How much are you earning per annum?

Grad couple 41 & 43. Annual combined $200k. Not too little but far from those super-earners here...

Been lucky with properties in the last 7 years...
1997: Bought first resale HDB 4-room at $385k
2002: Sold at $260k coz relocated overseas for work but returned sgp in 2007
2007: Bought first condo from developer at $700k+
2008: Sold condo for $900k+ (before TOP)
2008: Bought first landed inter-terrace at $1.08m
2010: Sold at $1.48m
2010: Bought next inter-terrace at $1.5m
2014: Still staying in it; current valuation $2.4m

Plan to continue working as long as possible.

Any advice for retirement planning?

Originally Posted by Unregistered

Sorry to hear about your situation, but don't despair. Here are some suggestions for you.

1. Your house is your asset. Keep it.
2. You can sell your car, you will save $2k pm.
3. You can drive a taxi, if you are hardworking, you can earn $5k pm. The taxi can be used for your family too.
4. Your kids are clever, tell them to give tuition to earn pocket money. For their uni education, they can get local scholarships.
5. Stop any wasteful and sinful expenses such as drinking, smoking, gambling.
6. When you retire, you can rent out your flat at $3k pm and retire in Chiang Mai, you can retire comfortably for $1k pm. You can save $2k pm.

Hope these ideas are useful.

Hi,

Thanks for the suggestions. However, don't think they can work for us.
1. Will only sell house and downgrade to a smaller unit only as a last resort because price not attractive, no point.
2. Car left with less than a year's useful life, will use it. Will not be able to afford another one after scrapping current.
3. Driving taxi not an option due to various reasons including health.
4. Kids though in top school are among the lower rung due to those from better financial background having loads of paid outside coaching. Family background really plays a big part in the advantages better students enjoy. Eg. those who can afford to stay near school save on travelling time, apart from professional coaching. Giving tuition for income? They already have not enough sleep with the heavy workload and CCA commitments. As for Uni scholarship, we are keeping my fingers crossed, also our wish.
5. No money spent on smoking, drinking or gambling except on 4D, Toto and Big sweep. As we feel more desperate, we spent more on these, hoping for a windfall.
6. Never thought of retiring overseas. That means living apart from children and family members. Really don't wish to.

Are you a M'sian? If not, it may not be so simple to retire there. I am looking at this option too and was looking at the MM2H (M'sia My 2nd Home) program.

Firstly, now only can buy property costing minimum RM1m.

Secondly must show monthly income of RM10,000 per person or RM20,000 for a couple to qualify. That is S$8k pm.

Thirdly, the cost of living in M'sia though lower than S'pore, still requires about S$3000 pm for a comfortable level of living for a couple. See this blog here by a M'sian living in S'pore :
://earlyretirementdiary.com/how-much-money-to-retire-in-malaysia/

Then there is the crime and culture difference to think about.

Is my info correct? Can anyone help to verify? Thanks.

Originally Posted by Unregistered

Sole breadwinner, 50. Income, $210k pa. Condo, $1.75m, paid up. Car, paid up.
Annual expenditure, $145k pa. Savings, $65k pa. Cash and CPF savings, $300k.

My retirement strategy is to sell my condo and buy a 3 room HDB flat, say costing $400k in 15 years time. I will have about $2.6m cash by then. Will invest in some investment giving me 4% dividend pa or $105k pa. This should be more than enough.

Or I could sell everything and convert to RM, can get RM8m. I can retire in KL or Penang like a rich Malaysian multi millionaire. Will let my wife decide.

Is your house paid up? What's your net worth?

Originally Posted by Unregistered

Grad couple 41 & 43. Annual combined $200k. Not too little but far from those super-earners here...

