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Whats your net worth

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  #1831 (permalink)  
Old 30-12-2013, 05:01 PM
FA Seeker
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Posts: n/a
Default Seeking for retirement advice at 50

Both 40's
Current Salary: avg $100K (unstable, unhappy, anytime out of job)
Wife not working now
2 very young children
Only Property: HDB Valued $600K, outstanding: $120K, 12 more years mortgage
Car fully paid, not much value, till scrap around $14K.

Mine
OA: $41.5K
SA: $125.8K
SRS: $25.5K
Stock: $21K
Investment in S-Deposit/Notes: $400K (projected 5% return but dependable on market condition)
Cash: $148K
Insurance current value: $9K, Projected at 65yo: $111K

Wife
OA: $1.8K
SA: $7K
Stock: $4K
Cash: $ 420K
Insurance current value: $175K, Projected at 65yo: $778K

Networth of both: $1.877M including HDB, exclude $1.277M

I have been actively seeking higher yield of my cash, standby in case no job.

Children education, childcare, milk expenses are high, never feel sting on that.

Aim to be finanicially stable by 50yo and not worry about work.

Appreciate for reply.

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  #1832 (permalink)  
Old 30-12-2013, 06:44 PM
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My advice :

1. 40s still not too old, look for another job before you quit your current unhappy one. Lower pay never mind, as long as stable and happy job.

2. Once in happy job, your plan to retire by 50 will change. You will be thinking ah, I will work till 65.

3. Realistically, you and wife have investable asset of $500k. Even if you dare, invest in stocks for 5% return ie $25k pa. But you should put aside an emergency fund equivalent to 6 months pay ($50k?)

4. You got young kids, expenses will only go up. So if you want to quit your job, how to feed them?

5. Your insurance, keep paying for them - treat it as forced savings otherwise they lapse and you will get back less than you put in.

6. There is no free lunch. We are our most important asset that generates the most returns. So continue working as long as we can. 50 is just too young to retire.

Quote:
Originally Posted by FA Seeker View Post
Both 40's
Current Salary: avg $100K (unstable, unhappy, anytime out of job)
Wife not working now
2 very young children
Only Property: HDB Valued $600K, outstanding: $120K, 12 more years mortgage
Car fully paid, not much value, till scrap around $14K.

Mine
OA: $41.5K
SA: $125.8K
SRS: $25.5K
Stock: $21K
Investment in S-Deposit/Notes: $400K (projected 5% return but dependable on market condition)
Cash: $148K
Insurance current value: $9K, Projected at 65yo: $111K

Wife
OA: $1.8K
SA: $7K
Stock: $4K
Cash: $ 420K
Insurance current value: $175K, Projected at 65yo: $778K

Networth of both: $1.877M including HDB, exclude $1.277M

I have been actively seeking higher yield of my cash, standby in case no job.

Children education, childcare, milk expenses are high, never feel sting on that.

Aim to be finanicially stable by 50yo and not worry about work.

Appreciate for reply.


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  #1833 (permalink)  
Old 30-12-2013, 11:03 PM
Super Member
 
Join Date: Aug 2010
Posts: 335
lazyplane is on a distinguished road
Default

Any particular reason why you load your wife insurance so much but do so little insurance for yourself ?

Might want to reconsider this since u r main breadwinner.
Insurance main aim is not capital appreciation but capital protection despite what the agents may say.

Some tips i can offer:

1. Top up wife CPF since she not working to get tax rebate
2. Use SRS for your stocks / Notes. Top up more often. Yours seem low compared to your huge cash.
3. Honestly dont worry about seeking higher yield(and i assuming >5% since your notes give you 5% already) for your cash. Time it carefully.


You sound a bit worried about the future. To me that is not a good frame of mind to be seeking high yield in equities etc.

Truth be told, you are financially stable. You just dont realise it. My final advise is that f i am you, i will talk to my wife more often and learn from her how she can cope about the "future" vs your existing approach.


