What is that comfortable amount?

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?

How much do people earn?
 

The below is obtained from IRAS:

For year ending 2014

Assessable Income. / No. People
(Gross income less deductibles)

$1m and above / 4557
$500k to $1m / 14,757
$400k to $500k / 11,479
$300k to $400k / 24,268
$200k to $300k / 59,346
$150k to $200k / 70,315
$100k to $150k / 158,244
$80k to $100k / 120,538
$70k to $80k / 86,370
$60k to $70k / 115,089
$50k to $60k / 162,440
$40k to $50k / 224,042
$30k to $40k / 288,519
$25k to $30k / 136,256
$20k to $25k / 71,842
Below $20k - no tax.

Total no. of people : 1.548 m

Looking at the above you can see that a decent number people earn above $200k pa. So you can imagine the combined household income would be quite substantial.

My assessable income is between the $200k to $300k range with an income tax of $26k for the year.

In 2014, there were 59,346 people in this income bracket.

You're impressive, sir. Respect.

Since you own a condo and a car, you're considered successful. Only 15% live in condos. You are the lucky top few.

My spouse and I are both in our late 40s and planning for early retirement. We have decided that we should retire at the age of 58 after working hard our whole lives. We worked hard in school, working hard at work and worked hard to raise a happy family with well brought up children.

At 58, we should still be healthy and active which allows us to travel. Our children will also be working by then and will be financially independent. They will also be contributing to the family's expenses, especially since we expect them to secure good jobs given their academic achievements.

By the time we reach 58, our three bedroom condominium unit would have been fully paid. Our expenses would also be lower as we will no longer need a car. Our condominium is close to an MRT station that can link us to the city centre and any part of Singapore.

To finance our daily expenses, we will sell away our stocks and get the cash to buy annuities. This annuities will pay us a monthly amount that would be more than we require as a couple. After taking into account inflation, we envisage we need just $5k pm for our food, utilities and travels. Our children will be paying for their own expenses as their high paying jobs would be more than enough. We have also helped them grow their savings since young and this will help them to get married and buy their own BTO flat. We will not want to finance them any further as they should be thrifty and build up their own financial resources. We do not want to pamper them even though we have the means to do so. They must learn to be like us.

Once we reach 65, our CPF Life will also give us monthly payouts which will allow us to travel more and further away. We also plan to volunteer our time at charities to give back to society.

What's your retirement plan and how are you preparing for it?

Retiring at 58 is not early retirement. LOL.

Early retirees are the top bankers and lawyers who retire in their 40s, enjoying the the good life.

It's a joke. Early retirement is not >55

I am living in my condo, brought 5 years ago. Feel so stuck now, recent transaction of my condo was below 20% of my purchased price....worrying if the bank will call me for topping up to the recent valuation price by cash....if so, that would be 200k-300k cash all to the bank. Now worrying of losing my job, retrenchment news spreading and bad job market too... trying to sell off, but can't find a buyer even at a 15% losses for 6 months already....

Regret selling my HDB(was fully paid) for Condo. With now a so-called higher standard of living in condo, my condo is barely empty without much entertainment, small tv, small sofa, no cable tv, aircon off 95% the time to save money, no maid to wash and clean... still need to pay condo maintenance fee $300 every month.. Admire some colleagues who still living in HDB, all have no worry of loan repayment(all paid up), and they have much more money to spent on house entertainment, living more comfortably(w maid, air-con almost 24hrs on, message chair, gaint tv, huge living space...) then me in current empty shelter...

There is a reason why the government is giving subsidies to people earning below $12k pm to buy exec condos and even larger subsidies for HDB flats for those earning $10k pm and below.

If you can qualify to buy exec condo or HDB flats, it should be a clear signal that you should not go into private condos.

Regretting now is too late.

Average income for condo households was $19k pm but I see many posters earning below this amount also owning condos.