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KATHLAM

Retire Before 50

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You mean hubby and wife earns in excess of $100K each or combined income of $100K ???

act i meant each....nowadays earning power of women is also very strong...but those who earn that range also wan to live that range, else how to explain the surge in private housing and age 30-ish drivers in BMWs, C class and IS250??? :P

 

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act i meant each....nowadays earning power of women is also very strong...but those who earn that range also wan to live that range, else how to explain the surge in private housing and age 30-ish drivers in BMWs, C class and IS250??? :P

Erh... maybe I am ignorant about average salaries of Singaporean workers. I am so sure how common is it for Singapore household income to be in excess of $200K. Well, if they earn that much, got no children, no need to support parents and willing to live in 4 room HDB flat bought from govt, save as much as possible kind, I will agree with you that it is quite possible to retire at 50 years old.

Edited by leechaorui
 

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Erh... maybe I am ignorant about average salaries of Singaporean workers. I am so sure how common is it for Singapore household income to be in excess of $200K. Well, if they earn that much, got no children, no need to support parents and willing to live in 4 room HDB flat bought from govt, save as much as possible kind, I will agree with you that it is quite possible to retire at 50 years old.

Personal experience: easy come easy go, hard come hard go. I'm 4 yr to 50 yr old. $ is just like a gust of wind, comes and goes from and to nowhere, makes one wondering "what's going on".

Willing to share my "history":

- I earned $2/hr during poly's holiday, many many yr back.

- "Earned" $90/mnth as CPL as fulltime national service.

- Starting pay $650/mnth, after ROD from army

- 3 months before ROD, bought a 2nd hand "Honda Rider" for 2k. Minor accidents here & there. Gave up motorcycle after being sent to hospital by ambulan 2yrs later.

- $1064 in 1984 while joining MRTC....

-Married in 1993, borrowed 18K from granny's "coffin money" for reno & some stuff. Earned and cleared within a yr.

- Got a 5rm hdb in Sept 1992, for 124K, cleared loan 6 yrs later, all cpf. Sold for 450k in 2007.

-First boy come to world in 1995, now in RI sec 3.

- Bought my 1st 2nd hand "Toyata Starlet" for 21k in 1996.

- Girl come to world in 1997, same day she came, first time car accident - knock by ppl. She now in sec 1, Bedok Green.

- Cars keep changing from Mitshibishi Lancer/Kia 7 seater/Mitshibishi/now Toyota.

- Bought a 3 bedrm in Baywater, cleared loan within a yr. Stayed for 3.2 yr. Bought at 616k in 2005July, sold for 850k in Sept 2009.

- Business travel......."take plane like taking bus" - wife quoted, > 20 countries. See snow, sun rise/set on offshore platforms, sand storm in Egype, warded in Korean hospital, housefly bigger than thumb in Brazil jungle, swimming in yellow sea,......many many unforgetteble...

- Enough is enough, switched job.....no more travel! That was 7 yrs ago.

- Now as a small & humble manager, 6K+/mnth salary.

- 80k loan ,out of 528k, yet to clear, after another 10 months.

- Car loan 24k, can clear anytime, but do not wish to.

- Abt 200K in stock mkt "in" and "out". Average can "make" 2k~3k/mnth. Last yr recorded 36k income from Feb to Sept. Stopped from end Sept 2009 ~ feb 2010, for resale house & reno.

- Back to market again Mar 2010, till now already made abt 14K.

- Enjoy hobbies whenever has time, with wife & children.

$ comes & goes like gust of wind, be contented. No start & no end. But we come from dust & will go to dust. Get wisdom - $ cannot but, worth to spend time & efforts to "chase after".

Edited by bepgof
 

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When we talk about retiring, are we talking about not working and pursuing what we like?

In my opinion, this means we need to have sufficient funds to support our lifestyle for whatever number of years we expect to continue living. Or do we expect that our children will support us when we retire? Of course we can choose to have a $500 a mth lifestyle or $5000 a mth lifestyle - all depends on how we choose to live (retire).

Do we want our children to be provided for comfortably by the time we retire? What if our children cannot make it to local uni? Can we afford to give them an overseas education? Or do we leave them to fend for themselves?

