How much are you earning per annum?

We're a middle class couple, 47 & 45, with two teenage children.

Here are our assets (combined)
1. Private condo (home), 3 bedroom, paid up. Valued at $950k.
2. Private condo (investment), 1 bedroom, paid up. Valued at $550k.
3. CPF savings $450k.
4. Cash $50k.
5. Car, paid up.

We have no debt and our current combined net worth is $2m.
Our combined income, including net rental income is $184k pa.
We save $40k pa.

Our annual expenses include food, utilities, car expenses, overseas holidays, children's expenses, eating out at restaurants, clothes, bags, shoes, insurance, taxes, entertainment, parents' allowances (both sides), condo maintenance fees, etc.

To reward ourselves, we don't mind spending when it comes to eating good food at restaurants, wearing nice clothings and enjoying our holidays. We enjoy life but we are not spendthrift. Even though we can afford to buy a luxury car, we bought an inexpensive but reliable car instead. We are also generous to our parents with the monthly allowances.

We plan to retire at 60. Our retirement plan is as follows.

1. Retire in our current 3 bedroom condo home
2. Buy annuities with cash savings
3. Our multiple sources of passive income will be from:
(i) Investment condo net rental (ongoing)
(ii) CPF Life (payout from age 65)
(iii) Annuities (payout from age 60)

Any comments from anyone here on how well we are doing? Thank you.

You have done very well.
The average wealth per adult in Singapore is US$269,400 (mid 2015).
This is about S$364k per adult.

Your wealth is $1m for each of you (husband and wife).
So, you are among the top in Singapore in terms of wealth.
Maybe the top 5%.

Congratulations!

Originally Posted by Unregistered

We're a middle class couple, 47 & 45, with two teenage children.

Here are our assets (combined)
1. Private condo (home), 3 bedroom, paid up. Valued at $950k.
2. Private condo (investment), 1 bedroom, paid up. Valued at $550k.
3. CPF savings $450k.
4. Cash $50k.
5. Car, paid up.

We have no debt and our current combined net worth is $2m.
Our combined income, including net rental income is $184k pa.
We save $40k pa.

Our annual expenses include food, utilities, car expenses, overseas holidays, children's expenses, eating out at restaurants, clothes, bags, shoes, insurance, taxes, entertainment, parents' allowances (both sides), condo maintenance fees, etc.

To reward ourselves, we don't mind spending when it comes to eating good food at restaurants, wearing nice clothings and enjoying our holidays. We enjoy life but we are not spendthrift. Even though we can afford to buy a luxury car, we bought an inexpensive but reliable car instead. We are also generous to our parents with the monthly allowances.

We plan to retire at 60. Our retirement plan is as follows.

1. Retire in our current 3 bedroom condo home
2. Buy annuities with cash savings
3. Our multiple sources of passive income will be from:
(i) Investment condo net rental (ongoing)
(ii) CPF Life (payout from age 65)
(iii) Annuities (payout from age 60)

Any comments from anyone here on how well we are doing? Thank you.

Originally Posted by Unregistered

You have done very well.
The average wealth per adult in Singapore is US$269,400 (mid 2015).
This is about S$364k per adult.

Your wealth is $1m for each of you (husband and wife).
So, you are among the top in Singapore in terms of wealth.
Maybe the top 5%.

Congratulations!

Looks like this person is talking to himself......many weirdos in this forum!

Let him be. He is harmless, maybe even jobless.

Originally Posted by Unregistered

Looks like this person is talking to himself......many weirdos in this forum!

Originally Posted by ShoeLace

I was hired by an IT company in year 2009.

I am a fresh graduate (Part time overseas degree).
Hired as a Application Engineer.

My salary is as below

2009 : $2400
2010 : $2700
2011 : $2970
2012 : $3070
2013 : $3390
2014 : $3780 (Promotion)
2015 : $4100
2016 : $4210 (Current)

2016 : $70,000 (annual)

Please comment is my salary too low or ok ?

No one reply me ?

Originally Posted by Unregistered

No one reply me ?

nobody gives a crap about u bruh

In Singapore, only the top 15% of the population lives in a condo. I think many of them are still paying their condo mortgage. In your case, not only do you own two condos, they are fully paid up. This is a big achievement here. So, you must be in the top 1% of the population in terms of wealth. You must be considered highly successful for your age. Many only clear their condo mortgage when they are in their late 60s and they only own one condo. You are 20 years younger and you own two fully paid up condos. Wow! This is awesome!

