How much are you earning per annum?

To retire at 60 is not an ambition.

Originally Posted by Unregistered

Married, middle class couple in our forties, with a total income of $161,000 pa. Owns a 3 bedroom condominium unit, worth $1m, with a small mortgage outstanding. Our car is paid up in full cash. We save $35,000 pa.

Our ambition is to retire at 60 after our children get married and move to their own HDB flat. We will use our cash savings for our retirement expenses from age 60 to 65.

At 65, we will get our CPF Life of $3,800 pm in total. We will use our cash savings to buy annuities to give us $1,200 pm. Our two children will give us $1,000 pm in total ($500 pm from each of them). In total our passive income is expected to be $6,000 pm or $72,000 pa.

Well thought out plan. Asking each of your children to contribute $500 pm is too low. You can ask for more. Good that you can retire in your condo.

Originally Posted by Unregistered

Married, middle class couple in our forties, with a total income of $161,000 pa. Owns a 3 bedroom condominium unit, worth $1m, with a small mortgage outstanding. Our car is paid up in full cash. We save $35,000 pa.

Our ambition is to retire at 60 after our children get married and move to their own HDB flat. We will use our cash savings for our retirement expenses from age 60 to 65.

At 65, we will get our CPF Life of $3,800 pm in total. We will use our cash savings to buy annuities to give us $1,200 pm. Our two children will give us $1,000 pm in total ($500 pm from each of them). In total our passive income is expected to be $6,000 pm or $72,000 pa.

Originally Posted by Unregistered

Married, middle class couple in our forties, with a total income of $161,000 pa. Owns a 3 bedroom condominium unit, worth $1m, with a small mortgage outstanding. Our car is paid up in full cash. We save $35,000 pa.

Our ambition is to retire at 60 after our children get married and move to their own HDB flat. We will use our cash savings for our retirement expenses from age 60 to 65.

At 65, we will get our CPF Life of $3,800 pm in total. We will use our cash savings to buy annuities to give us $1,200 pm. Our two children will give us $1,000 pm in total ($500 pm from each of them). In total our passive income is expected to be $6,000 pm or $72,000 pa.

I'm sorry, you are not middle class. A total income of 161,000pa is at best in between low and middle class.

Your 3BR condo will be worth 800k by the time you are retiring, as it is most likely a 99-year leasehold (going by the 1m worth). Your car will obviously be long gone.

CPF Life of 3,800pm in total means both of you have barely hit the FRS. That is really the minimum of minimum sums.

I saw many others were scolded papaya so I shall refrain from sharing too many details, lest I be scolded too. Suffice to say that we have a 6-digit combined income starting with 3, 2 condos (living in freehold and renting out leasehold, currently 94 years lease left), a basic 100k car, and 2 x ERS. We consider ourselves middle class.

Originally Posted by Unregistered

I'm sorry, you are not middle class. A total income of 161,000pa is at best in between low and middle class.

Your 3BR condo will be worth 800k by the time you are retiring, as it is most likely a 99-year leasehold (going by the 1m worth). Your car will obviously be long gone.

CPF Life of 3,800pm in total means both of you have barely hit the FRS. That is really the minimum of minimum sums.

I saw many others were scolded papaya so I shall refrain from sharing too many details, lest I be scolded too. Suffice to say that we have a 6-digit combined income starting with 3, 2 condos (living in freehold and renting out leasehold, currently 94 years lease left), a basic 100k car, and 2 x ERS. We consider ourselves middle class.

KNN another Ya Ya Papaya poster

Originally Posted by Unregistered

I'm sorry, you are not middle class. A total income of 161,000pa is at best in between low and middle class.

Your 3BR condo will be worth 800k by the time you are retiring, as it is most likely a 99-year leasehold (going by the 1m worth). Your car will obviously be long gone.

CPF Life of 3,800pm in total means both of you have barely hit the FRS. That is really the minimum of minimum sums.

I saw many others were scolded papaya so I shall refrain from sharing too many details, lest I be scolded too. Suffice to say that we have a 6-digit combined income starting with 3, 2 condos (living in freehold and renting out leasehold, currently 94 years lease left), a basic 100k car, and 2 x ERS. We consider ourselves middle class.

You are also a ya ya papaya. You are lower than low class.

You are actually an UPPER MIDDLE CLASS couple. The median household income in Singapore is about $100k pa. 80% of the population lives in public housing (HDB flats). Since you live in a condo and earn more than $100k pa, you are clearly in the UPPER MIDDLE INCOME group. Only 15% of the population lives in condos.

Originally Posted by Unregistered

Married, middle class couple in our forties, with a total income of $161,000 pa. Owns a 3 bedroom condominium unit, worth $1m, with a small mortgage outstanding. Our car is paid up in full cash. We save $35,000 pa.

Our ambition is to retire at 60 after our children get married and move to their own HDB flat. We will use our cash savings for our retirement expenses from age 60 to 65.

At 65, we will get our CPF Life of $3,800 pm in total. We will use our cash savings to buy annuities to give us $1,200 pm. Our two children will give us $1,000 pm in total ($500 pm from each of them). In total our passive income is expected to be $6,000 pm or $72,000 pa.

Bunch of jokers arguing what social class they belong to.

People in Singapore are too free!

Nah, just becos of two or three posters (jokers) here, you can't taint the rest of the population with the same stroke.

Just couldn't understand why that guy with HH income of $160k, wanted so badly to considered as upper middle income. It doesn't mean a thing once he is retired becos he will have to downgrade to a small HDB, go without a car and live very simply in order not to outlive his low savings.

At his age, people should be saving 50% or more of their annual income!

Originally Posted by Unregistered

Bunch of jokers arguing what social class they belong to.

People in Singapore are too free!

To the guy who earn 161k PA.
Your plan is well thought out but u sure everything will work out swee swee for you? You seem too assured that you will realise all that you have planned.

There won't be retrenchment to you and your wife?
No illness especially when one get old?
Your kids sure to give you 500 per month and not waiting for you to give them allowance coz they can't get any decent job?

161k is not alot but ok for average singaporean.
I in my early 40s too
I wish you well

Originally Posted by Unregistered

You are actually an UPPER MIDDLE CLASS couple. The median household income in Singapore is about $100k pa. 80% of the population lives in public housing (HDB flats). Since you live in a condo and earn more than $100k pa, you are clearly in the UPPER MIDDLE INCOME group. Only 15% of the population lives in condos.

Thanks for pointing this out. We didn't know we are in the upper middle class group. We just know we are in the middle class group. We feel blessed and fortunate to know we are in the upper middle class.