OUR RETIREMENT PLAN AT 55

My spouse and I plan to retire when we reach 55, after we have collected our CPF OA funds. Our CPF SA will be used to buy the CPF Life ERS annuity.

We will retire in KL, where we have friends and family. To finance our retirement, we will rent out our paid-up property in Singapore for about S$2,500 pm and convert it to RM7,500 pm.

Here are our expenses:

Rent a 3 BR condo in KL - RM2,000 pm
Utilities and car operating costs - RM600 pm
Food, groceries and entertainment - RM1000 pm
Medical and insurance costs - RM1,000 pm
Holidays and miscellaneous - RM900 pm
Total expenses - RM5,500 pm
Savings - RM2,000 pm

When we reach 65, we will receive S$4,000 pm (RM12,000 pm) from our CPF Life. This extra money will allow us to rent a more expensive condo in KL and for us to travel the world.

Our property in Singapore and our CPF savings are valuable assets which will allow us to retire rich.