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 |
Brilliant move. We are both also retiring soon after collecting our
CPF at age 55. Our condominium unit is already fully paid. What we need is cash to sustain us from age 57 (our planned retirement age) to age 65 after which we will receive a monthly payout of $4000. If we need $3k pm (or $36k pa) from 57 to 65, the total cash we need will be about $288k. I think we should have $300k cash at 57.