Quote:
Originally Posted by Unregistered
Here is our retirement plan
Age 55, we will do this
1. Sell our fully paid condo at $1 million
2. Buy a four room resale HDB flat for $400k, fully pay in cash
3. We will spend for our retirement $40k pa or $400k over 10 years (from age 55 to 65) for me and spouse
Age 65, my spouse and I will get $4500 pm ($54k pa) combined from CPF Life
We will retire in about five years time
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This is an excellent retirement plan. I think this is what many retirees do. They downgraded from private property to
HDB flat to get cash so that they can retire. Most people live in
HDB flats even those working. To downgrade is no big deal especially if it gives you freedom. You are making the right choice.