Let me share my own experience.
I was retrenched at a young age of 48. I could have been economically active still but the relevant opportunities were simply non existent. I did not want to stoop so low as I was a highly successful executive. Egoistic? Yes, I am egoistic. Why should I disgrace myself among my family and friends? So instead of taking on a shameful job, I decided to retire.
Just before my retrenchment, I had three properties - one 3 storey landed property and two condos. I decided to sell my prestigious landed property to a less prestigious condo in D10. I had to explain to all my friends and relatives that I had decided to retire and wanted to rest after working for so hard, and so long hours all these years. I managed to clear all my mortgages and all other debt. I also sold my conti and settled for a smaller Jap. My two condos now gives me passive income, enough for me and my family. We still manage to go to holidays in Europe, but instead of twice a year, we have to settle for only once a year. We survived.
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. |