Been lucky with properties in the last 7 years...
1997: Bought first resale HDB 4-room at $385k
2002: Sold at $260k coz relocated overseas for work but returned sgp in 2007
2007: Bought first condo from developer at $700k+
2008: Sold condo for $900k+ (before TOP)
2008: Bought first landed inter-terrace at $1.08m
2010: Sold at $1.48m
2010: Bought next inter-terrace at $1.5m
2014: Still staying in it; current valuation $2.4m

Plan to continue working as long as possible.

Any advice for retirement planning?

You have health issues which makes you unable to work? Can share? What do you do at home everyday while your wife goes to work?

Originally Posted by Unregistered

Hi,

Thanks for the suggestions. However, don't think they can work for us.
1. Will only sell house and downgrade to a smaller unit only as a last resort because price not attractive, no point.
2. Car left with less than a year's useful life, will use it. Will not be able to afford another one after scrapping current.
3. Driving taxi not an option due to various reasons including health.
4. Kids though in top school are among the lower rung due to those from better financial background having loads of paid outside coaching. Family background really plays a big part in the advantages better students enjoy. Eg. those who can afford to stay near school save on travelling time, apart from professional coaching. Giving tuition for income? They already have not enough sleep with the heavy workload and CCA commitments. As for Uni scholarship, we are keeping my fingers crossed, also our wish.
5. No money spent on smoking, drinking or gambling except on 4D, Toto and Big sweep. As we feel more desperate, we spent more on these, hoping for a windfall.
6. Never thought of retiring overseas. That means living apart from children and family members. Really don't wish to.

47, 42, grad couple
Total income, $162k pa
Total expenses, $120k pa
Total savings, $42k pa

Assets:
1. Condo worth $1m, fully paid
2. Car, fully paid
3. Cash & CPF, $500k
Debt & liabilities: Nil

Goes for holidays twice a year.
Buy expensive gifts during special occasions.
Eat at restaurants once a week.

We are considered the average Singaporean family.
Are there any grad couples doing worse than us? Please share.

$42k pa savings quite ok. Assuming you can minimally maintain this level of savings till you reach the retirement age of 65, you will accumulate another $756k. Take away $256k for 2 more cars (each for 10years), you will have a net savings of $500k to add to what you have currently.

With $1m at age 65(not counting your property), you will need to exercise great prudence to stretch that for at least 25 years ie a draw down rate of $40k pa or roughly $3.5k pm.

Can you survive on that as a couple? If not then downgrading from the condo is a given.

Originally Posted by Unregistered

47, 42, grad couple
Total income, $162k pa
Total expenses, $120k pa
Total savings, $42k pa

Assets:
1. Condo worth $1m, fully paid
2. Car, fully paid
3. Cash & CPF, $500k
Debt & liabilities: Nil

Goes for holidays twice a year.
Buy expensive gifts during special occasions.
Eat at restaurants once a week.

We are considered the average Singaporean family.
Are there any grad couples doing worse than us? Please share.

how am I doing compared to my peers?

33 this year, grad from UOL. take home 97 grand, travel for biz 25-30% of the time, average 1-2 times per month. when not traveling can knock off on time 80% of the time

Originally Posted by Unregistered

47, 42, grad couple
Total income, $162k pa
Total expenses, $120k pa
Total savings, $42k pa

Assets:
1. Condo worth $1m, fully paid
2. Car, fully paid
3. Cash & CPF, $500k
Debt & liabilities: Nil

Goes for holidays twice a year.
Buy expensive gifts during special occasions.
Eat at restaurants once a week.

We are considered the average Singaporean family.
Are there any grad couples doing worse than us? Please share.

I would try to save more. I am 48, single income, earning 265k pa and my expenses is 96k pa. Holiday once a year, eat restaurant once a week. When I retire at 55, expenses of 66k pa will be sufficient.

Originally Posted by Unregistered

I would try to save more. I am 48, single income, earning 265k pa and my expenses is 96k pa. Holiday once a year, eat restaurant once a week. When I retire at 55, expenses of 66k pa will be sufficient.

Why are you not married and have children. Who is going to take care of you when you are old and senile? Have you got yourself registered in an old folks home?