Whats your net worth

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.

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)

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.

If you save $30k pa, your savings+cpf $400k doesnt tally esp you are in yr 50s already.

Originally Posted by Unregistered

If you save $30k pa, your savings+cpf $400k doesnt tally esp you are in yr 50s already.

it has never been like that before

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)

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.

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.

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.

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.

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.

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.

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.

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.

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.

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!