How much are you earning per annum?

Originally Posted by Unregistered

I'm an ex banker, used to earn a lot. Had to stop working due to health reasons. Owns 3 fully paid condos. Income dropped to only $60k pa (only rental income). Cut spending to $40k pa. Not much luxuries except the nice condo living, had to sell away the sports car. Net worth only $3m. Need to nurse myself back to health. All these years I have been paying tons of income taxes, just wondering what kind of unemployment benefits I can get since now I can't work. Any advice?

Well, you can declare ZERO income, and you get to enjoy benefits like subsidized healthcare (C ward and polyclinic), and you get welfare benefits from the government as well. You just have to approach the CDCs for help.

But please do not tell them you have a net worth of $3M, because you will probably be laughed out of the place, as you probably are worth more than even the social workers themselves.

Or... you can take your money, and go retire in Thailand. I heard it's quite a relaxed lifestyle, and you can even throw in a Thai gf (or gfs) while you are at it.

Originally Posted by Unregistered

I'm an ex banker, used to earn a lot. Had to stop working due to health reasons. Owns 3 fully paid condos. Income dropped to only $60k pa (only rental income). Cut spending to $40k pa. Not much luxuries except the nice condo living, had to sell away the sports car. Net worth only $3m. Need to nurse myself back to health. All these years I have been paying tons of income taxes, just wondering what kind of unemployment benefits I can get since now I can't work. Any advice?

For someone with $3m, you shouldn't be trying to live on $40K pa. 5% return on $3m is $150k pa and should give you a far more comfortable life. Better reorganize your finances.

Originally Posted by Unregistered

For someone with $3m, you shouldn't be trying to live on $40K pa. 5% return on $3m is $150k pa and should give you a far more comfortable life. Better reorganize your finances.

It could be that he's staying in one of the condos.

Originally Posted by Unregistered

It could be that he's staying in one of the condos.

started selling mee kia at age 12 with parents

Came up with the idea of microwave mee kia, fast moving consumer good.

Now 200k Pa.

Originally Posted by Unregistered

started selling mee kia at age 12 with parents

Came up with the idea of microwave mee kia, fast moving consumer good.

Now 200k Pa.

hmm.. seems legit. are you the one who sold the Chow noodles to nissin? your products is pretty awesome.

Originally Posted by Unregistered

Well, you can declare ZERO income, and you get to enjoy benefits like subsidized healthcare (C ward and polyclinic), and you get welfare benefits from the government as well. You just have to approach the CDCs for help.

But please do not tell them you have a net worth of $3M, because you will probably be laughed out of the place, as you probably are worth more than even the social workers themselves.

Or... you can take your money, and go retire in Thailand. I heard it's quite a relaxed lifestyle, and you can even throw in a Thai gf (or gfs) while you are at it.

I don't think I would want to approach the CDCs, seems like begging. Just wish there is some kind of automatic system where those ex-high earners who have contributed tons of taxes in the past can somehow be helped when they don't have a job, without being looked down upon. I bet the social workers hardly pay any personal income taxes.

Originally Posted by Unregistered

For someone with $3m, you shouldn't be trying to live on $40K pa. 5% return on $3m is $150k pa and should give you a far more comfortable life. Better reorganize your finances.

The $3m net worth includes my primary home and the two rental properties. The $60k pa is from the rental properties and they are in fact yielding me more than 5% since I bought them earlier at a much lower price than their current market value. If I want to continuing staying in my current home, I have to be contented with the $60k pa. Taking public transport and eating simply in hawker centers should be ok for me. Life is tough. Just persevere.

Originally Posted by Unregistered

The $3m net worth includes my primary home and the two rental properties. The $60k pa is from the rental properties and they are in fact yielding me more than 5% since I bought them earlier at a much lower price than their current market value. If I want to continuing staying in my current home, I have to be contented with the $60k pa. Taking public transport and eating simply in hawker centers should be ok for me. Life is tough. Just persevere.

Let's say your 2 condos are yielding 6% to be conservative. Then they are worth $1m in total. That means the condo you are staying in is worth $2m. For someone without a job, living in a $2m condo is consuming too much, when you could be renting it out for about $7-8K per month. Why don't you move into one of your cheaper condos, then rent out the $2m condo and you would have about double your current income. Just by staying in the current condo you are spending excessively given your position.

Mid 40s, In-House lawyer, NUS Grad. $550,000 pa. Consider myself very lucky.

I am 38 years old , locum GP, work 35 hrs per week, earn $160000 pa or about $13250 per month. Live in a landed terrace worth 2 million now and have 2 investment properties. A private condo in Singapore and a semi d in Malaysia. Hope to retire with passive income soon.