facebookHi all, I'm 38 years old and planning to retire at 52 years old. Hence now I am trying to improve my saving rate to achieve this. I always track my spending. Any advice on how to improve? - Seedly

Anonymous

20 Aug 2020

βˆ™

Retirement

Hi all, I'm 38 years old and planning to retire at 52 years old. Hence now I am trying to improve my saving rate to achieve this. I always track my spending. Any advice on how to improve?

Currently these are my spending:
Parents: $430
Income tax: $365
Phone: $60
Food: $350
Transport: $150
Miscellaneous/Hobby: $400 (I know its ex)
Home mortgage (cash) $750
Insurance: $342
Household expenses w/ 1 kid (my contribution): $1300
Investment (Stock RSP): $1600
Investment (property mortgage BUC): $480
Investment (Endowment): $687

I have close to 1 year of emergency fund ready. Hence all my salary will go to investment after all the spending.
My questions is anything else I can do better?

Discussion (16)

What are your thoughts?

Learn how to style your text

Wah! You earn alot leh!

I wonder how has your retirement plan progress since Aug 2020? Because I'm earning less (& assuming less HHI too) & I also aiming to retire at 52yo (in 17 yrs).

I thought I can get there but not even investing as aggressively as you.

How much do you plan to receive as retirement income?

CommonSense Investor

10 Aug 2021

Certified Professional at Biotechnology and Gene Therapy Industry

Are there any billionaires or millionaires who got there by saving? Hmm....

Jayden

20 Aug 2020

Manager at Board

Ultimately is the lifestyle and the degree of comfort you want when you retire. If you envision to be high spender when retire then may need more cash/passive income. If a average lifestyle, how much is attainable for a happy retirement? :) ​​​

Sharon

20 Aug 2020

Life Alchemist at School of Hard Knocks

It looks like your salary is quite high but I'd still suggest to Increase your take home pay.

It's easy to cut expenses but there will be a point in time where you can cut no further.

1) Jump to a new company with higher salary. New job often pays higher than existing job,
2) Get promoted in existing company
3) Do side hustles that bring you additional income

HC Tang

20 Aug 2020

Financial Enthusiast, Budgeting at The Society

Hi

Few questions that maybe you can consider:

  1. At 38 want to retire at 52, hence you give yourse...

Write your thoughts