How much are you earning per annum?

Originally Posted by Unregistered

EC is the way to go. But cramped like hell.

ECs' locations cannot make it.

Originally Posted by Unregistered

ECs' locations cannot make it.

If you want to buy a condo, buy those next or near to an MRT station, near shoppping malls and near good schools. Even though they may be more expensive, they are worth it.

If your condo is not near an MRT station and you need a car, then you need to set aside $2000 pm for a car (instalment, petrol, tax, ERP charges, parking charges, insurance, repair, maintenance, etc).

In one year, you will spend $24,000. Over 30 years, you will spend $720k to own and use a car.

Originally Posted by Unregistered

3rm EC or 5rm BTO better Huh?
The EC costs about 300 K more ex also. Both locations not very accessible to train station.

BTO is almost always better. The subsidy from ah gong is more than that of EC.

If your income is above the cap, then no choice but to take EC if you still want a slight subsidy.

[deadbeat777]

Recebtly moved to SGP from India.

Network Consultant , 28 years old, 100k per annum.

Wife is a Business Development Manager, 28, 110k per annum.

I'm a retired millionaire who've worked very hard for many years. Long hours, frequent travels. It's good to finally stop my rat race. Made millions from my salary, bonuses and investment gains. Time to smell the roses. Also to take better care of my body. I was at a high risk of heart attacks and stroke had I continued my rat race.

Life now is so much more peaceful and serene. No more getting stuck in early morning traffic and late nights. Can spend a lot of time exercising in my condo gym and swimming pool. I can also do ad hoc projects and volunteer at charitable organisations which I choose.

Life is much more meaningful now. I've never been happier in my life. My passive income from my portfolio of investments gives me more than what my family's needs.

Choosing the right high paying career and being excellent in investments are key ingredients towards financial success and financial independence.

Originally Posted by Unregistered

I'm a retired millionaire who've worked very hard for many years. Long hours, frequent travels. It's good to finally stop my rat race. Made millions from my salary, bonuses and investment gains. Time to smell the roses. Also to take better care of my body. I was at a high risk of heart attacks and stroke had I continued my rat race.

Life now is so much more peaceful and serene. No more getting stuck in early morning traffic and late nights. Can spend a lot of time exercising in my condo gym and swimming pool. I can also do ad hoc projects and volunteer at charitable organisations which I choose.

Life is much more meaningful now. I've never been happier in my life. My passive income from my portfolio of investments gives me more than what my family's needs.

Choosing the right high paying career and being excellent in investments are key ingredients towards financial success and financial independence.

Which career were you in?

In today's difficult global economic environment, made worse by Brexit, we must be flexible. If you are a retrenched engineer in your 30s or 40s, married and has children to support and cannot find a new job, then you need to look at options which can at least give you some income. You can become an Uber or Grab driver using your own car. Better than a taxi driver as not many people will know.

If you are already in your 50s and you have no more dependents, you can consider retiring in neighboring countries like Malaysia or Thailand. You can rent out your fully paid HDB flat for $2500 pm. After you convert to RM, you get RM7500 pm. You can live in luxury. You can rent a 3 bedroom condo in KL for only RM1500 pm. If you want to retire in Thailand, you will get THB65,000 pm. That's a huge amount for a retired couple.

So, don't worry. As long as you have fully owned your HDB flat, you have a good asset to allow you to earn income and retire.

Originally Posted by Unregistered

Which career were you in?

Architect

10 chars

It is good that you have retired. Projects are getting fewer with more competition in the last two years. It will be worst moving forward. Architect life is tough. What age did you retire?

Originally Posted by Unregistered

Architect

10 chars

Had a lunch gathering with my kakis this afternoon at one of the many malls in Singapore. All of us are in our 50s (from 52 to 59) and still working. Some still have children in JCs while three have children who are already in the workforce.

The youngest in the group was 52 and he asked whether we had considered retirement since we were able to withdraw our CPF monies (OA & SA). Yes, we told him, but at our age, with our big loans paid off and children either finishing uni studies or already working, we find that life is getting less stressful, even at work. This coupled with the fact that we are seeing our savings rate accelerating make it less compelling to retire!

One in the group did a quick calculation to show what the 52 yo would forgo if he were to retire at 55:

Retire at 55
Last drawn annual salary - $200k
Annual savings - $80k

At 60 (5 years down the road)
Annual income forgone - $1m
Annual savings forgone - $400k

On top of this, besides forgoing the income, he would be digging into his savings from 55!

The gap just widens if he were to retire at 55 compared to us who are above 55 and still working.

He said he was trying very hard to bring his family expenses down to $7k pm from current $10k pm. At $7k pm, it will be $84k pa.

If he were to stop work at 55, he will need to sustain his $7k pm ($84k pa) lifestyle for 10 years till he can start receiving his CPF Life payout at 65. That 10 years (from 55 to 65) will require $84k x 10 = $840k! (Without factoring in inflation). So instead of building up his savings by $800k in 10 years if he continue working for 10 years, he would be drawing down his savings by $840k!

Upon hearing this, he said he is determined to work till 60.

We told him this was the way to go if we don't want to burden our children financially in our old age. Besides, with sufficient savings and an income we can continue to live in dignity as we aged.