If we don't have a lot of expectations, I think we can retire by 50. But if we have many (high) expectations, then we might have to work beyond 50. Just my thoughts.

 

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When we talk about retiring, are we talking about not working and pursuing what we like?

In my opinion, this means we need to have sufficient funds to support our lifestyle for whatever number of years we expect to continue living. Or do we expect that our children will support us when we retire? Of course we can choose to have a $500 a mth lifestyle or $5000 a mth lifestyle - all depends on how we choose to live (retire).

Do we want our children to be provided for comfortably by the time we retire? What if our children cannot make it to local uni? Can we afford to give them an overseas education? Or do we leave them to fend for themselves?

If we don't have a lot of expectations, I think we can retire by 50. But if we have many (high) expectations, then we might have to work beyond 50. Just my thoughts.

Hi,

Retirement means "off the job", I guess it should be read as "off the full-time job". Meaning, can do partime job.

Case to share your real, solid, practical pointers as to fulfilling the various aspects of needs (finance, social, emotions, etc)while retiring

Example: What job to do to substain "financially strong" -not depend on children, etc. Or What to prepare to face this day.

 

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well if everyone can b contented w a 1.6 and a 4/5 room hdb, i thk w the current payscales that young pple are taking now, im quite sure quite alot can retire before 50. think double income and earning in excess of 100k pa is not far off for someone in the 30s.

Is the current climate really that rosy? Maybe for some but I think for the majority, pay scale have not change much.

Earn 5K, buy 4-500k HDB flat. Earn 10K, buy 1mil condo. Can retire by 50?

Children education? Car (and more new car), travel, spa, etc... can afford when retire? willing to give up?

 

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Is the current climate really that rosy? Maybe for some but I think for the majority, pay scale have not change much.

Earn 5K, buy 4-500k HDB flat. Earn 10K, buy 1mil condo. Can retire by 50?

Children education? Car (and more new car), travel, spa, etc... can afford when retire? willing to give up?

Technically possible.

- Car is sure "wasting money"- need not to be big & branded, so long as to transport u here & there can already. Petrol/insurance/parts replacement are going upwards, roadtax heads east for a few years.

- Condo, paying $370/mnth for maintenance fee, bbq, swimming, carpark, tennis, security...Personally concluded "not worth" after staying 3 years in Baywater. Higher living standard always need to pay more, this rule applies to all.

- Learnt 1 important rule/fact here to make more $$$: make your first $100k cash first, whether by saving, selling....

- "Learn" to invest yourself, test your judgement....be prepared to pay "expensive school fee".

- My experience :coverted SGD to USD, earned interests every 3 months, rate kept dropping (loss $), convert USD to SGD then to NZD, earned high interest and gained capital gain! But now no more such lobangs. Waiting for RMB to float.

-Standby for rainy days - get a taxi license or swimming instructor cert, be a part time real estate agent to gain experence....Insurance agent needs to talks a lot, right segment.......

- Need financial planning, best equip with spreadsheet knowledge. Calculate yr annual income vs expense. Set target. Explore new income sources, always start from part time then full time...

- Must know the rule of breakeven, then u know where u stand.. Sorry too many to write already out track the purpose of this thread...

Edited by bepgof
 

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Hi,

Retirement means "off the job", I guess it should be read as "off the full-time job". Meaning, can do partime job.

Case to share your real, solid, practical pointers as to fulfilling the various aspects of needs (finance, social, emotions, etc)while retiring

Example: What job to do to substain "financially strong" -not depend on children, etc. Or What to prepare to face this day.

I'm in my 30s and at the moment, my idea of retiring is running a beach resort :) I still haven't figured out at what age I would retire - as soon as possible would be nice! One thing for sure - I don't wish to retire when I can hardly walk / see and have to depend on hearing aid / walking aid. Good health is important if you want to enjoy your wealth. So now when we are still working, must look after our health and don't eat oily foods, watch cholesterol etc.

Hubby and I would like to own a few properties in order to finance our lifestyle and provide for our children. In the meantime, stay in one property and rent out the rest so that they are self-financing. It's ok if there's not a huge rental yield, important is capital gain in 5-10yrs.

