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Old 26-09-2021, 02:46 PM
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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.
You don’t need so much in retirement if you live a modest lifestyle

Retirement monthly expenses for retired couple
- Food and groceries = $700
- Utilities, wifi and mobile = $350
- Public transportation = $200
- Medical insurance = $600
- Miscellaneous = $150
- Total = $2000
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