Quote:
Originally Posted by Unregistered
Our combined income is $180k pa. We live in a 3 bedroom condo, currently worth $1m. Outstanding loan $140k. We drive a luxury car, which is paid up. We save about $30k pa. Our total net worth is about $2m. We are 51 years old. How are we doing? Can we retire soon?
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i find it hard to believe that you are asking this question. anyway, giving you the benefit of doubt, it really isn't v hard to tell whether if you can retire soon..
1) set aside sufficient cash to repay the o/s loan of S$140k... you don't have to do a lumpsum repayment if you can invest and get higher returns that the interests expense.... just make sure you have the money to repay if the interest rate goes up
2) you should be able to forecast your monthly / annual living expenses considering you have been incurring it for the past 20-30 years... take that and extrapolate for another 30 years down the road (taking into consideration
CPF life - BRS / FRS / ERS) and make sure you have sufficient funds before you retire lor
ultimately, if things really go south, are you prepared to sell your condo and downgrade? give up your luxury car?
if you can do that you can retire almost anytime.... 2m networth is sufficient for you to use till death, unless of cos you wanna eat caviar for 3 meals... nothing is enough