How much are you earning per annum?

Originally Posted by Unregistered

Idiot, you are low class. Just look at yourself in the mirror.

Haha! I already said I have lived in condos all my life. So by your logic, I am high class. How can you say that I am low class now? Retard!

To the bro that agree with me that he is a siow lang. Thanks. Let enjoy a laugh on him.

And to the other bro who talk abt income class. I totally agree with you. Actually I just can't stand this guy who keep telling people that he/they are high class just because they stay in condo. Very condescending. He must be those who live in a low end condo but go around looking down on others.

Lastly, Mr High Class, go back to your fantasy high class world. Nobody gives a damn about you. Haha!

From the way you talk, you're a low class idiot.

Originally Posted by Unregistered

Haha! I already said I have lived in condos all my life. So by your logic, I am high class. How can you say that I am low class now? Retard!

To the bro that agree with me that he is a siow lang. Thanks. Let enjoy a laugh on him.

And to the other bro who talk abt income class. I totally agree with you. Actually I just can't stand this guy who keep telling people that he/they are high class just because they stay in condo. Very condescending. He must be those who live in a low end condo but go around looking down on others.

Lastly, Mr High Class, go back to your fantasy high class world. Nobody gives a damn about you. Haha!

Originally Posted by Unregistered

From the way you talk, you're a low class idiot.

Shut up you both. You have been watching a lot of fantasy movies. Wake up and go and get me a cup of coffee.

In order to help Singaporeans sustain themselves in retirement the government has been modifying the CPF scheme to keep up with the population profile as well as life span. In addition they have also encouraged people to work longer. The official retirement age here is already 62 and they are looking at stretching it to 65.

As of Jan 2016, the government has put in place higher CPF contributions (from both employee and employer) for workers aged 50 and above. They have also increased the wage amount that would attract CPF contribution from $5,000 per month to $6,000 per month. At the same time they have increased the annual CPF contribution limit to $37,740 from $31,450 previously. What all this means is that if you are still working after age 50, and earning $6,000 and above per month, your contributions to your CPF account would be "accelerated". And we know that the Retirement Amount currently at $161,000 (full retirement sum) increases every year! And if you want more buffer, you can top up your RA to the Enhanced Retirement Sum (ERS) of $241,500.

So after all this, can one really depend on CPF for retirement sustenance?

I agreed with an earlier post that it was possible for a person to accumulate $1m in his CPF (OA, SA, MA and RA combined) by age 55. (Now with higher contribution rates, it should be even faster to accumulate $1m in your CPF.)

For us as a couple, we have both topped up our RA to $241.5K and our OA&SA combined has about $1.5m in total. The $1.5m at 2.5% interest rate would generate $37k pa or $3k pm.

So at 65, as a couple, we can look forward to : $3k per month payout from our CPF annuity life, and another $3k pm interest from our CPF OA&SA, or an annual cash flow of $72K.

I think it should be sufficient for us. Not sure how expensive things would be by then!

Our expenses and income per month (pro rated)

Condo mortgage & maintenance $1500 pm
Car loan $800 pm
Car petrol $500 pm
Other car related expenses $500 pm
Food, groceries, restaurants, utilities $2000 pm
Parents allowance $1600 pm
Insurance $1700 pm
Children (2 teenagers) related expenses $1000 pm
Misc (taxes, holidays, clothings, entertainment, donations, etc) $2500 pm
Total expenses $12,100 pm ($145.2k pa)

Total income (pro rated) $15,600 pm ($187.2k pa)
Total savings $3,500 pm ($42k pa)
Total net worth (home equity+cash+cpf) $1.4m

Our age: 49 & 46.
Is your expenses, income and net worth similar, less or more?

Looking at those figures are you worried about your retirement?

Your expenses have yet to peak. University (local) fees, hostel fees, overseas exchange programmes and allowances to your children will set you back easily $15K pa for each child. If they have to go overseas for Uni studies, be prepared for $200K - $300k pa.

I am glad all these expenses are behind us now that our children are working. Our expenses are now only $80k pa with no home loan, no car loan (we have 2 cars).

Originally Posted by Unregistered

Our expenses and income per month (pro rated)

Condo mortgage & maintenance $1500 pm
Car loan $800 pm
Car petrol $500 pm
Other car related expenses $500 pm
Food, groceries, restaurants, utilities $2000 pm
Parents allowance $1600 pm
Insurance $1700 pm
Children (2 teenagers) related expenses $1000 pm
Misc (taxes, holidays, clothings, entertainment, donations, etc) $2500 pm
Total expenses $12,100 pm ($145.2k pa)

Total income (pro rated) $15,600 pm ($187.2k pa)
Total savings $3,500 pm ($42k pa)
Total net worth (home equity+cash+cpf) $1.4m

Our age: 49 & 46.
Is your expenses, income and net worth similar, less or more?

Originally Posted by Unregistered

Our expenses and income per month (pro rated)

Condo mortgage & maintenance $1500 pm
Car loan $800 pm
Car petrol $500 pm
Other car related expenses $500 pm
Food, groceries, restaurants, utilities $2000 pm
Parents allowance $1600 pm
Insurance $1700 pm
Children (2 teenagers) related expenses $1000 pm
Misc (taxes, holidays, clothings, entertainment, donations, etc) $2500 pm
Total expenses $12,100 pm ($145.2k pa)

Total income (pro rated) $15,600 pm ($187.2k pa)
Total savings $3,500 pm ($42k pa)
Total net worth (home equity+cash+cpf) $1.4m

Our age: 49 & 46.
Is your expenses, income and net worth similar, less or more?

Let me give it a go... I am your the 10yrs younger version..

