How much are you earning per annum?

Good reply!

Money is not everything to the elderly.

The time taken and care given to look after them command more respect than just money.

A child who can afford to give more, doesn't mean more filial, if the child not even visiting the parents except once during Lunar New Year, outsourced all clinic or hospital visit to external, not even bother to make a single call to check their well-being.

Probably the child might make a few more visits when the parents are in critical condition then start tearing in front. And in funeral procession, cry and shout non-stop during cremation. Once over, everything is back to normal. No more feeling to the parents and continue to work till their turns.

Originally Posted by Unregistered

It is important not to jump to conclusion and throw judgement without finding out more.

My parents are well advanced in age (both above 90) and have been staying with us since they were in their 60s when my children were born. Their every need - food, medical care, outings, and the occasional holidays abroad were all taken care of by us.

Allowance at this point of their lives are symbolic. My parents at this advanced age need care, companionship and love more than anything else. The money we gave them go directly into ang pows for our children and their cousins (their other grand children) and great grand children during CNY, birthdays etc..

We have a full time maid just to care for them. We bring them out for whenever we go during weekends. My parents are thankfully healthy, but weak and tended to be absent minded.

I am very thankful that my wife accommodates my wish to have my parents stay with us, and that we have the financial means to see them through their old age. It is the least I could do after they brought me up, as well lended us a helping hand in bringing up our children.

You will understand only if you come to this stage of your life when you have to take care of your aged parents, their every needs, take care of their medical bills, have a maid to look after them, and so forth.

Originally Posted by Unregistered

It is important not to jump to conclusion and throw judgement without finding out more.

My parents are well advanced in age (both above 90) and have been staying with us since they were in their 60s when my children were born. Their every need - food, medical care, outings, and the occasional holidays abroad were all taken care of by us.

Allowance at this point of their lives are symbolic. My parents at this advanced age need care, companionship and love more than anything else. The money we gave them go directly into ang pows for our children and their cousins (their other grand children) and great grand children during CNY, birthdays etc..

We have a full time maid just to care for them. We bring them out for whenever we go during weekends. My parents are thankfully healthy, but weak and tended to be absent minded.

I am very thankful that my wife accommodates my wish to have my parents stay with us, and that we have the financial means to see them through their old age. It is the least I could do after they brought me up, as well lended us a helping hand in bringing up our children.

You will understand only if you come to this stage of your life when you have to take care of your aged parents, their every needs, take care of their medical bills, have a maid to look after them, and so forth.

It seems like you haven't included the expenses needed to care for 2 advanced age parents in your $7K per month Budget to support your retirement lifestyle.

Good try! 树欲静而风不止，子欲养而亲不待

Originally Posted by Unregistered

It seems like you haven't included the expenses needed to care for 2 advanced age parents in your $7K per month Budget to support your retirement lifestyle.

Good try! 树欲静而风不止，子欲养而亲不待

You anyhow jump in here and there, without reading my complete story.

I already said the $7K per month is what we would need in my retirement. And I dont plan to retire till I am 62 or later in order to maximise the golden period of high savings. We are going to be 57 soon. That could be another 5 to 8 years of high savings. While I think my parents would still be around, their needs are very simple even now. Only the medical expense is something I have to watch out for. They seldom fall sick!

And if you read properly, our passive income is $150k. Why we dont retire yet with this level of income is precisely to handle unknown unknowns.

Originally Posted by Unregistered

You anyhow jump in here and there, without reading my complete story.

I already said the $7K per month is what we would need in my retirement. And I dont plan to retire till I am 62 or later in order to maximise the golden period of high savings. We are going to be 57 soon. That could be another 5 to 8 years of high savings. While I think my parents would still be around, their needs are very simple even now. Only the medical expense is something I have to watch out for. They seldom fall sick!

And if you read properly, our passive income is $150k. Why we dont retire yet with this level of income is precisely to handle unknown unknowns.

I applaud you for making an effort to explain in a public forum even though you don't really need to. But it is good that you clear the air because by doing so it will give hope and faith to many people that filial piety is still very much valued and practised in Singapore society. Sorry if I had offended you. I do believe you now and I'm sure many others do too. Have a good day and thanks for sharing.

We are not high flying corporate executives but we are astute property buyers. Bought our 3 bedder condo at a good price and now almost cleared the mortgage. We will retire in our condo so that we can fully enjoy the condo facilities such as the big swimming pool, jacuzzi, modern gym, tennis courts, etc.

Here is our plan to retire in five years time at 55.

1. Totally clear our condo mortgage by 55. Be debt free.
2. Collect our CPF.
3. Children must be working and earning own income. They will take care of their own expenses. If they stay with us (cos not married), they will have to contribute to the family's expenses. This is to teach them about responsibility.
4. Choose ERS so that our income from CPF Life will be $4k pm or $48k pa (two persons) at 65.
5. Generate $3.5k pm from cash savings and dividends from age 55 to 65.
6. From 65 onwards, we will spend $4k pm on average or $48k pa. This is covered by CPF Life.
7. Build cash buffer for emergencies.

