How much are you earning per annum?

middle class married couple, 44 and 46 yo. 2 teenage children.
home is a 3 bedroom condo. condo is worth $1.2m, loan outstanding $200k.
use cpf to pay for our mortgage.
we earn an annual income of $190k pa. saves $50k pa.
we drive a one year old car, paid up.
overseas holidays twice a year.
our net worth in total $1.8m.

middle class married couple, 44 and 45 yo. 2 children.
home is a 3 bedroom condo. condo is worth $1.3m, fully paid up
Waiting to enter mkt to buy 2nd property
we earn an annual income of $400k pa.
just bought a new car with $75k COE, took min 1 yr loan to enjoy the discount
overseas holidays once a year

Originally Posted by Unregistered

middle class married couple, 44 and 45 yo. 2 children.
home is a 3 bedroom condo. condo is worth $1.3m, fully paid up
Waiting to enter mkt to buy 2nd property
we earn an annual income of $400k pa.
just bought a new car with $75k COE, took min 1 yr loan to enjoy the discount
overseas holidays once a year

How much do you save in total per year?
What's your combined net worth?

50, earning $148k pa. Saves $53k pa. Net worth $850k.
Wife, 48, earning $137k pa. Saves $59k pa. Net worth $750k.
Total income $285k pa. Total savings $112k pa. Total net worth $1.6m.
Condo $1m, paid up.
1.6L car, paid up.

Can any financial expert advise us when can we retire?
What do we need to do to prepare for retirement?
Thank you.

Looks like many rich millionaires (with assets) in Singapore. No wonder house & car prices won't come down in the near future. Huat ah!

LOL, I cannot tell you when and how you should retire because you didnt tell us what kind of lifestyle you desire to have in retirement.

However I can share with you what I know and how I am preparing for retirement.

First, I know what kind of lifestyle I want/desire in retirement.

1. A car for us to move around in comfort and privacy
2. A maid to take care of our household chores - cleaning, laundry and cooking (more important as we get older)
3. Attend live concerts and performances
4. Occasional travels
5. Hobbies like dancing, golf etc..

In short, I want an active retirement lifestyle.

For the above, I estimated we would need $8k per month or $96K pa.

To keep the calculation simple, lets ignore inflation.

1. Expenses for 1yr in retirement = $96K
2. Expenses for 5 yrs in retirement = $480k
3. Expenses for 10 yrs in retirement = $960K
4. Expenses for 15 yrs = $1.44M
5. Expenses for 20 yrs = $1.92M
6. Expenses for 25 yrs = $2.4M
7. Expenses for 30 yrs = $2.88M

The calculations showed that for the lifestyle we desired, we better work till we are at least 60, and save at least $2.88M for 30 years of retirement. This should not include the home we are staying in, so at least we can leave behind the home to our children when our time is up.

Originally Posted by Unregistered

50, earning $148k pa. Saves $53k pa. Net worth $850k.
Wife, 48, earning $137k pa. Saves $59k pa. Net worth $750k.
Total income $285k pa. Total savings $112k pa. Total net worth $1.6m.
Condo $1m, paid up.
1.6L car, paid up.

Can any financial expert advise us when can we retire?
What do we need to do to prepare for retirement?
Thank you.

Thanks for sharing your plans in detail. My plan is to retire at 65 in our condo so that we can also have an active retirement lifestyle. We envisage ourselves spending time in the condo pool, gym and tennis court. I will invite friends over to play tennis. I will not have a maid as we love cooking our own meals. The household chores for a retired couple should be manageable. As for car, we will stop driving when we retire as our condo is walking distance to an MRT station and a small shopping mall.

We plan to choose the CPF Life which gives the highest payout of $1750 pm for each person or $3500 pm as a couple. We reckon that we will need $5000 pm for our retirement so we are now $1500 pm short. One way is to save $450k to meet the shortfall assuming we will retire up to 90. Another way is to buy an investment to give us income of $1500 pm forever. Do you have any suggestions what kind of financial product I can buy to give me $1500 pm? Thank you.