Originally Posted by Unregistered

We're a middle class couple, 47 & 45, with two teenage children.

Here are our assets (combined)
1. Private condo (home), 3 bedroom, paid up. Valued at $950k.
2. Private condo (investment), 1 bedroom, paid up. Valued at $550k.
3. CPF savings $450k.
4. Cash $50k.
5. Car, paid up.

We have no debt and our current combined net worth is $2m.
Our combined income, including net rental income is $184k pa.
We save $40k pa.

Our annual expenses include food, utilities, car expenses, overseas holidays, children's expenses, eating out at restaurants, clothes, bags, shoes, insurance, taxes, entertainment, parents' allowances (both sides), condo maintenance fees, etc.

To reward ourselves, we don't mind spending when it comes to eating good food at restaurants, wearing nice clothings and enjoying our holidays. We enjoy life but we are not spendthrift. Even though we can afford to buy a luxury car, we bought an inexpensive but reliable car instead. We are also generous to our parents with the monthly allowances.

We plan to retire at 60. Our retirement plan is as follows.

1. Retire in our current 3 bedroom condo home
2. Buy annuities with cash savings
3. Our multiple sources of passive income will be from:
(i) Investment condo net rental (ongoing)
(ii) CPF Life (payout from age 65)
(iii) Annuities (payout from age 60)

Any comments from anyone here on how well we are doing? Thank you.

Yesterday, being a Monday, I decided to take a break from work. So I took a day of leave (I have over 50 days of leave accumulated over 2 years) to meet up with my buddies who are retired. We decided to meet at the Waterway Point Mall for brunch, and to look-see, look-see as it was recently opened. There were 5 of them. Let's call them A, B, C, D and E. Here is brief description of them:
(If they come to this forum, they will know who is writing this, lol)

A: Single. Retired at age 49, 3 years ago (i.e. now 52). Sold off condo and moved to stay with parents in HDB. Sold off car when retired.

B: Retired at age 49 also, but 7 years ago (i.e. now 56). Married with 2 kids. Stay in condo. Wife still working. Have a car.

C: Single. Retired at 48, 8 years ago (i.e. now 56). Stay in HDB, but own an investment condo for rental income.

D: Retired at 56, one year ago (i.e. now 57). Married with 2 kids. Stay in condo, have one car (sold off second car upon retirement). Wife also retired.

E: Retired at 48, 7 years ago (i.e. now 55). Married with 3 kids. Stay in semi-D. Wife still working. Have one car, but sold off second car upon retirement.

Me: Age 56, still working. Married with 2 kids. Wife also working. Stay in condo and have 2 cars. Have another condo for rental income.

For this morning, I shall just share how they are faring financially.

A: Made a bundle from property investment. Used to earn a decent salary (>$250k pa). Decided to quit when he felt he had enough funds to sustain his retirement. As he is single, he doesn't intend to leave anything behind so he intends to drawdown his savings.

B: As wife is still working and earning decent salary, he has less or no financial pressure. He made his fortune from en-bloc twice. Now retired to enjoy life.

C: Another one to profit from property investment. Savvy in shares investment as well. As a single, he also intends to leave nothing behind. He retired when he felt he had enough funds to last till he is 90!

D: Both wife and him retired last year only when his passive income was more than enough to cover their annual expenses of $120k. Networth > $6m.

E: E is the only one who tried to get back into employment. But at age 55, and having retired for 7 years, he had no luck. Financially he should have no problem. His Semi-D is easily worth $5.5m. Anyway his wife is earning more than a decent salary.

Me: considering retirement, but with a combined income of >$500k pa, feel painful to give it all up as of now.

Looks like your friends are more successful than you. You have to work harder. All the best.
Alternatively, you can sell your properties and retire in JB.

Don't worry.

For those retrenched ex-PMETs out there, such as ex-engineers and ex-bankers, do not be sad. Instead of worrying so much, you can just retire assuming you no longer have any dependents at age 55.

Good retirement plan in KL or Penang for a 55 years old retired couple.

Passive income
Rent out fully paid HDB flat S$2.5k pm or RM7.5k pm

KL or Penang cost of living
Rent a 2 bedroom condominium RM1.5k pm
Car expenses RM500 pm (assume buy used car in cash RM30k)
Food, groceries and utilities RM1.5k pm
Misc RM1k pm
Total spending RM4.5k pm
Savings RM3k pm

This retirement plan allows you to live in a condo and drive a car.

Your key retirement asset: HDB flat (we are very fortunate since we all get to buy cheap BTO HDB flats when we got married)