How much are you earning per annum?

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.

Since you've made a lot of money and not in good health, your decision to quit the corporate world is the right move. No point having so much wealth if you're sick or dead. Worse, if you're bed ridden. I wouldn't want to be the richest man in the graveyard. Hahaha.

Originally Posted by Unregistered

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.

So effectively you guys are asking him to trade in his last stash of his most valuable asset (time) for even more dough. He will get more dough when he reached 65 but by that time spending his dough is different from spending it when he was at 55. While you guys are at it, why don't you guys go for contract work and extend working to 75 to fortify further your retirement nest? By the time you are 75, I am sure you will have more cash than if you stopped work at 65 right?

Don't fall for that "time is the most valuable asset" mantra. Remember the other saying - "time is money".

Time is valuable if you have something important to do and given a time constraint to do it. If it's just to retire, sit at home and trade the stock market, and write to this forum, there is no need to retire to do these.

At our age (50++), having a job and keeping it is valuable too. Many in this age group are being retrenched, some quit because they couldn't take the stress anymore, so that's make keeping our jobs all the more important and sweet.

But that aside, there is the financial and self esteem aspect of having a job and salary.

It is a fact and irony that people who retire prematurely that are taking up contract work as and when the jobs are available, and those who work till 60/65 don't need contract work.

As for cash flow, some of the more senior ones in the group have sufficient passive income to cover our expenses.

Originally Posted by Unregistered

So effectively you guys are asking him to trade in his last stash of his most valuable asset (time) for even more dough. He will get more dough when he reached 65 but by that time spending his dough is different from spending it when he was at 55. While you guys are at it, why don't you guys go for contract work and extend working to 75 to fortify further your retirement nest? By the time you are 75, I am sure you will have more cash than if you stopped work at 65 right?

Originally Posted by M11

Hi Bro, I know you and you are preparing in case our Japanese boss start retrenching that is why you are started with side income. Also our basic salary is low and only depending on bonus for additional saving so must have side income. Glad that there is not much stress here compare to US/EU MNC. Yes, keep "tonging" and prepare for it as no golden handshake unlike other counterpart.

Stay healthy and relax well!

Hey bro

U sure you know me?
My coy basis not too bad, why u deem low?
Think you get the wrong guy

Originally Posted by Unregistered

Don't fall for that "time is the most valuable asset" mantra. Remember the other saying - "time is money".

Time is valuable if you have something important to do and given a time constraint to do it. If it's just to retire, sit at home and trade the stock market, and write to this forum, there is no need to retire to do these.

At our age (50++), having a job and keeping it is valuable too. Many in this age group are being retrenched, some quit because they couldn't take the stress anymore, so that's make keeping our jobs all the more important and sweet.

But that aside, there is the financial and self esteem aspect of having a job and salary.

It is a fact and irony that people who retire prematurely that are taking up contract work as and when the jobs are available, and those who work till 60/65 don't need contract work.

As for cash flow, some of the more senior ones in the group have sufficient passive income to cover our expenses.

Don't kid yourself. When you continue to work, the bulk of your time is given to the company. It is greed keeping you in. At the end of the day, ask yourself what you want from life? Have you got the time all this while to do what you love instead of adapting everything to your work schedule? And, it is not so good to derive your esteem from your work. Do your own mind and body a favour. Your are conforming too much to the norms of society. Rise above the level and you will realise time is of the essence. Take some time to reflect on this. Cheers!

You need to recognize its not a zero and one issue. There is a wide spectrum of life experience between being totally absorbed in your work and totally idling at home doing nothing.

If you are in a bad job, you should move on. If you are in good jobs, count your blessings and treasure it. We know our own circumstances best. No need to argue.

Life is a journey and it's about enjoying the journey. Having a job/working is part of that journey. If you don't enjoy that part of the journey, change path. Just because you don't enjoy that part of the journey, it doesn't mean others don't, and it certainly does not give you the right to tell others to change path.

I suppose you are still young, 20+? We are in our 50s, and we certainly know what it's important to us.

Time is valuable only if you spend it well. Time spent earning money to give yourself and your loved ones a comfortable and enriching life is time well spent! Time spent idling at home, wasting your life away is the greatest disservice you can do to yourself.

Worse if you retire prematurely and rely on your wife to take care of the family. Call me old fashioned if you want, but I think a man should shoulder this responsibility of taking care of the family.

Originally Posted by Unregistered

Don't kid yourself. When you continue to work, the bulk of your time is given to the company. It is greed keeping you in. At the end of the day, ask yourself what you want from life? Have you got the time all this while to do what you love instead of adapting everything to your work schedule? And, it is not so good to derive your esteem from your work. Do your own mind and body a favour. Your are conforming too much to the norms of society. Rise above the level and you will realise time is of the essence. Take some time to reflect on this. Cheers!

