How much are you earning per annum?

Ditto

10chars

Realistic target. 55 is the ideal age to retire if you are financially ready.

Originally Posted by Unregistered

makes $150k pa in total, both combined
home is a three bedroom condominium unit, well renovated and furnished
owns a car
debt free

we plan to retire in ten years time at 55
we will retire in our current condominium home
our savings and passive income will fund our retirement from 55 to 65
our passive income from investments and CPF Life will fund our retirement from 65 onwards

our retirement activities

1. travel the world during non peak seasons
2. exercise regularly in the condominium gym, pool, and tennis court
3. spend more time with extended family members and retired friends
4. do volunteer work at charities to help the needy
5. learn to cook new dishes
6. do lots of reading
7. exercise by doing own household chores
8. manage our investments. attend AGMs.

there's so much to do in retirement. looking forward to our retirement.

we will work hard until we retire at 55.

Originally Posted by Unregistered

makes $150k pa in total, both combined
home is a three bedroom condominium unit, well renovated and furnished
owns a car
debt free

we plan to retire in ten years time at 55
we will retire in our current condominium home
our savings and passive income will fund our retirement from 55 to 65
our passive income from investments and CPF Life will fund our retirement from 65 onwards

Another csb spotted.

1) 45 yo couple (assuming you and spouse are same age) HH income at 150kpa can finish 3br condo loan? Kidding who?
You go look At the SRPI. Assuming yours is 99LH 1200sf (in 2006, the size of 3 bedders is at 1200sf) condo on the outskirts 10 yo the purchase price would have been (in 2006 - I am being kind because 2006 was the bottom of the cycle) about $720k ($600 psf). Working backwards with an annual increment of 4%, your HH income would have been only $100k a year at 35 yo. If you took an 80% loan, your loan would have been $576k. If we use a tdsr benchmark of 60%, your total loan repayment for BOTH condo and car would have been capped at $60k a year.

The average car loan repayment quantum per month is about $1000 translating to $12k a year. That leaves you with $48k pa for your mortgage repayment. 10 years of $48k (WITHOUT even considering interest) is only $480k. You will still have at least $100k of loan left and that is without even considering interest!

Originally Posted by Unregistered

Another csb spotted.

1) 45 yo couple (assuming you and spouse are same age) HH income at 150kpa can finish 3br condo loan? Kidding who?
You go look At the SRPI. Assuming yours is 99LH 1200sf (in 2006, the size of 3 bedders is at 1200sf) condo on the outskirts 10 yo the purchase price would have been (in 2006 - I am being kind because 2006 was the bottom of the cycle) about $720k ($600 psf). Working backwards with an annual increment of 4%, your HH income would have been only $100k a year at 35 yo. If you took an 80% loan, your loan would have been $576k. If we use a tdsr benchmark of 60%, your total loan repayment for BOTH condo and car would have been capped at $60k a year.

The average car loan repayment quantum per month is about $1000 translating to $12k a year. That leaves you with $48k pa for your mortgage repayment. 10 years of $48k (WITHOUT even considering interest) is only $480k. You will still have at least $100k of loan left and that is without even considering interest!

Have you considered the possibility that one or more of the parents could have gifted them large sums of money and/or the house?

Obviously you don't much about the property market. In 2006, you can get a 3 bedroom condo for only $400k plus. They could have easily upgraded from their HDB flat to a condo as the price difference in 2006 is not so much. Don't act clever if you don't know.

Originally Posted by Unregistered

Another csb spotted.

1) 45 yo couple (assuming you and spouse are same age) HH income at 150kpa can finish 3br condo loan? Kidding who?
You go look At the SRPI. Assuming yours is 99LH 1200sf (in 2006, the size of 3 bedders is at 1200sf) condo on the outskirts 10 yo the purchase price would have been (in 2006 - I am being kind because 2006 was the bottom of the cycle) about $720k ($600 psf). Working backwards with an annual increment of 4%, your HH income would have been only $100k a year at 35 yo. If you took an 80% loan, your loan would have been $576k. If we use a tdsr benchmark of 60%, your total loan repayment for BOTH condo and car would have been capped at $60k a year.

The average car loan repayment quantum per month is about $1000 translating to $12k a year. That leaves you with $48k pa for your mortgage repayment. 10 years of $48k (WITHOUT even considering interest) is only $480k. You will still have at least $100k of loan left and that is without even considering interest!

Originally Posted by Unregistered

Another csb spotted.

1) 45 yo couple (assuming you and spouse are same age) HH income at 150kpa can finish 3br condo loan? Kidding who?
You go look At the SRPI. Assuming yours is 99LH 1200sf (in 2006, the size of 3 bedders is at 1200sf) condo on the outskirts 10 yo the purchase price would have been (in 2006 - I am being kind because 2006 was the bottom of the cycle) about $720k ($600 psf). Working backwards with an annual increment of 4%, your HH income would have been only $100k a year at 35 yo. If you took an 80% loan, your loan would have been $576k. If we use a tdsr benchmark of 60%, your total loan repayment for BOTH condo and car would have been capped at $60k a year.

The average car loan repayment quantum per month is about $1000 translating to $12k a year. That leaves you with $48k pa for your mortgage repayment. 10 years of $48k (WITHOUT even considering interest) is only $480k. You will still have at least $100k of loan left and that is without even considering interest!

YOU are quite sharp.

150k Fämïłÿ income is quite Low in comparison to average condo dwellers.

Originally Posted by Unregistered

YOU are quite sharp.

150k Fämïłÿ income is quite Low in comparison to average condo dwellers.

It is not only family income that determines whether you can afford private condo. It depends on what you have.

If a family bought a HDB flat cheap and then after MOP they sell at a profit, they can use the profit as down payment to upgrade to a condo.

If the family was smart enough to sell their flat in 2006 and then upgrade to a condo, then they can afford the condo. For example, they bought their 5 room HDB flat cheap and then sell their flat in 2006 for $300k. They then use their profits to pay for the down payment of a condo costing $450k. They can easily afford to pay the loan for the condo.

There are certainly many ways one can own a condo and not by income alone. The idiot who can only say "csb" is clearly a clown.

Life is not all about how much you earn and how much you own. How have we contributed to humanity and making the world a better place? We don't actually need so much to live comfortably in this world. If you own a home and earn enough to feed yourself and family, you are doing well. Just bear in mind there are millions of people in this world who are poor and living in slums or they are homeless.

As Singaporeans, we are among the very few fortunate people in this world to be able to live a comfortable life. If you own a 3 room HDB flat and earn a decent salary, you should count yourself as lucky.

I came from a humble background. Today I'm fortunate to live a more comfortable life. My family and I now live in a 2 bedroom condo and we own a small car. We lead a middle class lifestyle. Our income in total is $170k pa and our total net worth is $1.5m. We will be 50 years old soon.

You are right. We are very lucky.

There are billions of people in poverty.

Originally Posted by Unregistered

Life is not all about how much you earn and how much you own. How have we contributed to humanity and making the world a better place? We don't actually need so much to live comfortably in this world. If you own a home and earn enough to feed yourself and family, you are doing well. Just bear in mind there are millions of people in this world who are poor and living in slums or they are homeless.

As Singaporeans, we are among the very few fortunate people in this world to be able to live a comfortable life. If you own a 3 room HDB flat and earn a decent salary, you should count yourself as lucky.

I came from a humble background. Today I'm fortunate to live a more comfortable life. My family and I now live in a 2 bedroom condo and we own a small car. We lead a middle class lifestyle. Our income in total is $170k pa and our total net worth is $1.5m. We will be 50 years old soon.