We are currently 50 and 47 years old. Our total household income is $160k pa. We are debt free. We own a paid up big car (more than 2000 cc) and go for overseas holidays twice a year. We eat at expensive restaurants occasionally. We enjoy the good life.
We plan to retire in 2025 in our fully paid up 3 bedroom condo unit. By 2025, we should have about $600k cash, enough for us to retire in our current condo home without the need to downgrade.
We will set aside the most $4k pm for our retirement expenses over the ten years from 55 to 65 years old, after taking inflation into consideration. This amounts to the most $480k. $4k pm is more than what we need in our retirement years. We will still have some savings after the ten years.
Our expected expenses per month (for two retired persons) will be:
Food, groceries, utilities, condo fees, internet, mobile phone $1500
Public transport $100
Medical fees & insurance $800
Holidays (pro rated) $400
Misc $700
Total $3500 pm ($42k pa)
We are heavily insured so that we don't have to worry about any big medical expenses in our old age.
Our
CPF Life annuity (ERS) will give us passive income of $48k pa ($4k pm) starting from age 65 until we die.
We are very happy with our success. We came from humble backgrounds, worked very hard in school and at work and have successfully upgraded from a
HDB flat to a modern luxury 3 bedroom private condominium.
We are contented and feel very fortunate and grateful to be in the top 5% of Singapore's society social economic status. To fully own and retire in a 3 bedroom condo unit is a big achievement in Singapore.
We have achieved the Singapore Dream.