Quote:
Originally Posted by Unregistered
In Singapore it is not difficult to retire at 55 yo as long as your flat is fully paid. A person can get by with $1000 pm if he is not lavish in his spending.
The tough one is to retire at 45. Only the most successful high flyers in society can retire at 45. These people will retire after they clear their condo mortgage and car loan.
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Not true. Many still cannot retire at 55. They still got housing loan, car loan, credit card debt, etc. Many like to spend beyond their means buying expensive property, expensive cars, go holidays, etc. They look rich but are actually broke. Just to show off.
Only those who manage their finances well can retire at 55. They cleared their
HDB loan, no car loan, etc. They are debt free. When they collect their
CPF OA at 55, they have enough cash to retire as they don’t spend much since they are debt free and live a humble retirement lifestyle with no car. They cook their own meals and clean their house by themselves. For a retired couple, they just need $30k pa for food, utilities, insurance and basic necessities.