grateful all the time. Wish you the best in 2016!

Originally Posted by Unregistered

In a couple of days we will celebrate the new year. It is now a time of reflection, to be grateful of the many blessings we have. I must say I'm very happy and contented with what I have. I always compare with those with lesser and not those with more for me to feel grateful. The truth is we will never feel enough if we compare with those with more. There will always be people who are richer, smarter, slimmer, more good looking, more charming, etc than you. I know I will never be able to afford a GCB at Nassim, so why bother working so hard to achieve that. So, I aspire something within my reach such as a condo. I also know I will never be able to afford that $1m sports car, so why bother working so hard for it. Instead, I aim for something within my means such as a small car. I know I can never be as successful as the top bankers and lawyers who are so successful that they can retire in their 40s, so I aim to retire at a more practical age of 60.

Here are my blessings I'm very grateful for and I'm very happy to have:

1. A good family with well mannered children who respects you a lot.
2. A condominium unit which is paid up.
3. A small car which is paid up.
4. Good household income. Not as high as many here but sufficient.
5. Year end holidays every year.
6. Good friends.
7. Good environment.
8. Good health.
9. Good amount of savings.
10. Decent amount of household net worth (S$2m).
11. Debt free.
12. Can afford to eat good food at restaurants, once a week.

We are nearing 50 years old soon. We are confident that we can retire well.