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How much are you earning per annum?

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  #9791 (permalink)  
Old 14-04-2016, 11:29 PM
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Early 40s Singaporean working overseas, annual nett income S$140K (after tax & based on yesterday SG$ rate ) excluding Bonus and other C&B

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  #9792 (permalink)  
Old 15-04-2016, 05:43 AM
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Quote:
Originally Posted by Unregistered View Post
You are not alone. I am having samiliar problem like you. My partner was retrenched recently, can't find a new job for 3 months already, now family income loss by half.. Going to sell my car to cut expenditure soon, my 3 children all at junior primary school will soon need to learn go to school by walking. If sell my condo, surely incur over 100k loss based on 3 month ago offer, now seriously unsure if such offer exist.
For those retrenched ex-PMETs out there, such as ex-engineers and ex-bankers, do not be sad. You have worked so hard all your lives, now is the time to celebrate life. Open your mind. Your life on this earth is limited. Time to retire. Enjoy your retirement!

Good retirement plan in KL or Penang (retire in luxury) for a retired couple at 55 years old (assuming no dependents)

Passive income at 55
Rent out fully paid HDB flat S$2.5k pm
Stocks dividends S$1k pm
Total S$3.5k pm or RM10.5k pm

KL or Penang cost of living
Rent a 3 bedroom condominium RM2k pm
Car expenses RM500 pm (assume buy car in cash RM50k)
Food, groceries, restaurants and utilities RM2k pm
Medical and entertainment RM1k pm
Misc RM500 pm
Total spending RM6k pm
Savings RM4.5k pm

Passive income at 65
Rent out fully paid HDB flat S$2.5k pm
Stocks dividends S$1k pm
CPF Life (Enhanced Retirement Scheme), couple gets S$3.5k pm
Total income S$7k pm or RM21k pm
Total spending RM8k pm
Savings RM13k pm

This retirement plan allows you to live in a nice condo and drive a nice car. You can go holidays all over the world every year if you want to since you will have lots of savings.

Your key retirement assets are: 1. HDB flat 2. CPF Life 3. Dividend blue chip stocks.

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  #9793 (permalink)  
Old 15-04-2016, 11:11 PM
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I thank the many people here who share their finances. I'm motivated to share ours to get opinions on how our situation is.

Age: Mid 40s.
Married couple with two children.
We earn $15k pm (total annual income divided by 12). We save $3k pm.
Home: Mass market condo, less than 5 years old, worth $950k. Mortgage outstanding $190k. Mortgage instalment $1200 pm using CPF. MSR (mortgage servicing ratio) = 8% only.
Car is fully paid up in cash.
Cash and CPF savings in total $600k.
Total net worth (condo net asset value + cash + CPF + car) $1.43m.

We are almost debt free, our only loan is the $190k outstanding condo mortgage.
We save $36k pa. Our TDSR (total debt servicing ratio) is only 8%. Current ruling on TDSR is 60%.

How are we doing financially? Any financial experts here?

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  #9794 (permalink)  
Old 16-04-2016, 08:51 AM
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Quote:
Originally Posted by Unregistered View Post
I thank the many people here who share their finances. I'm motivated to share ours to get opinions on how our situation is.

Age: Mid 40s.
Married couple with two children.
We earn $15k pm (total annual income divided by 12). We save $3k pm.
Home: Mass market condo, less than 5 years old, worth $950k. Mortgage outstanding $190k. Mortgage instalment $1200 pm using CPF. MSR (mortgage servicing ratio) = 8% only.
Car is fully paid up in cash.
Cash and CPF savings in total $600k.
Total net worth (condo net asset value + cash + CPF + car) $1.43m.

We are almost debt free, our only loan is the $190k outstanding condo mortgage.
We save $36k pa. Our TDSR (total debt servicing ratio) is only 8%. Current ruling on TDSR is 60%.

How are we doing financially? Any financial experts here?

In terms of annual income, you are probably the 70th percentile or so.
In terms of housing, you are the 85th percentile or so.
So there is a slight over consumption in housing type but I guess that will be resolved when you sell off your condo and downgrade to hdb in future.

Based on US' Pew research on the definition of middle class i.e. Between 2/3of median income and 2xmedian income, your family is considered middle income since median HH income is around 100k (from sing stat data)
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  #9795 (permalink)  
Old 16-04-2016, 10:31 AM
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Quote:
Originally Posted by Unregistered View Post
I thank the many people here who share their finances. I'm motivated to share ours to get opinions on how our situation is.

Age: Mid 40s.
Married couple with two children.
We earn $15k pm (total annual income divided by 12). We save $3k pm.
Home: Mass market condo, less than 5 years old, worth $950k. Mortgage outstanding $190k. Mortgage instalment $1200 pm using CPF. MSR (mortgage servicing ratio) = 8% only.
Car is fully paid up in cash.
Cash and CPF savings in total $600k.
Total net worth (condo net asset value + cash + CPF + car) $1.43m.

We are almost debt free, our only loan is the $190k outstanding condo mortgage.
We save $36k pa. Our TDSR (total debt servicing ratio) is only 8%. Current ruling on TDSR is 60%.

