If I were in your shoes....
I will downgrade to
HDB (5 room) and use the remaining money for passive income.
Let's say you are still not 55 yrs old yet (you are probably 45?). I would expect quite a bit of the money from your current condo to flow back into your
CPF? Use that to pay for the
HDB (800K).
Put aside an emergency fund (100K). Park the rest into dividend stocks. Quite a number are still yielding about 4%. $1m will yield $40k pa conservatively. This will go some way to supplement your income in your new job. As you rightly pointed out, getting back to a $200K job may not be realizable.
Without a job, I wouldnt want to commit to a 2nd property to earn rental income. That leaves no room to manoeuvre in case the economy tank.
Quote:
Originally Posted by Unregistered
Dear all,
I need your kind advice.
I was let go one year ago after 20 years with the company. I think I cost too much. Got retrenchment benefits which is almost finished. I gave myself one year to get a new job but unfortunately there is no available jobs that pays $200k pa any more. My age could be a hindrance. I have given up hope to get back to my previous role.
My assets today are worth $2.5 mil, the bulk of it in my condo (no loan, paid up). What should I do? Should I downgrade to a small condo worth $1m and buy another condo worth $1.5m to give me passive rental income? Or should I just get a $500k HDB flat and invest $2m in the stock market?
Appreciate any comments and advice.
Thanks. |