My spouse and I are in our early 50s. We are debt free and owns our home. Retiring overseas in a cheaper location is something we talked about often. I think we can retire in Penang maybe when we reach 55 (after collecting our
CPF) with the passive income we can get from renting out our home in Spore.
Rent out property in SG S$3000 pm
Convert to RM to get RM10,000 pm
Cost of living in Penang
Rent a 2 bedder condo RM1500 pm
Food, utilities, transport RM2000 pm
Travel the world RM2000 pm (RM24,000 pa)
Misc RM2000 pm
Total RM7,500 pm
Savings RM2,500 pm
This is for our retirement from 55 to 65.
When we reach 65, our
CPF Life will give us S$5000 pm (S$2500 each)
We can save this S$60,000 pa (or RM195,000 pa) or upgrade our retirement lifestyle
We have achieved FIRE (Financial Independence, Retire early)