Thanks for sharing your retirement plans. We are encouraged and motivated as we were also thinking the same. With also have equity in our private property. Downgrading to a
HDB flat is a reasonable plan as we started with a
HDB flat. Living in a flat has many advantages too. Free time to do what we want is the most valuable luxury today. For us we can quit the corporate rat race and do what we enjoy. All the best to your early retirement plan!
Quote:
Originally Posted by Unregistered
We will be retiring in a couple of years when we reach 55 after collecting our CPF funds. We plan to downgrade from our condo to a HDB flat and become debt free.
Sell condo $1 million
Buy HDB flat $500k
Collect CPF OA $200k
So we get $(1-0.5+0.2) = $0.7 million cash
We can spend this cash for our retirement from 55 to 65 years old.
We will need $5k pm which is $600k over 10 years.
When we reach 65, our combined CPF Life will be $5k pm.
This is our early retirement plan. We are very fortunate to be among the few in Singapore who can retire early. |