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How much are you earning per annum?

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  #9611 (permalink)  
Old 20-03-2016, 09:32 PM
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There are highly successful top executives in finance who retired in their late 40s or early 50s. They have made it big since they are highly paid. That's why if you want to be like them, you must choose the right industry such as finance and not low paying areas like engineering. Engineers are low paid in comparison and many still need to work in their 50s. Worse, some got retrenched. If they have no choice, they become property and insurance agents or taxi drivers.


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Most of us dream of retiring at some point in our working life to do the things we want. Some want to retire before they reach 50 while others even earlier.

In reality, most of us would have to slog till the official retirement age of 62 or later. Simply because of "money no enough" - to borrow the phrase from Jack Neo's movie title. Survey after survey have revealed that many Singaporeans either do not plan for retirement (financially or otherwise) or do not have enough savings to sustain their retired life.

Though they may not have planned for their retirement, many are fully aware that they will be in big trouble if their savings run out prematurely. Getting back into workforce at an advanced age is near impossible.

However for the better off and highly paid executives, I suspect there could be another reason why it can be difficult for them to retire. Giving up a fat salary is difficult. This is despite the fact that they can well survive on their passive income.

Let's take a hypothetical power couple:

Husband : $300k pa
Wife: $150k pa
Passive income : $150k pa

Yearly expense : $130k pa

Yes, they can survive on their passive income, but by retiring, they are in fact forgoing $450k pa. A very painful decision to make.

I believe many couples in their 50s are in this situation.

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  #9612 (permalink)  
Old 20-03-2016, 11:33 PM
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Being retrenched in your late 40s and not being able to get a job is not the same as retiring.

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There are highly successful top executives in finance who retired in their late 40s or early 50s. They have made it big since they are highly paid. That's why if you want to be like them, you must choose the right industry such as finance and not low paying areas like engineering. Engineers are low paid in comparison and many still need to work in their 50s. Worse, some got retrenched. If they have no choice, they become property and insurance agents or taxi drivers.


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  #9613 (permalink)  
Old 21-03-2016, 01:07 AM
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Being retrenched in your late 40s and not being able to get a job is not the same as retiring.
Exactly. The bankers retire early in their late 40s and enjoy the good life. The engineers get retrenched in their late 40s but cannot retire so must become taxi drivers or property agents.

That's why you must choose your career carefully. Don't regret.

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  #9614 (permalink)  
Old 21-03-2016, 03:11 AM
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32 year old guy
Banking Regulatory Compliance
220k p/a base
Mind sharing the company you are in? Thanks
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  #9615 (permalink)  
Old 21-03-2016, 07:42 AM
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I guessed its tough worrying about your finances and not being able to sleep at night.

Quitting too early in the game is not a wise move. Everyone knows that.

The really good guys are still in the employ up till retirement age only those who cannot take the pressure quit early. Anyway, there is no shame in it. Everyone has his/her own limits.

The only shame comes from having to put other professions down. It reveals a great of insecurity and angst.

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Originally Posted by Unregistered View Post
Exactly. The bankers retire early in their late 40s and enjoy the good life. The engineers get retrenched in their late 40s but cannot retire so must become taxi drivers or property agents.

That's why you must choose your career carefully. Don't regret.
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  #9616 (permalink)  
Old 21-03-2016, 08:13 AM
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I like this forum. Because people here are anonymous, they can be truly honest. Even though the truth can sometimes hurt.

We need honest advice not diplomatic comments.

Keep it coming!
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  #9617 (permalink)  
Old 21-03-2016, 02:32 PM
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Husband / wife (33y / 32y).

Combined annual salary (inc.bonus, exc. cpf deduction): 180k-190k
Combined annual passive income: 24k-25k
Combined cash: +/- 350k
Property: 3 rooms HDB (+/-300k loans, not yet started)
Combined OA: +/- 140k

No kid, No car.
Avg. monthly (combined) expenses: SGD 2.5k-3k max.
Yearly holiday expenses: SGD 2-3k.

I think we're doing alright.
Planning to retire by age 50.
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  #9618 (permalink)  
Old 21-03-2016, 05:18 PM
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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?
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  #9619 (permalink)  
Old 21-03-2016, 05:53 PM
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5 rm hdb fully paid
Bread and butter car fully paid
Parents allowance 2k
Car, child, home, maid exp, roughly 3k
Personal exp, roughly 2k per month.
Traveling simple say 3-5k per trip, twice a year.
Taxes prob 120k
Annual exp approx 220k per annum, mainly to the tax man

Combined income > 800k per annum
Net worth mainly cash, followed by some equities, cpf, etc , 5-6m, excluding hdb

Mid 40s couple with one child

My wife thinks I am nuts for not spending our money to enjoy more. But I feel that we should work for few more years, take it slow and semi retire.
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  #9620 (permalink)  
Old 21-03-2016, 05:59 PM
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You are irrational or just full of BS.


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5 rm hdb fully paid
Bread and butter car fully paid
Parents allowance 2k
Car, child, home, maid exp, roughly 3k
Personal exp, roughly 2k per month.
Traveling simple say 3-5k per trip, twice a year.
Taxes prob 120k
Annual exp approx 220k per annum, mainly to the tax man

Combined income > 800k per annum
Net worth mainly cash, followed by some equities, cpf, etc , 5-6m, excluding hdb

Mid 40s couple with one child

My wife thinks I am nuts for not spending our money to enjoy more. But I feel that we should work for few more years, take it slow and semi retire.
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