Our retirement expenses include
- food & groceries
- utilities, phone & broadband
- condo fees
- public transport (MRT & bus)
- medical insurance and fees
- entertainment
- holidays
- others

Good plan. You are lucky. To be able to retire in a condo is a luxury retirement.

There are those who bought a condo but eventually had to sell their condo and downgrade to a HDB flat for their retirement because they need the cash.

For instance, they had to sell their $1m condo and then buy a $400k HDB flat so that they can get $600k cash to spend for their retirement.

Originally Posted by Unregistered

We are not high flying corporate executives but we are astute property buyers. Bought our 3 bedder condo at a good price and now almost cleared the mortgage. We will retire in our condo so that we can fully enjoy the condo facilities such as the big swimming pool, jacuzzi, modern gym, tennis courts, etc.

Here is our plan to retire in five years time at 55.

1. Totally clear our condo mortgage by 55. Be debt free.
2. Collect our CPF.
3. Children must be working and earning own income. They will take care of their own expenses. If they stay with us (cos not married), they will have to contribute to the family's expenses. This is to teach them about responsibility.
4. Choose ERS so that our income from CPF Life will be $4k pm or $48k pa (two persons) at 65.
5. Generate $3.5k pm from cash savings and dividends from age 55 to 65.
6. From 65 onwards, we will spend $4k pm on average or $48k pa. This is covered by CPF Life.
7. Build cash buffer for emergencies.

Our retirement expenses include
- food & groceries
- utilities, phone & broadband
- condo fees
- public transport (MRT & bus)
- medical insurance and fees
- entertainment
- holidays
- others

Late 40s, married couple, living in a private condominium, paying a mortgage of $1200 pm. Earning a total income of $208k pa. Mortgage service ratio (MSR) of only 7%. Financially very prudent.

Supporting old parents on both sides ($1400 pm) as well as own children. Spends quite a lot on family insurance too ($1600 pm). Also reward ourselves with year end overseas holidays. Owns a good car too.

Enjoying an upper middle class lifestyle. We are happy to spend on our parents and children so that they can enjoy a good life.

Our total net worth $1.48m, including condo (home equity), cash, stocks and CPF.

How are we doing when compared with our peers of the same age group?

Honestly speaking you are doing not that well with such high total annual income.

Although your mortgage finance is prudent, family expenses, insurance premium are respectable, your saving is definitely not strong.

Either you have just reached this income level or you have overspent some other area.

Originally Posted by Unregistered

Late 40s, married couple, living in a private condominium, paying a mortgage of $1200 pm. Earning a total income of $208k pa. Mortgage service ratio (MSR) of only 7%. Financially very prudent.

Supporting old parents on both sides ($1400 pm) as well as own children. Spends quite a lot on family insurance too ($1600 pm). Also reward ourselves with year end overseas holidays. Owns a good car too.

Enjoying an upper middle class lifestyle. We are happy to spend on our parents and children so that they can enjoy a good life.

Our total net worth $1.48m, including condo (home equity), cash, stocks and CPF.

How are we doing when compared with our peers of the same age group?

You have done very well. About 82% of the population live in public housing. This means most of the people in your age group would be staying in public housing. Since you own and live in a condo, you are among the lucky few who live in private housing. Your net worth is also much higher than the average wealth. You are also lucky to own a car. You have achieved the Singapore dream of owning a condo and a car. Congratulations!

Originally Posted by Unregistered

Late 40s, married couple, living in a private condominium, paying a mortgage of $1200 pm. Earning a total income of $208k pa. Mortgage service ratio (MSR) of only 7%. Financially very prudent.

Supporting old parents on both sides ($1400 pm) as well as own children. Spends quite a lot on family insurance too ($1600 pm). Also reward ourselves with year end overseas holidays. Owns a good car too.

Enjoying an upper middle class lifestyle. We are happy to spend on our parents and children so that they can enjoy a good life.

Our total net worth $1.48m, including condo (home equity), cash, stocks and CPF.

How are we doing when compared with our peers of the same age group?

Originally Posted by Unregistered

Late 40s, married couple, living in a private condominium, paying a mortgage of $1200 pm. Earning a total income of $208k pa. Mortgage service ratio (MSR) of only 7%. Financially very prudent.

Supporting old parents on both sides ($1400 pm) as well as own children. Spends quite a lot on family insurance too ($1600 pm). Also reward ourselves with year end overseas holidays. Owns a good car too.

Enjoying an upper middle class lifestyle. We are happy to spend on our parents and children so that they can enjoy a good life.

Our total net worth $1.48m, including condo (home equity), cash, stocks and CPF.

How are we doing when compared with our peers of the same age group?

There is really no need to compare. But if you really want to compare, actually it is more meaningful to compare with your circle of friends. If most of your friends and relatives are not doing as well as you, you will feel good about your achievement. But if most of them are doing better than you, then you will feel that you could have done better. If we take the whole population, there is no doubt that you are above average.