How much are you earning per annum?

Yes I am very happy to own my dream Altis. Huat ah!

The Fed may not raise interest rates this year. This is good news for car buyers who need to take car loan. Like that demand for cars and COE will go up and up.

The new normal for Cat A COE is between $65k - $75k.

So better buy now!

You shouldnt bump up your monthly income with your bonus. Bonus are not a permanent feature in the salary as they are dependent on both your performance and that of the company.

Assuming your $280k pa was because you had a good year and gotten half a year's bonus, then your monthly salary (without bonus) would be closer to $16k per month? Am I right?

$16k pm for a 38 yo is still good, dont worry, though certainly not among the league of those earning above $20k pm.

Originally Posted by Unregistered

I was earning about the same as you when I was 28. My wife also about the same as yours.

Rather than thinking about how you are doing now, what is important is how you progress your career, save hard and invest well in the coming years.

I am 38 now and my monthly income has grown to $21K ($280K per year incl bonus).

Our net worth has also increased from $200K to $3M over the last 10 years thanks to some good property and stock investments.

Originally Posted by Unregistered

You shouldnt bump up your monthly income with your bonus. Bonus are not a permanent feature in the salary as they are dependent on both your performance and that of the company.

Assuming your $280k pa was because you had a good year and gotten half a year's bonus, then your monthly salary (without bonus) would be closer to $16k per month? Am I right?

$16k pm for a 38 yo is still good, dont worry, though certainly not among the league of those earning above $20k pm.

$21K per month is my fixed component.

Lives in a 3 bedroom condo in the North region.
Drives a car to work, to send kids to school & to send wife to her office.
We live a typical middle class family of four. Our children go to neighbourhood schools.
Household income $140k pa. Savings $40k pa.
Condo latest valuation $900k. Loan left $200k. Paying by CPF.
Car loan left $30k.
Our household net worth (including home equity) is $1.2m.
Our assets are condo, cash and CPF savings. No stocks or other financial products.

Can any experts in this forum comment where we stand financially compared to our peers (we are 47/48 years old respectively)?

How can we prepare for our retirement at 65?

Originally Posted by Unregistered

Lives in a 3 bedroom condo in the North region.
Drives a car to work, to send kids to school & to send wife to her office.
We live a typical middle class family of four. Our children go to neighbourhood schools.
Household income $140k pa. Savings $40k pa.
Condo latest valuation $900k. Loan left $200k. Paying by CPF.
Car loan left $30k.
Our household net worth (including home equity) is $1.2m.
Our assets are condo, cash and CPF savings. No stocks or other financial products.

Can any experts in this forum comment where we stand financially compared to our peers (we are 47/48 years old respectively)?

How can we prepare for our retirement at 65?

IMO, your net worth is good given your HH income.
But to be honest, given your HH income, you may be living beyond your means. Let me explain. Your HH income places you around the 70th percentile of the population. Yet 85% of the people in singapore live in HDB? Also, cars can be a big waste of money although there is not enough info on your need for it eg perhaps your condo is too far away from MRT etc...

Originally Posted by Unregistered

Depends on:

1. how stable your jobs are
2. how much cash you have

1. finance industry. depends of economy i guess.
2. about combined 300k excluding cpf

Originally Posted by Unregistered

1. finance industry. depends of economy i guess.
2. about combined 300k excluding cpf

In that case, your jobs are not stable. Best is to buy a hdb resale flat and pay it in full. You can easily use your $300k cash and CPF to buy a 3 room resale flat paid in full. In this way, if you both lose your jobs, you still have a roof over your head. Many people working in the finance sector just live in hdb flats as their jobs are not secure. Today you could be happily earning $400k pa, the next day you could be jobless. This is the reality.

Originally Posted by Unregistered

In that case, your jobs are not stable. Best is to buy a hdb resale flat and pay it in full. You can easily use your $300k cash and CPF to buy a 3 room resale flat paid in full. In this way, if you both lose your jobs, you still have a roof over your head. Many people working in the finance sector just live in hdb flats as their jobs are not secure. Today you could be happily earning $400k pa, the next day you could be jobless. This is the reality.

very true about the uncertainty. only thing is miss the upside gains in pte property should it soar. but i think we can at least manage a 4rm hdb.. more future proofing?

Originally Posted by Unregistered

very true about the uncertainty. only thing is miss the upside gains in pte property should it soar. but i think we can at least manage a 4rm hdb.. more future proofing?

If you have the means to pay in full for a resale 4 room flat, then go ahead. As long as you are employed, save as much cash as possible. If you want to buy a new car, go for cars costing less than $100k and pay in full. Be debt free. You can sleep in peace.