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25-02-2015, 08:31 PM
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Hi
We are a working couple, 52/53 year old. Our combined income is only $150k pa. We live in a HDB flat now worth $500k. We save $30k pa.
Our savings plus our CPF in total is about $400k. We don't have any other investments. So our total combined net worth is about $900k.
Any advice how can we prepare for our retirement? We are debt free.
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25-02-2015, 09:28 PM
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My wife and I are working professionals in our early 40s / late 30s
Salary $640K for me and $210k for wife, save about $400k pa
Own a 5-room HDB flat worth about $800k fully paid
1 SG and 2 overseas invt properties with net equity around $700K (loan amt of $2m).
Other liquid invts (UTs, hedge funds) about $3m
CPF $400K
2nd hand car just past 7 year mark, around $50K mkt value (fully paid)
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25-02-2015, 09:31 PM
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Quote:
Originally Posted by Unregistered
Hi
We are a working couple, 52/53 year old. Our combined income is only $150k pa. We live in a HDB flat now worth $500k. We save $30k pa.
Our savings plus our CPF in total is about $400k. We don't have any other investments. So our total combined net worth is about $900k.
Any advice how can we prepare for our retirement? We are debt free.
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If you save $30k pa, your savings+ cpf $400k doesnt tally esp you are in yr 50s already.
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25-02-2015, 10:07 PM
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Quote:
Originally Posted by Unregistered
If you save $30k pa, your savings+ cpf $400k doesnt tally esp you are in yr 50s already.
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it has never been like that before
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25-02-2015, 10:12 PM
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Quote:
Originally Posted by Unregistered
My wife and I are working professionals in our early 40s / late 30s
Salary $640K for me and $210k for wife, save about $400k pa
Own a 5-room HDB flat worth about $800k fully paid
1 SG and 2 overseas invt properties with net equity around $700K (loan amt of $2m).
Other liquid invts (UTs, hedge funds) about $3m
CPF $400K
2nd hand car just past 7 year mark, around $50K mkt value (fully paid)
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Nowadays, jobs are unstable. your salary can go from $610k pa to zero. best is for you to stay conservative. sell away your investment properties and stay in cash.
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25-02-2015, 10:51 PM
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No problem retiring. Here is what you need to do
1. Make sure both you and wife have $241,500 each in your CPF Life at 55. You will get $1750 pm each at least when you reach 65. So you have $3500 pm when you reach 65.
2. Rent out your 2 spare rooms for $800 pm per room, so you get $1600 pm from room rental.
3. Children each give $500 pm, so you get $1000 pm if you have two kids.
4. In total, your passive income at 65 =$(3500+1600+1000)=$6100 pm. More than enough for a retired couple who is debt free.
Quote:
Originally Posted by Unregistered
Hi
We are a working couple, 52/53 year old. Our combined income is only $150k pa. We live in a HDB flat now worth $500k. We save $30k pa.
Our savings plus our CPF in total is about $400k. We don't have any other investments. So our total combined net worth is about $900k.
Any advice how can we prepare for our retirement? We are debt free.
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25-02-2015, 11:49 PM
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Kekekekkee
Quote:
Originally Posted by Unregistered
No problem retiring. Here is what you need to do
1. Make sure both you and wife have $241,500 each in your CPF Life at 55. You will get $1750 pm each at least when you reach 65. So you have $3500 pm when you reach 65.
2. Rent out your 2 spare rooms for $800 pm per room, so you get $1600 pm from room rental.
3. Children each give $500 pm, so you get $1000 pm if you have two kids.
4. In total, your passive income at 65 =$(3500+1600+1000)=$6100 pm. More than enough for a retired couple who is debt free.
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Same old recommendations... Getting stale and smelly.....
Sure can get tenants meh?
Children sure can give $500 meh? Must hv two children somemore...
Everyone thinking of be landlord, then who are the tenants?
Dont like FTs, so rent to who leh?
Kekekkeee so funny hoh.
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26-02-2015, 03:09 PM
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Good points. I have a better idea. Retire in KL. Rent out your whole flat at $3k so your passive income will be $7500 pm. Convert to RM, you will get $19k pm. You will retire like a rich tycoon in KL. If you retire in Thailand, you will be like a rich Thai multi millionaire.
Quote:
Originally Posted by Unregistered
No problem retiring. Here is what you need to do
1. Make sure both you and wife have $241,500 each in your CPF Life at 55. You will get $1750 pm each at least when you reach 65. So you have $3500 pm when you reach 65.
2. Rent out your 2 spare rooms for $800 pm per room, so you get $1600 pm from room rental.
3. Children each give $500 pm, so you get $1000 pm if you have two kids.
4. In total, your passive income at 65 =$(3500+1600+1000)=$6100 pm. More than enough for a retired couple who is debt free.
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26-02-2015, 08:46 PM
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Underperforming grad couple, 47/48, aggregate income $128k pa. Owns an old condo now valued at $800k. Mortgage outstanding, $200k. Drives a 7 year old car, cleared our car loan last year. Cash and CPF savings in aggregate $350k. Stocks and other small investments $50k in total. Our total net worth as a couple $1m. Even though we are a millionaire couple, we felt we are underperforming judging from the performance of the forummers here.
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26-02-2015, 09:55 PM
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Quote:
Originally Posted by Unregistered
Underperforming grad couple, 47/48, aggregate income $128k pa. Owns an old condo now valued at $800k. Mortgage outstanding, $200k. Drives a 7 year old car, cleared our car loan last year. Cash and CPF savings in aggregate $350k. Stocks and other small investments $50k in total. Our total net worth as a couple $1m. Even though we are a millionaire couple, we felt we are underperforming judging from the performance of the forummers here.
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Don't be so hard on yourself. Be grateful that you live in a condo and own a car. People who have these two assets in Singapore's context can be said to be very successful. Only about 15% of people here live in condos, could be lesser. And to own a car is another achievement though a lesser one. Celebrate your success!
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