Retiring in the elderly
HDB studio is a good idea. For us, we are earning $175k in total per year. Our expenses, which include mortgage for our terrace, 3 series instalment, parents, holidays, children, etc, is about $145k. We save $30k every year. Our plan when we retire at 70 (in about 30 years time) is to sell the terrace house (now valued at $3m, should be $6m in 30 years time) and downgrade to a small one bedroom condo. With our savings and sale of terrace and other investments, we should have about $7m in cash. I think $7m is comfortable for us to retire, leading a humble frugal life.
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Originally Posted by Unregistered
We are your average Singaporean couple (true Singaporean, born and bred here). We started out with a HDB and then upgraded to a condo, which we bought for $700k in 2006. Now it is worth $1.2m. We both earn $150k in total and save $50k pa. We are now 52 & 54 years old. We should be able to clear our mortgage in the next few years. We plan to retire in 10 years time. We will sell our condo and buy the $70k HDB condo for the elderly. We should have enough to retire. |