My spouse and I are thinking of retiring in a less developed and cheaper country. Thailand and Malaysia come to mind. We quite like KL as we have family and friends there and most people can speak English. Penang is also possible.
When we retire at 55, our children will be working and living in their own BTO flat. We can then rent out our Singapore home to professional FTs and their family. If we rent out at S$2500 pm, we can then get RM7,500 pm after currency conversion.
We will spend on:
KL condo rental RM2,000 pm
Food and groceries RM1,000 pm
Transport and utilities RM1,000 pm
Medical and entertainment RM1,000 pm
Holidays and miscellaneous RM1,000 pm
Total expenses RM6,000 pm
Savings RM1,500 pm
When we reach 65, we will get an extra S$4,000 pm (RM12,000 pm) from our
CPF Life. We can then rent a more posh prime property in KL for RM5,000 pm and enjoy holidays to Europe. As well as saving more.
Not sure of retiring in JB though. Is it safe to retire in JB? What’s your opinion?