Ex professionals, retired couple, 55 years old. Managed to clear our mortgage. Debt free. We have savings of $600k to spend for our retirement from ages 55 to 65. $100k in emergency savings.
Our retirement activities include exercising at the gym, walking, watching movies and TV, volunteering, traveling and reading.
Our monthly expenses
Food and groceries $1000
Utilities, wifi, mobile $400
Transport $200
Medical insurance and fees $1000
Overseas travel (pro rated) $500 ($6k pa)
Entertainment $400
Miscellaneous $500
Total $4000 pm ($48k pa / $480k for 10 years)
Will receive a monthly passive income of $5k pm (combined) from
CPF Life ERS from age 65 onwards. Children will contribute $1k pm. Total passive income $6k pm ($72k pa).