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How much are you earning per annum?

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  #4811 (permalink)  
Old 08-07-2014, 10:41 AM
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congrats on your good timing to upgrade.

what you can do at 60 is to buy the HDB studio unit for the elderly which only costs $70k for a 30 year lease. since you are 60 by then, the lease should be long enough. you then sell your condo and invest in high dividend yield stocks.

if your condo is worth say $1.6m by the time you are 60 and maybe plus your cash savings of maybe $400k, you have $2m. with a 5% dividend yield, you will get $100k pa. on top of that with the cpf life you will get another $28k pa (based on current payout) at 65. so you will get $128k pa for your retirement.

so don't worry, you are in good shape. to keep you busy, you should do lots of charity work in helping the poor, needy, destitute, disabled and orphans. do not be a selfish soul.


Quote:
Originally Posted by Unregistered View Post
My wife, 46, earns $8k pm while I, 43, earns $7k pm. We upgraded from a flat to a condo in 2009 during the crisis, we sold our centrally located flat for $600k and bought the condo for $800k (fire sale). Now our condo is valued at $1.3m. Our loan now is left with $50k.

We bought a car in 2005 and will soon expire in 2015, we will no longer be driving since our chidlren are now in JCs.

Our savings now, including our cpf, is $450k and our net worth is $1.7m. We don't own any stocks or other investments.

Can any experts here advise us how we can prepare for retirement? We plan to retire at 60. Thanks in advance.

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  #4812 (permalink)  
Old 08-07-2014, 09:07 PM
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Quote:
Originally Posted by Unregistered View Post
What type of jobs are you in to earn so much at a young age?
We are the same age 31/29 working in bank front and middle office but earning only half $120k pa combined.
I am working in a bank as well, non-front office role and am getting 120K (+ bonus) per annum. My firm is a foreign investment bank. Currently 29 years old.

Are you working in a retail/investment/private bank? I think that will greatly distinguish your income and that may explain why the previous poster is earning double your salary. Also, salary also greatly varies between big-cap banks and local banks.

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  #4813 (permalink)  
Old 08-07-2014, 09:38 PM
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Quote:
Originally Posted by Unregistered View Post
My salary is 400k pa (wife housewife)
Drives a Mercedes fully paid
Lives in landed market value 3.5m
Housing loan 2m
Cash 1m
Cpf 45k

Net worth 2.5m approx
My age is 40 and my wife is 37

Seems that no one is interested in my post. I do have a follow up comment or question. What should I do with my cash? Shall I use it to pay off my landed housing loan? My loan repayment per month is 6k and my income per month is 33k after CPF contribution. My wife makes me save $20k per month. Mostly we have. However when I buy my watches and my wife her Hermes stuff on random months, then we would save only 6k -10k that month. My taxes alone are 4k per month.

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  #4814 (permalink)  
Old 08-07-2014, 10:09 PM
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Quote:
Originally Posted by Unregistered View Post
Seems that no one is interested in my post. I do have a follow up comment or question. What should I do with my cash? Shall I use it to pay off my landed housing loan? My loan repayment per month is 6k and my income per month is 33k after CPF contribution. My wife makes me save $20k per month. Mostly we have. However when I buy my watches and my wife her Hermes stuff on random months, then we would save only 6k -10k that month. My taxes alone are 4k per month.
ok, i answer. u must have a very small dick cos u are so insecure and need people to praise you.

if you earn that much you should be at least C-Level. i pity your company cos they have an incompetent senior executive who doesn't even know what to do with your money.

if it is your own business then i'm surprised why you haven't run it to the ground yet with your zero vision.

or are you some money launderer for a military juanta??


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  #4815 (permalink)  
Old 08-07-2014, 10:19 PM
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Quote:
Originally Posted by Unregistered View Post
ok, i answer. u must have a very small dick cos u are so insecure and need people to praise you.

if you earn that much you should be at least C-Level. i pity your company cos they have an incompetent senior executive who doesn't even know what to do with your money.

if it is your own business then i'm surprised why you haven't run it to the ground yet with your zero vision.

or are you some money launderer for a military juanta??