We do not invest in stocks / shares, money is in property. Any cash earned is put back into property, and we only buy freehold or 999-yr leasehold properties (with the exception of HDB). We also do not believe in expensive renovations. No interior designer etc. Simple stuff is good enough. If tiles can be reused, no need to hack and replace because this all adds up.

We max out our CPF to finance property as we don't believe in old age pension.

We bought one car, do not intend to change, use until COE finish. I think it's a waste to sink all that money into a car that will only last 10 yrs. At least if I sink money into a freehold property, I'm quite certain there will be profitable returns from it in 10 ys time.

However I know that some people do not believe in property investment because they are unsure of it, or they think they will lose money from it if there's a property slump. End of the day, it's all a matter of choice and what risk you are willing to take.

One of my friends moved in to stay with in-laws so that she could rent out her HDB. After 3 yrs she accumulated enough + both her & hb salary to buy a freehold private condo for rental & investment.

Edited by blue_skies
 

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Cool ...

I and my wife just got our own HDB, hence a huge debt piling up. No children yet.

The short term plan is to pay off our renovation loan and at the same time start savings on 3 areas:

1. Kids

2. Holiday

3. Future house

Ideally in 10 years time, we can pay for the down payment of a private property. Hopefully freehold or 999-yrs old apt. Then we would move to the apt and renting out the current HDB which would give higher rental yield.

 

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I'm in my 30s and at the moment, my idea of retiring is running a beach resort :) I still haven't figured out at what age I would retire - as soon as possible would be nice! One thing for sure - I don't wish to retire when I can hardly walk / see and have to depend on hearing aid / walking aid. Good health is important if you want to enjoy your wealth. So now when we are still working, must look after our health and don't eat oily foods, watch cholesterol etc.

Hubby and I would like to own a few properties in order to finance our lifestyle and provide for our children. In the meantime, stay in one property and rent out the rest so that they are self-financing. It's ok if there's not a huge rental yield, important is capital gain in 5-10yrs.

We do not invest in stocks / shares, money is in property. Any cash earned is put back into property, and we only buy freehold or 999-yr leasehold properties (with the exception of HDB). We also do not believe in expensive renovations. No interior designer etc. Simple stuff is good enough. If tiles can be reused, no need to hack and replace because this all adds up.

We max out our CPF to finance property as we don't believe in old age pension.

We bought one car, do not intend to change, use until COE finish. I think it's a waste to sink all that money into a car that will only last 10 yrs. At least if I sink money into a freehold property, I'm quite certain there will be profitable returns from it in 10 ys time.

However I know that some people do not believe in property investment because they are unsure of it, or they think they will lose money from it if there's a property slump. End of the day, it's all a matter of choice and what risk you are willing to take.

One of my friends moved in to stay with in-laws so that she could rent out her HDB. After 3 yrs she accumulated enough + both her & hb salary to buy a freehold private condo for rental & investment.

My experience tells that your beliefs/thoughts, on car, renovation & property investment will sure proper you quick enough to earn the 1st $100K cash. Keep it up!

Edited by bepgof
 

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<!--quoteo(post=520689:date=Apr 15 2010, 03:58 PM:name=blue_skies)--><div class='quotetop'>QUOTE (blue_skies @ Apr 15 2010, 03:58 PM) <a href="index.php?act=findpost&pid=520689"><{POST_SNAPBACK}></a></div><div class='quotemain'><!--quotec-->I'm in my 30s and at the moment, my idea of retiring is running a beach resort <img src="http://www.renotalk.com/forum/public/style_emoticons/<#EMO_DIR#>/smile.gif" style="vertical-align:middle" emoid=":)" border="0" alt="smile.gif" /> I still haven't figured out at what age I would retire - as soon as possible would be nice! One thing for sure - I don't wish to retire when I can hardly walk / see and have to depend on hearing aid / walking aid. Good health is important if you want to enjoy your wealth. So now when we are still working, must look after our health and don't eat oily foods, watch cholesterol etc.

Hubby and I would like to own a few properties in order to finance our lifestyle and provide for our children. In the meantime, stay in one property and rent out the rest so that they are self-financing. It's ok if there's not a huge rental yield, important is capital gain in 5-10yrs.