Originally Posted by Unregistered

LOL, I cannot tell you when and how you should retire because you didnt tell us what kind of lifestyle you desire to have in retirement.

However I can share with you what I know and how I am preparing for retirement.

First, I know what kind of lifestyle I want/desire in retirement.

1. A car for us to move around in comfort and privacy
2. A maid to take care of our household chores - cleaning, laundry and cooking (more important as we get older)
3. Attend live concerts and performances
4. Occasional travels
5. Hobbies like dancing, golf etc..

In short, I want an active retirement lifestyle.

For the above, I estimated we would need $8k per month or $96K pa.

To keep the calculation simple, lets ignore inflation.

1. Expenses for 1yr in retirement = $96K
2. Expenses for 5 yrs in retirement = $480k
3. Expenses for 10 yrs in retirement = $960K
4. Expenses for 15 yrs = $1.44M
5. Expenses for 20 yrs = $1.92M
6. Expenses for 25 yrs = $2.4M
7. Expenses for 30 yrs = $2.88M

The calculations showed that for the lifestyle we desired, we better work till we are at least 60, and save at least $2.88M for 30 years of retirement. This should not include the home we are staying in, so at least we can leave behind the home to our children when our time is up.

Originally Posted by Unregistered

50, earning $148k pa. Saves $53k pa. Net worth $850k.
Wife, 48, earning $137k pa. Saves $59k pa. Net worth $750k.
Total income $285k pa. Total savings $112k pa. Total net worth $1.6m.
Condo $1m, paid up.
1.6L car, paid up.

Can any financial expert advise us when can we retire?
What do we need to do to prepare for retirement?
Thank you.

Very easy. Since you save $112k pa, by the time you retire at 65, you would have saved $1.68m cash ($112k x 15 years). Invest this in a 5% dividend yield portfolio and you get dividend income of $84k pa or $7k pm. You will also get $3.5k pm from your CPF Life. So your retirement income is $10.5k pm or $126k pa. You can have a very relaxing and worry free retirement.

Many people want to buy a NEW car to show off their success. Are you one of them and wondering how to get the 50% cash downpayment for a new car? Let me teach you how.

If you own a BTO flat which has reached MOP then you can sell it for a profit since you must have bought the flat very cheap 5 years ago. For instance if you bought your BTO flat at $200k 5 years ago and now can sell it for $450k. Let's say your remaining loan is $150k. Then after selling your flat at $450k, you have profit of $300k. With this profit, you can use $250k as downpayment to buy a resale flat at $450k and loan $200k for the new home mortgage. The balance $50k can be used as a 50% cash downpayment for a new $100k car.

Better still, use $100k cash to pay for the new car paid in full and use $200k for your new flat downpayment and loan $250k.

Our cheap BTO flat system is helping many people realise their dream to buy new cars. That is why demand for new cars and COE is very high. COE prices will continue to rise as more and more people benefit from the cheap BTO flats.

Originally Posted by Unregistered

Many people want to buy a NEW car to show off their success. Are you one of them and wondering how to get the 50% cash downpayment for a new car? Let me teach you how.

If you own a BTO flat which has reached MOP then you can sell it for a profit since you must have bought the flat very cheap 5 years ago. For instance if you bought your BTO flat at $200k 5 years ago and no w can sell it for $450k. Let's say your remaining loan is $150k. Then after selling your flat at $450k, you have profit of $300k. With this profit, you can use $250k as downpayment to buy a resale flat at $450k and loan $200k for the new home mortgage. The balance $50k can be used as a 50% cash downpayment for a new $100k car.

Better still, use $100k cash to pay for the new car paid in full and use $200k for your new flat downpayment and loan $250k.

Our cheap BTO flat system is helping many people realise their dream to buy new cars. That is why demand for new cars and COE is very high. COE prices will continue to rise as more and more people benefit from the cheap BTO flats.

Told you nicely already, don't understand, right? Fuc.k off from this thread