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01-01-2014, 08:11 PM
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45, 43, year old married couple with teenage children. Annual income in total $148k pa. Home is a new condo, fully paid up. We own a conti car, fully paid up. Cash and CPF savings $1.5m. We hope to save $30k per year for the next 25 years, hence our total savings will reach about $2.25m when we reach 65. By then our total net worth should be about $4m, including the condo. When we retire, we will sell our condo and buy a cheap one bedder condo. We will retire with the rest of our savings, maybe by buying annuities.
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01-01-2014, 08:44 PM
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Quote:
Originally Posted by Unregistered
45, 43, year old married couple with teenage children. Annual income in total $148k pa. Home is a new condo, fully paid up. We own a conti car, fully paid up. Cash and CPF savings $1.5m. We hope to save $30k per year for the next 25 years, hence our total savings will reach about $2.25m when we reach 65. By then our total net worth should be about $4m, including the condo. When we retire, we will sell our condo and buy a cheap one bedder condo. We will retire with the rest of our savings, maybe by buying annuities.
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Your combined pay is quite modest, so how did you pay off your condo, conti car and have south savings?
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01-01-2014, 08:55 PM
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I mean "so much", not "south".
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02-01-2014, 01:12 AM
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wad hebcemb
Quote:
Originally Posted by Unregistered
Your combined pay is quite modest, so how did you pay off your condo, conti car and have south savings?
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Exactly, income is above average however please share with us on your management of personal financial to achieve such a good result.
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02-01-2014, 01:14 AM
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Quote:
Originally Posted by Unregistered
34 yr old male degree holder from local uni.
earn 75k (include all bonusess and allowances)
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What job? Industry? Single married?
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02-01-2014, 01:24 AM
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Quote:
Originally Posted by Unregistered
I'm not that poster. As I'm also curious, I did some googling. Here's what I found.
From page 9 of this link:
http://www.singstat.gov.sg/Publicati...ure/pp-s19.pdf
The average of the top 10% households is $11,552. It is the monthly income per household member.
I can't find the average number for no. of household members, but I'm guessing it's around 3.
So 30k/mth is about right.
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Household income includes bonus so should be factual.. investment yield 100k p.a. need 2mil with avg of 5%.. this is questionable. . Lastly if so many ppl are like the posters in this forum, why people complain abt govt?
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02-01-2014, 06:44 AM
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Quote:
Originally Posted by Unregistered
Household income includes bonus so should be factual.. investment yield 100k p.a. need 2mil with avg of 5%.. this is questionable. . Lastly if so many ppl are like the posters in this forum, why people complain abt govt?
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This forum is not representative of the general population. The typical uncle sitting in the coffeeshop probably visits Singapore pools and other entertainment sites if they even know about the Internet.
Further, it's usually successful people who like to show off - survivorship bias. But once in a while we do see the "average" people posting about their income and retirement plans.
And with just few millions of net worth (<5m), life is pretty much very middle class. You still get to face all the problems that the commoners face - crowded transport, jammed roads, packed malls, stresses from kids' education, etc.
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02-01-2014, 08:51 AM
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My wife, 46, is an average wife, and I, 43, am your average HDB guy. Our income in total is only $90k per year. We live in a 3 room HDB flat, which we bought direct from HDB. We still have a bit more of mortgage left to pay. We cannot afford a car with our average income. When we retire we hope our CPF Life would be enough to give us monthly income. Or else I will need to drive a taxi when I retire at 62.
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02-01-2014, 01:26 PM
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Bank IT Developer
27yo
70k basic salary
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02-01-2014, 05:04 PM
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Quote:
Originally Posted by Unregistered
45, 43, year old married couple with teenage children. Annual income in total $148k pa. Home is a new condo, fully paid up. We own a conti car, fully paid up. Cash and CPF savings $1.5m. We hope to save $30k per year for the next 25 years, hence our total savings will reach about $2.25m when we reach 65. By then our total net worth should be about $4m, including the condo. When we retire, we will sell our condo and buy a cheap one bedder condo. We will retire with the rest of our savings, maybe by buying annuities.
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hahahah another tua kang!
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