How much are you earning per annum?

You need to add

1. Groceries
2. Health insurance and protection
3. Condo maintenance
4. Parents allowance (at least 20% of annual HH income)
5. Higher amount for holidays. I spend at least $5000 pa for a family of four
6. Kids tuition and enrichment

Originally Posted by Unregistered

This forms the basic expenses for a family. Adding some extras, you will get the monthly expenses of a upper middle class family.

$500 - maid salary
$245 - maid levy
$100 - car insurance (x2 if got 2 cars)
$100 - car road tax (x2 if got 2 cars)
$350 - petrol (+$150 if got 2 cars)
$100 - car maintenance (x2 if got 2 cars)
$1000 - overseas holiday
$500 - restaurant meals
$2500 - monthly income tax payment
$3000 - 2nd condo mortgage monthly payment

What this shows is how much an upper middle income family can save by downgrading its lifestyle. The thing is it would be a very difficult adjustment. But when one is above 70, this will be easier. What you guys think?

Dear sir, thank you for taking your precious time to pen your valuable reply. You have given us assurance that we are on the right track towards a wonderful retirement. If only there are more kind people like you who helps other in giving good advice.

Originally Posted by Unregistered

Overall, you have done well as you own BOTH a condo and a car which are the most desired things in Singapore. Your achievement puts you among the top 10% - 15% of the population in terms of net worth and social status.

As for retirement, you are on the right path. First, by the time you reach 65, your condo would be paid up. Second you would save $680k. Third you and wife will have your CPF Life and you can choose the enhanced option to give you each $1750 pm.

Since you have paid up your condo, you need not pay any rent or mortgage and that saves a lot. Your CPF will be $3500 pm and with $680k, you can invest in 5% dividend yield stocks to give you income of $34k pa or $2833 pm. Your kids will give you $1000 pm and if you have two kids, you get $2000 pm. In total your passive income is $8333 pm. This is more than enough.

In summary, if you want to retire well, you must have 5 Cs:

1. Condo - Retire in style to enjoy the facilities and nice landscaping.
2. CPF Life - to give you monthly payouts
3. Children - to give you money every month
4. Cash - to buy dividend stocks
5. Control - dont overspend and do not engage in gambling, smoking, drinking, womanising, etc.

Originally Posted by Unregistered

You need to add

1. Groceries
2. Health insurance and protection
3. Condo maintenance
4. Parents allowance (at least 20% of annual HH income)
5. Higher amount for holidays. I spend at least $5000 pa for a family of four
6. Kids tuition and enrichment

Just to correct you on the holidays.
The expenses were monthly, hence holidays at $12k pa. Many middle income families now take 2 holidays a year and can spend more. Hence your $5k is minimal actually, just sufficient for short trips in Asia.

Originally Posted by Unregistered

Dear sir, thank you for taking your precious time to pen your valuable reply. You have given us assurance that we are on the right track towards a wonderful retirement. If only there are more kind people like you who helps other in giving good advice.

I have nothing but just sadness at your loneliness, that you have to frequently self indulge entertainment on this platform. Do seek help for yourself soon. Don't waste your time here. Seriously.

Lol, I'd rather he spend his time here writing to, and answering himself here than going around harming himself or other people.

It is mental illness, just not sure how severe it is...

Originally Posted by Unregistered

I have nothing but just sadness at your loneliness, that you have to frequently self indulge entertainment on this platform. Do seek help for yourself soon. Don't waste your time here. Seriously.

Net worth 4.1M, stay in condo and drive 2l jap car. Last year total pay 410k.

Originally Posted by Unregistered

Are you saying your combined (you and wife) take home salary is $3000?

If so, how much is your gross monthly salary and how much is hers?

How old are you both?

Wife is not working.
I'm 32 she is 29.

Family of 4-5, high end condo, 2 investment properties, annual income 1m, net worth 10m

$1000 - maid
$2000 - car x 2 (no loan)
$5000 - travel 3-4 times per year
$2000 - donations
$5000 - gift to parents (who are financially independent)
$2000 - dining outside
$2000 - household groceries, utilities etc
$6000 - private bank fees + revolving/housing loans interest
$5000 - clothing & luxury items (watch, jewelry etc)
$2000 - children education
$2000 - misc items

Total 34k or about 408k per month. Save about 400k after tax.

Originally Posted by Unregistered

This forms the basic expenses for a family. Adding some extras, you will get the monthly expenses of a upper middle class family.

$500 - maid salary
$245 - maid levy
$100 - car insurance (x2 if got 2 cars)
$100 - car road tax (x2 if got 2 cars)
$350 - petrol (+$150 if got 2 cars)
$100 - car maintenance (x2 if got 2 cars)
$1000 - overseas holiday
$500 - restaurant meals
$2500 - monthly income tax payment
$3000 - 2nd condo mortgage monthly payment

What this shows is how much an upper middle income family can save by downgrading its lifestyle. The thing is it would be a very difficult adjustment. But when one is above 70, this will be easier. What you guys think?

Originally Posted by Unregistered

You need to add

1. Groceries
2. Health insurance and protection
3. Condo maintenance
4. Parents allowance (at least 20% of annual HH income)
5. Higher amount for holidays. I spend at least $5000 pa for a family of four
6. Kids tuition and enrichment

And shopping, and upgrading of digital devices....Coz upper middle comfortable (nearly luxurious) lifestyle mah
My frivolous shopping (for clothes, shoes, etc) can range from $500 on a good month to a few K when the spouse buys bags.
Upgrade phone and tablet every year, at least $500 per person

I earn $5600 pm, wife earns $5000 pm. We are both 46 yo.
Bought a condo worth $1m, fully paid up. Sold our flat for $650k.
Use sales proceeds and savings to pay in full.
Bought a new car, paid up.
We are just your typical middle income family.
We lead a frugal, humble life.