A 63 yo senior citizen (had A Level qualification) who will retire this year. This is his 3rd retirement! Is he happy now?
The first time was at 55yo. He invest his CPF money with NTUC Income. Now, he receives around $300 per month. The anuity payment always come late. He also invest some money with his employer. He bought $15 per share. Now, the share price is less than $11.
The second retirement was at 62 yo. He had work another 8 years to support his family. He had heart attack during the period ! He does not own a HDB flat and stay with parent (90+yo)
Now, he still seeking for job and could not enjoy his golden age !!!
Tip 3: Do not spend more than 50 times of your gross monthly income on your property and upgrade only once during your lifetime. If your family income is $6,000, you can invest up to $300,000 on your property and not more.
Hi Mr Tan,
My wife and I are about 30 years old, with 2 young kids,and have a fully paid up 600k flat. currently we save about 40% of income excluding cpf.
We plan to buy a condo at 800k if the price drops from the current 1.2m and rent out our flat at the same time. The rent should cover the condo mortgage ( assume 4% interest) , if not, we budget to have 1-2 years of savings for the mortgage.
CASE
ReplyDeleteA 63 yo senior citizen (had A Level qualification) who will retire this year. This is his 3rd retirement! Is he happy now?
The first time was at 55yo. He invest his CPF money with NTUC Income. Now, he receives around $300 per month. The anuity payment always come late. He also invest some money with his employer. He bought $15 per share. Now, the share price is less than $11.
The second retirement was at 62 yo. He had work another 8 years to support his family. He had heart attack during the period ! He does not own a HDB flat and stay with parent (90+yo)
Now, he still seeking for job and
could not enjoy his golden age !!!
Tip 3: Do not spend more than 50 times of your gross monthly income on your property and upgrade only once during your lifetime. If your family income is $6,000, you can invest up to $300,000 on your property and not more.
ReplyDeleteHi Mr Tan,
My wife and I are about 30 years old, with 2 young kids,and have a fully paid up 600k flat. currently we save about 40% of income excluding cpf.
We plan to buy a condo at 800k if the price drops from the current 1.2m and rent out our flat at the same time. The rent should cover the condo mortgage ( assume 4% interest) , if not, we budget to have 1-2 years of savings for the mortgage.
Appreciate yr opinions and insights.