How much is enough for retirement in Singapore?

[starlight1968sg]

TheAnswer:

starlight1968sg:

OT: TA

There are so many flats and condos, how can the market be attractive?

Certain area is still more attractive than others. But rental will be definitely be on the decline the next few years. For u guys should be fine cos ur HDB is fully paid and only need to support condo. With many years of working life plus frugal lifestyle, u guys will make it. I definitely have more confidence in your ability than most of my friends and cousins. Some of them are living beyond their means.

Thanks TA
Spoke to dh about this topic.
He was day dreaming to sell the hdb when the price is right :yikes:

The cold hard truth is we have to continue working for some more years in order to secure a better retirement.

[TheAnswer]

starlight1968sg:

MrsKiasu

By renting out the hdb, higher property tax payable due to 2nd property.
The rental income is taxable...

Property tax is tax deductible. Agent fees also tax deductible. Interest paid for mortgage also tax deductible. Total can deduct up to maximum 15% of ur rent.

[MrsKiasu]

TheAnswer:

When market slumps, not everyone is affected in fact it can be advantageous. We r waiting for next month to scoop up 1 more corporate bond, bringing our number of corporate bonds to 6. Then wait for suitable chance to acquire the next property. Need to wait a while. Cannot rush.

:rahrah: whoa happy feeling leh!

[MrsKiasu]

TheAnswer:

starlight1968sg:

MrsKiasu

By renting out the hdb, higher property tax payable due to 2nd property.
The rental income is taxable...

Property tax is tax deductible. Agent fees also tax deductible. Interest paid for mortgage also tax deductible. Total can deduct up to maximum 15% of ur rent.

agent fee on new lease deductible or not? think dunno which item, only deductible upon renewal.

[TheAnswer]

I’m expected to work full time for the next 5 years then maybe part time thereafter if I want. I probably will work till 55 too. If not how to spend my time. 5 years later, Sonny will be 17. He where got time for me?? Hubby will work till 55 unless he is retrenched but these days he is dreaming of being his own boss no need to work office hours. He is one lazy bum. Heng our kids dun take after him. Damn slack.

[starlight1968sg]

TheAnswer:

starlight1968sg:

MrsKiasu

By renting out the hdb, higher property tax payable due to 2nd property.
The rental income is taxable...

Property tax is tax deductible. Agent fees also tax deductible. Interest paid for mortgage also tax deductible. Total can deduct up to maximum 15% of ur rent.

TA
This is something new to me.
I need to read up more.

[TheAnswer]

Deductible I think

[sharonkhoo]

starlight1968sg:

This is something new to me.

I need to read up more.

See table of Rental Expenses lower down on the page:
https://www.iras.gov.sg/IRASHome/Individuals/Locals/Working-Out-Your-Taxes/What-is-Taxable-What-is-Not/Rental-Income-and-Expenses/

[starlight1968sg]

slmkhoo:

starlight1968sg:

This is something new to me.

I need to read up more.

See table of Rental Expenses lower down on the page:
https://www.iras.gov.sg/IRASHome/Individuals/Locals/Working-Out-Your-Taxes/What-is-Taxable-What-is-Not/Rental-Income-and-Expenses/

thanks slmkhoo
I was wondering where to start and you have provided me the link

[Yngmng]

Both sale and rental are bad. Recently, the tenancy for my hdb expired. Although I managed to rent it out within 2 weeks, it was probably because I asked for $100 below market rental.