Assessable income distribution for YA2023

While uncle is probably in the top 10% tier of income tax payer, but within this 10% tier, its an exponential difference towards the top 1%, and within the top 1% its another big jump between the top 1% and the top 0.1%. The shape of the line above applies for 0-100 just like it applies for 90-100, and 99-100%. Its exponential all the way.

Uncle don't feel exceptionally well-to-do, if not, uncle would had stopped working and retired and drink kopi. Yes, uncle has rather comfy lifestyle for now, but it is not without worries like most working class/middle income folks. How to sustain it without income? What if uncle lose job? The downside is very very big. For someone who earns 50k PA now, he/she will think uncle is full of shit. I agree. I was at 50k PA before, and that's what I think of anyone earning 100k and above if they complain to me how tight finances are. But whether 50k, 100k, 200k, 400k....its the same. You earn more, you aspire more for life and loved ones, and you plan more. It's still a rat race. Just at a different level.

Only the true top 1% would be really considered well to do here in SG. Really can shake leg and do NOTHING.

Comments

Expenses of a middle-classy Singapore uncle with family

I don't know what exactly is considered middle-class in SG, but I figured its the fat range in the middle section if we were to line people up based on income. There will be a steep drop off from the bottom 5% and a steep surge from the top 5, and another galactic surge from the top 1%. Uncle is pretty sure I am in that middle chunk of 90%, and based on my estimation, should be in the front 30 percentile in this chunk. Now, this is how my expenses look like for myself (excluding what my wife contributes). The numbers are on per month and in SGD Car expenses (loan, insurance, maintenance, tax, fuel) = $2,500 Insurance premiums = $800 Utilities bill = $350 Mobile lines for 5 = $90 Home internet line = $30 Services (Netflix, Spotify, iCloud) = $60 Condo maintenance fees = $350 Property tax = $250 Groceries and take out meals = $1200 Allowance for my parent = $1000 Allowance for kiddos = $200 School fees for kiddos = $150 Tuition fees = $270 Piano, and music classes = $900 Sub-Total fo...

Getting comfortable without a salary from working

Not sure if I am there yet. Basically I am effectively drawing down my cash each month, primarily due to 2 things : mortgage and income tax mortgage (after CPF) is about $9k per month income tax is about $5k per month My investment cashflow covers all my other expenses, including utilities, groceries, handphone/internet bills, insurance, property taxes, condo maintenance fees, personal spending. With some input from wife who is still working, I am still out of pocket by almost $11k per month. She will continue to be able to save a decent sum per month and I'll let her grow that and managed it for her via safe investments. Am I comfortable? Not really. I will if I am not out of pocket per month. If I really stop working for good, the income tax amount will go to $0 after 2025. So only mortgage left We can pay off the mortgage but I think I said before, it doesn't make sense since it's our home and we will be locking the money up with little leeway to do other things. So I ...

CPF balances 24 July 2024

I think for SA, my balance is considered "self-sustaining" as the 4% pa for SA could ensure my balance will continue to meet the FRS requirement every year until I reach 55. from CPF website, my SA balance already exceeds FRS for 2024. Every year, the FRS increases a little for inflation. E.g. the FRS for 2025 is 3.4% increase compared to 2024. But SA interest rate is 4%, so as long as you already reach FRS amount for current year, you will be fine I think, even if you stopped working (i.e. SA stops having contribution)

uncle lim kopi

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