Quote:
Originally Posted by FA Seeker View Post
Both 40's
Current Salary: avg $100K (unstable, unhappy, anytime out of job)
Wife not working now
2 very young children
Only Property: HDB Valued $600K, outstanding: $120K, 12 more years mortgage
Car fully paid, not much value, till scrap around $14K.

Mine
OA: $41.5K
SA: $125.8K
SRS: $25.5K
Stock: $21K
Investment in S-Deposit/Notes: $400K (projected 5% return but dependable on market condition)
Cash: $148K
Insurance current value: $9K, Projected at 65yo: $111K

Wife
OA: $1.8K
SA: $7K
Stock: $4K
Cash: $ 420K
Insurance current value: $175K, Projected at 65yo: $778K

Networth of both: $1.877M including HDB, exclude $1.277M

I have been actively seeking higher yield of my cash, standby in case no job.

Children education, childcare, milk expenses are high, never feel sting on that.

Aim to be finanicially stable by 50yo and not worry about work.

Appreciate for reply.

Reply With Quote
  #1834 (permalink)  
Old 31-12-2013, 08:50 AM
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Posts: n/a
Default

Couple in late 50s. Own a HDB exec flat, no more loan. Stocks $400k. Total net worth including flat $1.2m. Hope to retire in 10 years time.
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  #1835 (permalink)  
Old 31-12-2013, 11:18 AM
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Have you planned for your retirement ? Late 50s is kind of late if you have not already planned, at least on the financial aspects.

You need to know what your fixed expenses are, what your discretionary expenses are, and most important where your income will come from when you stop work.

You have exec flat and stocks of $400k yet your net worth only $1.2m? What about your CPF and cash?

I don't see how you can have sufficient cash flow upon your retirement. Even if the $400k stocks give you 7% returns, it is only $28k pa. Not enough for a couple to live decently.

What job are you in currently? Do you see yourself doing same job with same pay? 60s is not the same as 50s.

Quote:
Originally Posted by Unregistered View Post
Couple in late 50s. Own a HDB exec flat, no more loan. Stocks $400k. Total net worth including flat $1.2m. Hope to retire in 10 years time.
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  #1836 (permalink)  
Old 31-12-2013, 04:49 PM
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No need to worry. We will probably retire in Thailand. $1.2m is a lot of money in Thailand. Upon retirement, we will sell our flat and stocks. We have family and friends in Thailand.


Quote:
Originally Posted by Unregistered View Post
Have you planned for your retirement ? Late 50s is kind of late if you have not already planned, at least on the financial aspects.

You need to know what your fixed expenses are, what your discretionary expenses are, and most important where your income will come from when you stop work.

You have exec flat and stocks of $400k yet your net worth only $1.2m? What about your CPF and cash?

I don't see how you can have sufficient cash flow upon your retirement. Even if the $400k stocks give you 7% returns, it is only $28k pa. Not enough for a couple to live decently.

What job are you in currently? Do you see yourself doing same job with same pay? 60s is not the same as 50s.
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  #1837 (permalink)  
Old 31-12-2013, 04:49 PM
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Why is there a need to plan so much?

The main problem is always income. Most people don't overspend.

So the best retirement plan is: save up and when retired, live with what you have! If you have sufficient passive income, just spend the passive income; if not, nibble on your savings and pray your kids will support you.
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  #1838 (permalink)  
Old 31-12-2013, 05:45 PM
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Quote:
Originally Posted by Unregistered View Post
Why is there a need to plan so much?

The main problem is always income. Most people don't overspend.

So the best retirement plan is: save up and when retired, live with what you have! If you have sufficient passive income, just spend the passive income; if not, nibble on your savings and pray your kids will support you.
you are right. there is nothing to plan ourself. But we the mediocre class living on this dot have nothing else to do. we will keep planning so that we can hide from the truth and reality.
1. The truth is we are incapable of our own savings. Else why monthly is not with us. all this is regulated by our chosen one every 5 years.

2. The other truth is MAJORITY of singapore citizens are not THAT rich. In this forum, we keep seeing numbers that go beyond someone can trust. Unless and until people will start a truth movement, everyone will keep guessing. The fact is go to the IRAS & MOM statistical data to measure how much a typical citzen earns.