Oh my goodness. I am a law professional working at a big offshore firm. What's with small dicks and other slurs? The c levels I know (my clients) earn a bit more but have way more assets than I do due to their shareholdings in their listed companies. I think my pay is ok but my assets can be improved on. I think there's nothing wrong asking others here for their insights. What's YOUR problem?!
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  #4816 (permalink)  
Old 08-07-2014, 10:29 PM
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We are not high flyer couple, we only get 120k pa combined.
We live in a HDB flat. We own a small used car.
We are already 50 years of age.
Our net worth is only 800k in total.
How do we plan for retirement?
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  #4817 (permalink)  
Old 08-07-2014, 10:34 PM
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Quote:
Originally Posted by Unregistered View Post
ok, i answer. u must have a very small dick cos u are so insecure and need people to praise you.

if you earn that much you should be at least C-Level. i pity your company cos they have an incompetent senior executive who doesn't even know what to do with your money.

if it is your own business then i'm surprised why you haven't run it to the ground yet with your zero vision.

or are you some money launderer for a military juanta??
I want to add that it's quite sad how some people think, like the person above. I think I have earned my keep, all 400k of it. Every cent. I study very hard and stayed in school for many more years than those my age, just to qualify as a lawyer. I did the long hours (more than 2000 hours every year of chargeable time) and long nights at the printers before I was promoted to my level today and make 400k. No I'm not partner. There are therefore others who made more than I do.


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  #4818 (permalink)  
Old 09-07-2014, 12:16 AM
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Quote:
Originally Posted by Unregistered View Post
Seems that no one is interested in my post. I do have a follow up comment or question. What should I do with my cash? Shall I use it to pay off my landed housing loan? My loan repayment per month is 6k and my income per month is 33k after CPF contribution. My wife makes me save $20k per month. Mostly we have. However when I buy my watches and my wife her Hermes stuff on random months, then we would save only 6k -10k that month. My taxes alone are 4k per month.

I wouldn't say no one is interested in your post, but you didn't specify any questions to begin with although this changes things.

To put simply what you do with your cash is really down to your own investment knowledge. For me I would put it into property, some would say stocks etc But if you're the type who doesn't have the stomach for risk paying off your loan is not a bad idea. If you think you do have the appetite then do some research play around in stocks with say 100K and find out whats your risk appetite like? I lost more than 100K on stocks so I know that's not my cuppa tea.

That said given your earning power 33K your net-worth is actually on the lower side, I would take the opportunity invest given your situation. To give you some idea I am 35 and I have made 1.5M from investing on properties over 8 yrs and I make 8K a month on average (p.s 1.5 M is not my net-worth that's just money earned on properties.), I am waiting for the market to pop before going in again. I am not saying you should jump into property but given your earning power you could be doing much more.

Also your CPF is on the lower end, so either your 6K loan repayment doesn't include the amount taken from your CPF or you made a very large payment on the property from your CPF. I suspects its both.

If I sum up from the limited data you given you seem like a very risk adverse person. Otherwise you would have not paid up the car loan, your housing loan is probably left with 20 odd years or so? I would suggest you pay off your loan instead of mucking about, not only because your home is non income generating but seems its the approach you would be most comfortable with. But you decide whats best.
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  #4819 (permalink)  
Old 09-07-2014, 06:10 AM
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Quote:
Originally Posted by Unregistered View Post
Oh my goodness. I am a law professional working at a big offshore firm. What's with small dicks and other slurs? The c levels I know (my clients) earn a bit more but have way more assets than I do due to their shareholdings in their listed companies. I think my pay is ok but my assets can be improved on. I think there's nothing wrong asking others here for their insights. What's YOUR problem?!
Bro, get used to the wild wild west of Internet forums. Anyway, back to your question. One option to put your cash into a second property. If you are ok with ABSD, there are some bargains to be found in this market. Otherwise pick up a commercial property and rent it out.
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  #4820 (permalink)  
Old 09-07-2014, 06:21 AM
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Quote:
Originally Posted by nasi lemak View Post
Good to be debt free. Don't be hypocrite though
Although this is achievable for a substantial number of people, an even larger number of the population can never reach this. So it is not typical. Count your blessings and don't keep telling people you are average. Saying that is very disrespectful of others who are really average income and struggling to keep up with rising costs each year.
I think it is ok for the poster to label himself "average" and I feel it reflects a certain degree of humility rather than hypocrisy. Feeling average is also very subjective depending on our own social circle. Let us give one another a break and accept all manners of presenting their financial situations.
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