How much are you earning per annum?

Originally Posted by Unregistered

Just got my keys to my JB semid house....now can retire or semiretire if we want to as can rent out our terrace and studio condo in Sg and live on passive income there of about S$3k or if we sell one or both Sg props, can have more.

Combined income now about S$18k a month so a bit of a pity to give that up. Mine S$10k to 15k a mth but spouse more unstable now about S$6k a mth.

Terrace valued at about 1.8 to 2 million. Outstanding mortgage $580k
Studio condo bought at 600k + . Loan 380k
JB semi d equity loan of 400k

Quite highly leveraged but my job is very stable as a locum GP so should be ok.

You are far away from being able to retire because the equity in your properties is only $1.24m, this is small by any standards. Your kids are small and it is not cheap to school them in an international school in JB. To drive them to school from JB to Spore is not feasible. Looks like you have to work for many years until your kids are married and then you can retire in JB.

Originally Posted by Unregistered

You are far away from being able to retire because the equity in your properties is only $1.24m, this is small by any standards. Your kids are small and it is not cheap to school them in an international school in JB. To drive them to school from JB to Spore is not feasible. Looks like you have to work for many years until your kids are married and then you can retire in JB.

I am 35 year old single.
Net worth is 35k cash in bank account.
3 room hdb (fully paid).
no other loans.
CPF - used most to pay for the house.

I earn 4k per month. Monthly expense is 2k. Hence, every month I save 2k.

My target: I want to have a total of 500k by 50 years.

At current rate and 35 year age - I save 2k per month.
When I turn 50, I would have saved 360k.
I fall short by 140k.

Can someone suggest how I can reach my target ?

Originally Posted by Unregistered

Mummy,

What happened to your plans to sell your terrace house and become a cosmetic surgeon?
Your plans keep changing. What's the latest plan?

Congrats that your hubby's income has grown from $2k pm to $6k pm. What is he doing now?

Not cosmetic surgeon lah, just aesthetics physician. Left that field as too litigatious for me, dun want to be embroiled in any lawsuit.

Hubby still in Sales. Found a new job last 2 months but dunno how long it can last.

Who r you btw?

Originally Posted by Unregistered

You are far away from being able to retire because the equity in your properties is only $1.24m, this is small by any standards. Your kids are small and it is not cheap to school them in an international school in JB. To drive them to school from JB to Spore is not feasible. Looks like you have to work for many years until your kids are married and then you can retire in JB.

We have some cash and cpf not mentioned yet. If we rent out both Sg props, can get $3k plus a mth after paying off mortgage. Dunno if sufficient, prefer S$5k a month which is achievable if we sell our Sg props and put in Malaysia fixed deposit now giving 3.9%. But a bit extreme to sell off everything so probably, work a few more years and try to pay off more mortgage.

I always give this advise to my younger colleagues - that they are their biggest asset. They should invest in themselves first while they are still young. Pick up more skills and qualifications to increase their worth to their company. With better skills they will be given more responsibilities with which comes better remuneration. Don't go for easy options.

Next thing is to spend less than you earn, and to invest your savings consistently. At 35 you are still young. If you are looking at retiring at 62, that is another 27 years to accumulate and grow your investments. So don't waste these precious years.

I started investing in shares from the first pay check, way back in early 1980s and I am still constantly adding stocks to my collection. Along the way I diversified to include property investment in my portfolio. And you know what? The biggest contribution to my wealth journey after all these years still comes from my pay! My passive income, though not insignificant (around $100k pa) can never replace my income.

You have already done quite well owning outright your first home. So push on!

Originally Posted by Unregistered

I am 35 year old single.
Net worth is 35k cash in bank account.
3 room hdb (fully paid).
no other loans.
CPF - used most to pay for the house.

I earn 4k per month. Monthly expense is 2k. Hence, every month I save 2k.

My target: I want to have a total of 500k by 50 years.

At current rate and 35 year age - I save 2k per month.
When I turn 50, I would have saved 360k.
I fall short by 140k.

Can someone suggest how I can reach my target ?

Please go and do proper research before giving advise like these.

To retire in M'sia (not as a in-and-out tourist) they have this Malaysia My 2nd Home program. The criteria to qualify for this program are different for those above 50 and those below 50.

Those below 50, the criteria are more stringent. You will need to put into M'sia a RM500K in liquid assets and proof of RM10k per month income (as in pension or some stable passive income)

Those above 50, the criteria are: liquid asset of RM350k, and proof of RM10K pm income.

On the other hand, if you want to be an in-and-out tourist, you will need a home to stay in S'pore. So think carefully.

Every country wants people with money not free-loaders.

Originally Posted by Unregistered

A better idea is to rent out the whole flat, can get $2500 pm. Then retire in Malaysia.

