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Old 18-04-2021, 07:10 AM
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We will be 55 soon and plan to retire. When we reach 55, we will go for the Enhanced Retirement Sum option of the CPF Life. This gives us about $2.1k pm from age 65 onwards. So our passive income will be $4.2k pm or $50k pa. This is a lot for a retired couple as we plan to cook our meals and will travel by public transportation.

Between age 55 to 65, we will need about $5k pm or $60k pa. In total $600k over 10 years. We can get this amount of cash by selling our $1 mil condo and then buying a 3 room HDB flat for $300k paid in full cash. Living in a 3 room HDB flat has many advantages as we get to enjoy utilities rebate which we don’t enjoy now as we are living in a condo.

Life is short.
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