We do not invest in stocks / shares, money is in property. Any cash earned is put back into property, and we only buy freehold or 999-yr leasehold properties (with the exception of HDB). We also do not believe in expensive renovations. No interior designer etc. Simple stuff is good enough. If tiles can be reused, no need to hack and replace because this all adds up.

We max out our CPF to finance property as we don't believe in old age pension.

We bought one car, do not intend to change, use until COE finish. I think it's a waste to sink all that money into a car that will only last 10 yrs. At least if I sink money into a freehold property, I'm quite certain there will be profitable returns from it in 10 ys time.

However I know that some people do not believe in property investment because they are unsure of it, or they think they will lose money from it if there's a property slump. End of the day, it's all a matter of choice and what risk you are willing to take.

One of my friends moved in to stay with in-laws so that she could rent out her HDB. After 3 yrs she accumulated enough + both her & hb salary to buy a freehold private condo for rental & investment.<!--QuoteEnd--></div><!--QuoteEEnd-->

My experience tells that your beliefs/thoughts, on car, renovation & property investment will sure proper you quick enough to earn the 1st $100K cash. Keep it up!

Hi Begof,

As different people have different stage in life. What do you think is the net wealth (house + CPF + stocks + cash + other investment) - Total Outstanding Loan is sufficient to retire for (a) childless couple, (b) couple with young children and © couple with grown up children?

 

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Hi Begof,

As different people have different stage in life. What do you think is the net wealth (house + CPF + stocks + cash + other investment) - Total Outstanding Loan is sufficient to retire for (a) childless couple, (b) couple with young children and © couple with grown up children?

coincidentally, i asked myself these questions late last year, as i sought professional help calculating my net worth whether it was on track for retirement.

retirement, to me, is when one has reached a stage where one can decide not to work for $. this would mean, to me, that the person has ALREADY accumulated enough, taking into account inflation projections, medical emergencies, cash buffer, etc.

it isn't enough, to me, to factor in present/passive streams of income on the assumption that they will continue - hence rental, part time work, investing - these can add to and enhance that retirement sum at the point of retirement, but i do not assume them to continue indefinitely nor assume them to continue indefinitely at the rate of return desired.

the sum(s) you need to retire really have to do alot with your expected lifestyle - there's been some discussion on the retirement threads. lots of our peers are v high earners, but they also have very high maintenance lifestyles - i reckon at their expenditure rate and income rate, they're far off from retirement (we're all late 30's, early 40's). Then we also have friends who are also earning alot, but their expenditures are low, and they have accumulated (through savings and consistent investments) enough to work simply because they enjoy their work, want to keep busy but they have enough to stop work (or for one person in the couple) and continue their relatively modest (modest lifestyle relative to the amount they earn, in our modern context) lifestyles if they so wish.

ps: here's another related thread in renotalk forums on retirement http://www.renotalk.com/forum/index.php?showtopic=30352

ps: in calculating wealth, i didn't include my place of residence, since unlikely to sell it

Edited by random_username
 

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My wife and I are both planning to retire as soon as possible (even before 50 if possible), but at this point in time it's still a bit tough.

Even with just servicing our Reno loan and other monthly miscellaneous expenses (we try not to spend too much, but we usually don't have much savings left after paying all the instalment plans and bills), we find it hard to stay afloat for now.

So as a matter of practicality, we both don't intend to have children - we both find it highly unlikely for us to be able to afford the costs of raising a child. Notwithstanding hospitalisation fees, there's still food, diapers, medical fees, clothes etc.

Although we're both still young (I'm early 30s, wife is late 20s), we're seriously looking into how to retire - we don't look forward to scurrying in the rat race till the best years of our lives are gone! I am a strong believer that given our short lives, we work to live, and not live to work. So Living life should be more important.

We do have a lot we Want to do - creating little handicrafts (to sell if we ever become good enough at it), taking up music lessons, language lessons, completing a loooong list of books we want to read, travelling, volunteering at pet shelters, etc.

I think it'd be tragic if we were to find ourselves earning massive amounts of money one day but without the energy or idealism to pursue the things we'd Love to do.

 

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