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How much savings do you have?

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  #841 (permalink)  
Old 28-11-2014, 06:42 PM
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47, sole bread winner, salary $65k pa. Wife is a housewife. One son. Our home is a cosy 3 bedroom flat. Paid up the flat a few years ago since we bought at a very low price. Goes to work by MRT. Luckily our home is next to an LRT station which brings me to the nearest MRT station. Now focusing on saving up my CPF and in cash. When I retire, we plan to rent out our one spare room (after son got married and move out) and also getting payout from my CPF Life. Also will spend some money from my savings.

From this forum, we also got some good ideas on retiring overseas. One possible idea is we can rent out our whole flat for $2500 pm. Plus my CPF Life monthly payout of $1200, I will get $3700 pm and if we convert to RM, we will get RM9500 pm in passive income. We can rent a 3 bedroom condo in JB for only RM1000 (due to oversupply of empty properties in JB) and our spending in retirement will only be RM5000 in total. We can then save the rest.

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  #842 (permalink)  
Old 29-11-2014, 11:47 AM
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We Singaporeans are lucky that we get to buy very cheap BTO which we can pay off easily. Our flat then becomes our retirement asset. Our CPF Life system is also good as we will get a monthly amount when we reach 65. A retired couple who meet the minimum sum will get $2400 in total every month. So if we retire overseas and rent our flat at $2600 pm, we will get $5000 in passive income. This is a lot of money if we retire in Malaysia or Thailand (Chiang Mai, Koh Samui, Phuket, Krabi). If we retire in places like Chiang Mai, Phuket or Krabi, we can enjoy sitting by the beautiful beaches everyday. How nice!


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47, sole bread winner, salary $65k pa. Wife is a housewife. One son. Our home is a cosy 3 bedroom flat. Paid up the flat a few years ago since we bought at a very low price. Goes to work by MRT. Luckily our home is next to an LRT station which brings me to the nearest MRT station. Now focusing on saving up my CPF and in cash. When I retire, we plan to rent out our one spare room (after son got married and move out) and also getting payout from my CPF Life. Also will spend some money from my savings.

From this forum, we also got some good ideas on retiring overseas. One possible idea is we can rent out our whole flat for $2500 pm. Plus my CPF Life monthly payout of $1200, I will get $3700 pm and if we convert to RM, we will get RM9500 pm in passive income. We can rent a 3 bedroom condo in JB for only RM1000 (due to oversupply of empty properties in JB) and our spending in retirement will only be RM5000 in total. We can then save the rest.


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  #843 (permalink)  
Old 29-11-2014, 09:39 PM
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The more important question is are you happy with your life? Are you happy with your work and how your career is progressing?

If you are happy, dont go and compare here and there. There will always be someone doing better than you. The quickest way to destroy happiness is to compare with others and find that they are doing better, are richer, have nice cars, big homes, travel business class and have special privileges.

I have a colleague who was so happy receiving his bonus that he gave his other colleagues a treat only to find out later that among the 5 of them, all the others have higher bonuses. He immediately became moody and angry.
i disagree. going by your opinion, this forum should be shut down because people are posting savings and assets and for the purpose of? At the end of the day, no matter how we sugar coat it, we are still comparing with each other.

Look on the brighter side though - at least the guy knows what caused him to be moody, and it's somewhat justifiable because money though can't buy happiness, is without any saying so impt. There are some people out there who doesn't even know what is causing them to be moody everyday!

And pls don't start on self-actualisation.

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  #844 (permalink)  
Old 29-11-2014, 10:23 PM
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Not a good idea. The more expensive the condo the higher the risk. Focus on clearing the mortgage. Once you own the shoebox without any loan, you can sleep in peace even if you both lost your jobs.

What are you both working as? Which sectors? How secure are your jobs?
Hi,
Other than the job security risk, what other potential issues will I be likely to face?
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  #845 (permalink)  
Old 29-11-2014, 10:47 PM
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Hi,
Other than the job security risk, what other potential issues will I be likely to face?
Critical illness, accident

Economic crisis, oversupply of properties which make your condo empty for years, interest rates shoots up

Just to name a few

To mitigate the risks, you need to have insurance

You also need lots of cash buffers that can service your condo loan in case there are no tenants.

Do you have all these into consideration when you invest?
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  #846 (permalink)  
Old 01-12-2014, 11:01 AM
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I'm 45 and don't have much savings. My cash savings is $20k only and my CPF is only $140k. Am I doing ok? I earn only $50k pa.
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  #847 (permalink)  
Old 01-12-2014, 11:16 AM
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20K savings at age 45 is dicey. But there is always hope. As long as you are healthy and willing to work hard, you will survive. And you wont be alone working till 70, you will have many fellow elderly Singaporeans working alongside you. Even now, you can see many elderly people (over 60 yr olds) working.

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I'm 45 and don't have much savings. My cash savings is $20k only and my CPF is only $140k. Am I doing ok? I earn only $50k pa.
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  #848 (permalink)  
Old 01-12-2014, 03:12 PM
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20K savings at age 45 is dicey. But there is always hope. As long as you are healthy and willing to work hard, you will survive. And you wont be alone working till 70, you will have many fellow elderly Singaporeans working alongside you. Even now, you can see many elderly people (over 60 yr olds) working.
Thanks. I love working because I will be bored staying at home. When I'm working at least my movement will be less controlled. I look forward to working till I am 80. I enjoy meeting new people and doing new jobs. I don't really enjoy relaxing at home, watching movies nor traveling.
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  #849 (permalink)  
Old 02-01-2015, 06:17 AM
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Cash $42,000
Stocks $26,000
Debt $0 bec no car, no house..

Single, female, 26, current salary $3800 (havent minus cpf...), diploma/degree fully paid by self.

My first full time salary was $2000 when i was 22..
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  #850 (permalink)  
Old 02-01-2015, 08:03 AM
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Cash $42,000
Stocks $26,000
Debt $0 bec no car, no house..

Single, female, 26, current salary $3800 (havent minus cpf...), diploma/degree fully paid by self.

My first full time salary was $2000 when i was 22..
are you planning to get married soon?
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