How are we doing financially? Any financial experts here?
You need to save more to achieve min $2m by 55yrs old. Based on your info, assuming you have zero cpf gain (all go to service your loan), you will have $360k savings for next 10 yrs which will up your net worth to $1.8m. But wait, you shld omit the car as that's not an asset. By right your condo shld be omitted too. But for simplicity, lets put the house in. You next need to plan your retirement expenses. Have you opted for the enhanced CPF? You will have a certain mth sum after 65yrs. Whether you need more depeneds on your lifestyle, health and your topup affordability. From 55 to 65 you also need to ensure you have adequate funds to support your lifestyle. You need to realise that one shld plan assuming your income or employability stop at 55 yrs based on the pessimistic scenario...of course any income beyond this will be a bonus. The other consideration wld be the children education fund. Setting aside $100k for each children wld be good if you can.
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  #9796 (permalink)  
Old 16-04-2016, 10:50 AM
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Quote:
Originally Posted by Unregistered View Post
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...
Exact problems that are surfacing. Living squeezy condo with nothing inside, then tell everybody better has small, simple and empty house.

Age early 40
Family income 25k p/m
HDB fully paid worth 600k.
Combine CPF 300k.
Saving 600k.
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  #9797 (permalink)  
Old 16-04-2016, 11:38 AM
Jason518
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Default Retirement planning

You have to plan your own retirement. Don't let others plan for you.

Mid 40s
20 percent income on insurance products
Saving 40k per years
45 percent for family including parent allowance
20 percent into CPF and SRS fund

Mortgage is 400k. Believe in appreciation assets if Singapore becomes strong year on year
Think about retirement oversea as option because want children to have better education and start since Singapore is a better place.

No stock holdings however occasionally trade in and out to be better than CPF interest.
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  #9798 (permalink)  
Old 16-04-2016, 12:51 PM
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It is not relevant to know how you fare compared to others. What is more important is how prepared you will be, in retirement.

If you expect that your retirement lifestyle is one where you and your spouse still travels, own a car, have a maid and stay in your condo, then be prepared to spend about $100k pa in today's dollars. Then you can do a back-of-the-envelope calculation to see how much you need to set aside.

At annual expense of $100k, the amount you need to set aside for retirement is:

10 years in retirement : retirement fund needed = $1m
15 years in retirement : fund needed = $1.5m
20 years in retirement : fund needed = $2m
25 years in retirement : fund needed = $2.5m
Etc..

Bear in mind, in the above estimation, I have not included the eroding effect of inflation on your retirement fund! And remember, your retirement fund should not include the value of your home, otherwise downgrading is a foregone conclusion.

Thus looking at your networth currently, you should aim to work till 65 or more, cut down on expenses to save and invest, or downgrade your retirement lifestyle, for eg. stay in a HDB.


Quote:
Originally Posted by Unregistered View Post
I thank the many people here who share their finances. I'm motivated to share ours to get opinions on how our situation is.

Age: Mid 40s.
Married couple with two children.
We earn $15k pm (total annual income divided by 12). We save $3k pm.
Home: Mass market condo, less than 5 years old, worth $950k. Mortgage outstanding $190k. Mortgage instalment $1200 pm using CPF. MSR (mortgage servicing ratio) = 8% only.
Car is fully paid up in cash.
Cash and CPF savings in total $600k.
Total net worth (condo net asset value + cash + CPF + car) $1.43m.

We are almost debt free, our only loan is the $190k outstanding condo mortgage.
We save $36k pa. Our TDSR (total debt servicing ratio) is only 8%. Current ruling on TDSR is 60%.

How are we doing financially? Any financial experts here?
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  #9799 (permalink)  
Old 16-04-2016, 02:12 PM
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It's been a long time sinc the car sales persons post d on this thread.....

Have they finally discovered their sense of shame???


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  #9800 (permalink)  
Old 16-04-2016, 02:13 PM
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Age: 42, 40.
Married couple with two children (g9,b6).
We earn $860K (assessable income for YA2016) so around $71.6K a month but more than 30% of the total comes from discretionary bonus. We save $31k pm.
Home: Leasehold terrace worth $2.1m. Mortgage outstanding $1.6m. Mortgage instalment $5500 pm using cash (up to 2015, home was a hdb fully paid up worth $800K, now rented out at $2.8k per month and for offsetting the mortgage payment)
6-yr old car fully paid up (ard $80k value).
Liquid assets (cash/CPF/investments) $2.8m
Illiquid assets (pty invts [2 local 3 foreign pties], unvested stock awards, cash value of ins policies) net value $2m
Total net worth around $5.3m

I know we are very comfortable compared to general population and this post is not to brag. My main concerns are:

a) now past 40 yrs old, how long can I continue earning current salary (I hope to retire at 60 by which time hopefully can get to $10m n/w)

b) kids are still relatively young, and education is quite stressful (for them and for us), concerned about their future (ins coverage around $8m so not worried financially if I die but more about whether they can survive in this uncertain world)

c) trying to build and increase annuity streams to match my salary (still long way off) but dividends/interest/cap gains now can just cover expenses (abt $15K per mth)

d) still supporting elderly parents (in their 80s) and being mentally prepared for the emotional roller-coaster that I will go thru shortly in terms of their failing health and future demise.
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