3. PRs are not singaporeans. Period. But their salaries are on the upper scale. This is because they start with a non-local package to begin with. Then, after working in the compary for sometime, and when they apply to become PR (and if they get approved) - they still hold the same salary or get a small cut (to cater to CPF contribution from employer). If you took this route: Foreiger -> Worked in SG -> PR -> Citizen -- then you would be the upper class singaporean.

4. From all the people I have seen so far, all talk no action.
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  #1839 (permalink)  
Old 01-01-2014, 01:03 AM
FA Seeker
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Default Thank you for advice and Happy New Year.

Have been applying for jobs but unsuccessful.

Almost all the jobs require travelling of min 50% which is not what I am looking for.

When you are in 40's, it is difficult to secure an interview.

I dare not invest my bulk cash in shares as I'm not high income earner. All those cash was saved over many years of working including part-time during school holiday.

Actually I stated retirement at 50 wrongly, it should be aiming for finanical freedom by then.

However it is difficult as by then, my children is 10yrs old. It would be still a long way to go.

Agreed wife insurance continue to pay as made a mistake buying too much. Thinking that insurance is a safe guard for retirement. When she reach 65yo, I don't think it is wise to withdraw all rather use it as standby for medical.


Quote:
Originally Posted by Unregistered View Post
My advice :

1. 40s still not too old, look for another job before you quit your current unhappy one. Lower pay never mind, as long as stable and happy job.

2. Once in happy job, your plan to retire by 50 will change. You will be thinking ah, I will work till 65.

3. Realistically, you and wife have investable asset of $500k. Even if you dare, invest in stocks for 5% return ie $25k pa. But you should put aside an emergency fund equivalent to 6 months pay ($50k?)

4. You got young kids, expenses will only go up. So if you want to quit your job, how to feed them?

5. Your insurance, keep paying for them - treat it as forced savings otherwise they lapse and you will get back less than you put in.

6. There is no free lunch. We are our most important asset that generates the most returns. So continue working as long as we can. 50 is just too young to retire.


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  #1840 (permalink)  
Old 01-01-2014, 01:28 AM
FA Seeker
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Posts: n/a
Default Thanks lazyplane and Happy New Year

Wife purchase insurance as she does not contribute to CPF.

Myself is not a believer in insurance as a savings as it would take at least 20yrs to break even. Therefore my insurance is loading on term, medical rather than life.

I didn't top up wife CPF as she work part-time (not high income) but not qualify for tax deduction.

I started contribute SRS since last year, thinking of reducing my taxes and accumulating "locked" fund for shares.

Future is worrying as company business is slowing down and cannot see any good prospect.

Have high expenses on children, family and parents.

Don't think wife would bother to listen. As a man and sole breadwinner, I am looking to save more of my own expenses (own taxes, food, car, clothing, etc) and resolve it.

Seeking for part time income and non-high risk investment of my cash not wife's cash.

Thus started in SD and SN recently. Not into unit trusts as have done that more than a decade ago and don't think that is good.

Perhaps going into bonds but have no idea about it. Therefore have been topping up in my SA for past few years to earn safe 4% return.

As for property, definitely don't think is a right time now and does not want to commit with high loan due to job insecurity.

Thanks.


Quote:
Originally Posted by lazyplane View Post
Any particular reason why you load your wife insurance so much but do so little insurance for yourself ?

Might want to reconsider this since u r main breadwinner.
Insurance main aim is not capital appreciation but capital protection despite what the agents may say.

Some tips i can offer:

1. Top up wife CPF since she not working to get tax rebate
2. Use SRS for your stocks / Notes. Top up more often. Yours seem low compared to your huge cash.
3. Honestly dont worry about seeking higher yield(and i assuming >5% since your notes give you 5% already) for your cash. Time it carefully.


You sound a bit worried about the future. To me that is not a good frame of mind to be seeking high yield in equities etc.

Truth be told, you are financially stable. You just dont realise it. My final advise is that f i am you, i will talk to my wife more often and learn from her how she can cope about the "future" vs your existing approach.
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