How much is enough for retirement in Singapore?

[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.

[TheAnswer]

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!

That's why it no longer bothers me if hubby gets retrenched. I know he won't quit on his own. He likes his job. If he gets fried, nevermind la. He is doing his ACCA now. Might be useful in managing our business.

Corporate bonds are good in my opinion if u choose wisely. 6 bonds alone generate $85k coupons per year. Then plus rent out HDB and a few other investments can come up to a fair sum of passive income annually.

[TheAnswer]

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.

$100 below is nothing. I dun mind lowering even further if I get the right tenants. If u price too high, take longer to find tenants, even more lugi during waiting time.

Yours probably is also more well maintained than others to be able to be rented out so quickly.

I still see ppl pricing beyond market rate for some properties. Clearly a death recipe.

[Yngmng]

Not everyone can afford to have passive income. I think so as we live within our means and put aside some savings. We should be fine.