Just need some advice for a family having the following:

a. Husband (early 50s) and Wife (late 40s)
b. Household income ($400k)
c. 5 Private Properties (3 pay up and staying in one and 2 properties with housing loan of $1m) Rented properties have received passive income after deducting all expenses). All properties have capital appreciation of at least 60%).
d. Nett Asset Value (i.e. less liability) is about $7 million.
e. 2 Kids of mid teenagers.
f. Family insured with $2.8 mil.
g. Other investment ($1 mil)
h. Combined CPF: $550k
i. Cash: 500k
j. Husband is guaranteed a job for the next 17 years and in senior management now (not so stressful) and Wife is in permanent post but job more stressful.
k. No other liability as a 1.5year old car paid up in the first year.

They are working as they would like to pay off their remaining loan and seek for more passive income. Kids need less of our attention now as they have their own friends now.

When will be a good time for the husband and wife to retire?

1.

Originally Posted by Unregistered

You need to recognize its not a zero and one issue. There is a wide spectrum of life experience between being totally absorbed in your work and totally idling at home doing nothing.

If you are in a bad job, you should move on. If you are in good jobs, count your blessings and treasure it. We know our own circumstances best. No need to argue.

Life is a journey and it's about enjoying the journey. Having a job/working is part of that journey. If you don't enjoy that part of the journey, change path. Just because you don't enjoy that part of the journey, it doesn't mean others don't, and it certainly does not give you the right to tell others to change path.

I suppose you are still young, 20+? We are in our 50s, and we certainly know what it's important to us.

Time is valuable only if you spend it well. Time spent earning money to give yourself and your loved ones a comfortable and enriching life is time well spent! Time spent idling at home, wasting your life away is the greatest disservice you can do to yourself.

Worse if you retire prematurely and rely on your wife to take care of the family. Call me old fashioned if you want, but I think a man should shoulder this responsibility of taking care of the family.

Stop showing off

Originally Posted by Unregistered

Just need some advice for a family having the following:

a. Husband (early 50s) and Wife (late 40s)
b. Household income ($400k)
c. 5 Private Properties (3 pay up and staying in one and 2 properties with housing loan of $1m) Rented properties have received passive income after deducting all expenses). All properties have capital appreciation of at least 60%).
d. Nett Asset Value (i.e. less liability) is about $7 million.
e. 2 Kids of mid teenagers.
f. Family insured with $2.8 mil.
g. Other investment ($1 mil)
h. Combined CPF: $550k
i. Cash: 500k
j. Husband is guaranteed a job for the next 17 years and in senior management now (not so stressful) and Wife is in permanent post but job more stressful.
k. No other liability as a 1.5year old car paid up in the first year.

They are working as they would like to pay off their remaining loan and seek for more passive income. Kids need less of our attention now as they have their own friends now.

When will be a good time for the husband and wife to retire?

1.

Wow, so you know who I am. The networth estimation is quite close, but you are a bit off on our ages though. We are older.

Originally Posted by Unregistered

Just need some advice for a family having the following:

a. Husband (early 50s) and Wife (late 40s)
b. Household income ($400k)
c. 5 Private Properties (3 pay up and staying in one and 2 properties with housing loan of $1m) Rented properties have received passive income after deducting all expenses). All properties have capital appreciation of at least 60%).
d. Nett Asset Value (i.e. less liability) is about $7 million.
e. 2 Kids of mid teenagers.
f. Family insured with $2.8 mil.
g. Other investment ($1 mil)
h. Combined CPF: $550k
i. Cash: 500k
j. Husband is guaranteed a job for the next 17 years and in senior management now (not so stressful) and Wife is in permanent post but job more stressful.
k. No other liability as a 1.5year old car paid up in the first year.

They are working as they would like to pay off their remaining loan and seek for more passive income. Kids need less of our attention now as they have their own friends now.

When will be a good time for the husband and wife to retire?

1.

Originally Posted by Unregistered

Don't fall for that "time is the most valuable asset" mantra. Remember the other saying - "time is money".

Time is valuable if you have something important to do and given a time constraint to do it. If it's just to retire, sit at home and trade the stock market, and write to this forum, there is no need to retire to do these.

At our age (50++), having a job and keeping it is valuable too. Many in this age group are being retrenched, some quit because they couldn't take the stress anymore, so that's make keeping our jobs all the more important and sweet.

But that aside, there is the financial and self esteem aspect of having a job and salary.

It is a fact and irony that people who retire prematurely that are taking up contract work as and when the jobs are available, and those who work till 60/65 don't need contract work.

As for cash flow, some of the more senior ones in the group have sufficient passive income to cover our expenses.

Best is to retire at 55. Then go on a slower pace, teach private tuition around 10 hrs a week, this can get you around 3 to 4K per month.