Condo mortgage & maintenance $1800 pm (CPF deductions only no cash top up)
2 Car loan $1500 pm
Car petrol $150 + 400 = 550pm
Other car related expenses .. you mean road tax /insurance? then $400 PM for both cars
Food, groceries, restaurants, utilities $1000 pm (approx. cos my partner pays for this)
Parents allowance $1600 pm (both sets parents)
Insurance $1000 pm (also unsure, but an estimate)
Children (2 young pri and toddler) related expenses $600 pm
Misc (taxes, holidays, clothings, entertainment, donations, etc) $1000 pm
Total cash expenses $7650 pm ($918k pa)

Total income (pro rated) $19000 pm ($250k pa estimated after bonus)
Total savings is NOT TRACKED. Each save on its own. I save approximately 2000, which is auto stashed in shares and savings account.
Total net worth (home equity+cash+cpf) also not tracked.

Our age: 36 & 42

This is ours.

Condo mortgage & maintenance $350 pm (no mortgage as condo is fully paid up)
Car loan $0 pm (car fully paid up)
Car petrol $400 pm
Other car related expenses $600 pm
Food, groceries, restaurants, utilities $1500 pm
Parents allowance $1400 pm
Insurance $2000 pm
Children (2 teenagers) related expenses $500 pm
Misc (taxes, holidays, clothings, entertainment, donations, etc) $3000 pm
Total expenses $9,750 pm ($117k pa)

Total income (pro rated) $13,750 pm ($165k pa)
Total savings $4,000 pm ($48k pa)
Total net worth (home equity+cash+shares+cpf) $1.8m

Our age: Both 50.

Originally Posted by Unregistered

Our expenses and income per month (pro rated)

Condo mortgage & maintenance $1500 pm
Car loan $800 pm
Car petrol $500 pm
Other car related expenses $500 pm
Food, groceries, restaurants, utilities $2000 pm
Parents allowance $1600 pm
Insurance $1700 pm
Children (2 teenagers) related expenses $1000 pm
Misc (taxes, holidays, clothings, entertainment, donations, etc) $2500 pm
Total expenses $12,100 pm ($145.2k pa)

Total income (pro rated) $15,600 pm ($187.2k pa)
Total savings $3,500 pm ($42k pa)
Total net worth (home equity+cash+cpf) $1.4m

Our age: 49 & 46.
Is your expenses, income and net worth similar, less or more?

[lazyplane]

I like to analyse CPF. So i am happy to hear there is someone like me.

Some points

1. Topping up RA to ERS is only for those above 55.
So since you mentioned that you have done so for both you and wife, i take it both of you are above 55.

2. If so, the min sum is fixed. So you wont be impacted by any changes by govt to min sum.

3. You mentioned you have OA and SA @1.5 m combined. Since both of you have reached 55, you only have RA + OA now right. Taking into account your RA is now at ERS levels for both of you as a couple, i think you mean your remaining RA + OA has 1 million.

4. Will you be taking ERS ? If so , then basically, as a couple, you will get 3.4 - 4k per month from 65 .

5. Plus your CPF 1 million and assuming 30 years for both of you, you will get around 3.5 k to spend. I didnt even bother to cal the interest of this $1m.

All in all, you mean 7 k per month for you as a couple during retirement not enough ?

And i am sure you have additional cash hoard.. so really why worry ?

Originally Posted by Unregistered

In order to help Singaporeans sustain themselves in retirement the government has been modifying the CPF scheme to keep up with the population profile as well as life span. In addition they have also encouraged people to work longer. The official retirement age here is already 62 and they are looking at stretching it to 65.

As of Jan 2016, the government has put in place higher CPF contributions (from both employee and employer) for workers aged 50 and above. They have also increased the wage amount that would attract CPF contribution from $5,000 per month to $6,000 per month. At the same time they have increased the annual CPF contribution limit to $37,740 from $31,450 previously. What all this means is that if you are still working after age 50, and earning $6,000 and above per month, your contributions to your CPF account would be "accelerated". And we know that the Retirement Amount currently at $161,000 (full retirement sum) increases every year! And if you want more buffer, you can top up your RA to the Enhanced Retirement Sum (ERS) of $241,500.

So after all this, can one really depend on CPF for retirement sustenance?

I agreed with an earlier post that it was possible for a person to accumulate $1m in his CPF (OA, SA, MA and RA combined) by age 55. (Now with higher contribution rates, it should be even faster to accumulate $1m in your CPF.)

For us as a couple, we have both topped up our RA to $241.5K and our OA&SA combined has about $1.5m in total. The $1.5m at 2.5% interest rate would generate $37k pa or $3k pm.

So at 65, as a couple, we can look forward to : $3k per month payout from our CPF annuity life, and another $3k pm interest from our CPF OA&SA, or an annual cash flow of $72K.

I think it should be sufficient for us. Not sure how expensive things would be by then!

Originally Posted by Unregistered

This is ours.

Condo mortgage & maintenance $350 pm (no mortgage as condo is fully paid up)
Car loan $0 pm (car fully paid up)
Car petrol $400 pm
Other car related expenses $600 pm
Food, groceries, restaurants, utilities $1500 pm
Parents allowance $1400 pm
Insurance $2000 pm
Children (2 teenagers) related expenses $500 pm
Misc (taxes, holidays, clothings, entertainment, donations, etc) $3000 pm
Total expenses $9,750 pm ($117k pa)

Total income (pro rated) $13,750 pm ($165k pa)
Total savings $4,000 pm ($48k pa)
Total net worth (home equity+cash+shares+cpf) $1.8m

Our age: Both 50.

Just depend on CPF not enough one