I make $9k pm, 48 yo.
Wife earns $8k pm, 47 yo.
Due to heavy commitment to support kids and parents (both sides), we save only $2k pm.
We live in a condo worth $1.2m, loan left $300k.
Our other assets include some stocks, CPF and cash.
Our total net worth is $2m.
How are we doing as a couple? Are we considered low performers?
Any suggestions how can we retire?

Income wise, I would say you are doing reasonably well, not among the top earners but definitely above average for your age group.

You didn't say how old your children are, but if they are in upper secondary now, you will probably need at least 7 - 9 years more to take care of them financially till they complete their uni studies. Uni fees can be substantial if done overseas! Currently it is around $50k a year for fees and lodging at US uni. Local uni fees is around $7k annually depending on course.

In your case, realistically you will have to work till 62 at the very least, because after seeing off your kids' study needs 7 - 9 years later, you will need a few more years to build up your nest egg for retirement sustenance.

At 48 / 49, how are your chances of promotion at work? You are probably aware that once you hit the big 50, promotion at work will be almost zero chance!

Originally Posted by Unregistered

I make $9k pm, 48 yo.
Wife earns $8k pm, 47 yo.
Due to heavy commitment to support kids and parents (both sides), we save only $2k pm.
We live in a condo worth $1.2m, loan left $300k.
Our other assets include some stocks, CPF and cash.
Our total net worth is $2m.
How are we doing as a couple? Are we considered low performers?
Any suggestions how can we retire?

Hey, that's some thinking in your post.

If the average couple have a paid up home and can work till 65, by and large they will be fine in retirement. There is the annuity life, and now the gahmen is expanding the lease buy back scheme to bigger flats to allow retirees to unlock the value of their flats for retirement sustenance.

For those who are thrifty, spending less than they earn, and invested their savings throughout their working life, they will reap further benefits from capital growth and dividends.

One thing I don't agree is expecting to get allowance from the children. The children will face increasing competition for jobs in an open and globalised world. Our neighbouring countries have many young, eager and increasingly better educated workers hungry and willing to work for less! Our children will probably earn less, have higher housing loans and have their own families to take care of.

The best gift we can give our children is to free them from the burden of having to take care of us financially in our retirement years!

Originally Posted by Unregistered

There are many in this forum who are rich millionaires with no problem retiring. For average guys like myself, we have few options.

Here's today's average typical guy circumstance when he and wife retire at 65:

1. Owns a HDB flat, 4 room, fully paid up.
2. Has the min sum in CPF SA. Today the amount is $155k. When he reach 65, he will get $1200 pm from CPF Life. Husband and wife has SA each so can get $2400 pm in total.
3. Investments in blue chip stocks worth $240k, giving dividend of $12k pa pr $1000 pm.
4. Two children who are working and giving allowance to him and wife.

So when he and wife retire, they can get passive income from:

1. Rent out two rooms of HDB flat, gets $600 per room or $1200 for both rooms, pm.
2. CPF Life payout of $2400 pm.
3. Dividends from blue chips $1000 pm.
4. Allowance from children $1000 pm.

In total, he and wife will get $5,600 pm or $67,200 pm. This is a comfortable passive income for the retired couple provided they don't drive, don't have a maid, don't gamble, don't drink, don't smoke and don't waste money on stupid things.

Conditions required for this to be possible:

1. The property market is not mismanaged with oversupply until it crashes and that will cause rental market to crash.
2. The flow of FTs must increase so that FTs can rent the rooms.
3. The stock market do not crash and cause dividends to crash.

Hi everyone,

- Husband and I are both in our early 60s.
- We both semi-retired in our mid 50s. We now do freelance work and take in about $10k per month, combined.
- My spouse's pension provides us with about $2k + per month.
- We own 4 private properties (including 1 landed house), all of which are rented out save for the condo we live in. All in all worth approx $10-11 million altogether. Outstanding loan is about $1 million. Rental income is about $15k per month.
- We also have about $2 million worth of property overseas, but we are thinking of selling this in the near future to pay off our debt, and also to have more savings for rainy days.
- 2 children, both in their 20s and working.
- Both recently bought new condos for which we are helping with the initial payment. Definitely intend for them to pay us back when they have to ability to.
- 1 modest japanese car, 8 years old. Not planning to get a new car anytime soon until the 10 year COE is up.
- Planning to FULLY retire in the next couple of years and simply enjoy the rest of my days.

I guess I am doing okay in today's society, where day to day life is getting more expensive. "Problem" now is that I want to help my children get a head-start in terms of an investment property, therefore my spouse and I cannot afford to retire yet, I think. I do see my children work very hard and also trying their best to save, and as a mum, I feel blessed that I can help them out financially at this point.