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Old 05-05-2019, 09:08 PM
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Married couple in our early 50s. We have a combined income of S$150k pa. Our expenses (a 4 persons household) include food, groceries, utilities, condo fees, clothings, eating out at restaurants, car, insurance, holidays (2X per year), taxes, monthly allowances for aged parents, donations, etc. Our home is a paid up condominium apartment. Upper middle class lifestyle. Our combined net worth is currently at S$1.4 mil.

We are planning to retire at 60 after our children get their own flats. We will retire in our current condo home. By the time we are 60, our cash savings will be about S$400k. This cash will be for our expenses (S$36k pa/S$180k for 5 years) from 60 to 65 years old. From 65 onwards we will get S$4k pm (S$48k pa) from our CPF Life.

Our retirement expenses will be a lot lesser than our current expenses as it will be only for 2 persons (excluding our children who will be working, married and staying in their own flats by then) and we will no longer be paying personal income taxes from work. We will only go holidays once a year. We will also not own a car (don’t need anymore) and will eat less often at expensive restaurants. We will have time to cook our own cheap nutritious meals.

What do you think of our retirement plan?
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