w o l s I can retire with half a mil in 25 years time

[iceblendedchoc]

even with just $50 increment every year
can hit FRS at 55yo
HDB loan cleared at 67yo with $60k of interest excluding accrued interest
just my portion alone
I am actually lowballing my wealth because variable bonus is factored out




but....



if my kid comes along.....
then work till die ,may go pick up cardboard....


hit the max of MA first!

inb4 replies from edmw elites who earn at least $20k/mth

Good to hit FRS earlier.i hit it at 32.

 

[addict951]

Good to hit FRS earlier.i hit it at 32.

You cleared out your OA all transferred to SA ah?

 

[iceblendedchoc]

You cleared out your OA all transferred to SA ah?

Yes and cash top up 14k to mummy and my SA then to lower my tax rate

 

[1982-1994]

Good to hit FRS earlier.i hit it at 32.

how old are you now????

 

[mp4005 help]

Good to hit FRS earlier.i hit it at 32.

means cannot top up SA already to save the $7k to yourself.

that was a mistake I made. shouldnt have transfer OA to SA. should have top up $7k using cash to save more from income tax.


Read HWZ Forum Rules!

 

[iceblendedchoc]

means cannot top up SA already to save the $7k to yourself.

that was a mistake I made. shouldnt have transfer OA to SA. should have top up $7k using cash to save more from income tax.


Read HWZ Forum Rules!

yes the FRS sum is too low unfortunately to take advantage of 7k off net chargeable income but after calculation, it is more advantageous to max it for more interest on the SA earlier for compound.

 

[iceblendedchoc]

how old are you now????

36

 

[䏣炆玧示老太]

If u single think can retire in 10?

Single can go to become monks early

 

[Repsol_2]

been trying to deplete whatever i have in my CPF into my hdb. Max it out to pay for hdb. No topping up on cpf for puny 2.5% interest rate. Anything below 5% is not worth depositing.

 

[1982-1994]

36

FRS $376 at 32yo is sbsk man
you earn 5 digits monthly ah

 

[1982-1994]

been trying to deplete whatever i have in my CPF into my hdb. Max it out to pay for hdb. No topping up on cpf for puny 2.5% interest rate. Anything below 5% is not worth depositing.

but if any of the accounts hits $60k, got additional 1% interest is it?

 

[1982-1994]

yes the FRS sum is too low unfortunately to take advantage of 7k off net chargeable income but after calculation, it is more advantageous to max it for more interest on the SA earlier for compound.

my golden question,
$20k to top SA or max MA?


inb4 'why not both'

 

[d5dude]

500k in 25 yrs time is less than 200k in todays money assuming inflation rate of 2+%, how to retire?

 

[1982-1994]

500k in 25 yrs time is less than 200k in todays money assuming inflation rate of 2+%, how to retire?

haven't factored in cash savings and my wife's CPF and cash portions
anyway I have factored in 3% inflation

 

[iceblendedchoc]

my golden question,
$20k to top SA or max MA?


inb4 'why not both'

alot of people in money mind forum will advocate MA first before SA. Personally i do SA before MA. I have never bother much about my MA. It hit maximum forgotten when and the the overflow goes back to my OA.

MA has a small window in Jan for top-up if want to reduce chargable income by $3000 (or whatever is the difference in increase year on year).

 

[gnoes85]

Topping up SA is useless, but the time u hit 55/65, the goal post have already shift more back until it is put of your reach especially when u took max loan. Try earn more money instead. Easy ones are: Buy BTO sell it then get another one. Work OT ( i work average 50hrs OT per month for the past 13 years, the money is no joke). I don't recommend investing bcos u cannot afford to lose.

 

[Repsol_2]

but if any of the accounts hits $60k, got additional 1% interest is it?

I dont care. Money park offshore better. Anything that MAS dont allow in sg, i do it overseas. Buy ppty overseas collect rental. Roi currently 7 to 9% p.a and other capital gain investment monthly 6 to 8% p.m roi. I am happy with that. Not gonna think about taking any dime out from CPF. How much they payout again after retirement with FRS with constant goal post change? Barely enough to meet my need. I might be dead before i can smell it. CPF is a trap.

 

[1982-1994]

alot of people in money mind forum will advocate MA first before SA. Personally i do SA before MA. I have never bother much about my MA. It hit maximum forgotten when and the the overflow goes back to my OA.

MA has a small window in Jan for top-up if want to reduce chargable income by $3000 (or whatever is the difference in increase year on year).

going through the topping up of SA method (top $20k just for once),I can only hit my FRS at 65yo
my pay does not allow me to do yearly top up,too shiong unless my dad is not around someday
but topping $20k just once to max MA might be a better way for me

 

[hwarzoner]

cpf 2021 interest earned crediting coming soon

 

[Architeck]

For many quite easy... For a couple also easy to hit 1 mil. But many choose big loan to look like the top 20%. Many old colleagues can have more than 500k in their cpf when their peak pay is only 4.4k. So why not?

In before died without withdrawal