Quote:
Originally Posted by Unregistered
40, 42, professional couple
Combined annual income $149k, annual spendings $108k, annual savings $41k
Lives in a condo, drives a car
Current combined net worth, including condo, $2.6m
Aims to retire at 65, target net worth at 65 $4m
Retirement plan at 65 - Buy a BTO HDB studio unit for elderly costing $100k
Will survive on $3.9m cash, need to be prudent in spending
Will apply for elderly pass for mrt, bus, cinema, etc.
We hope the $3.9m cash is enough till our target death age of 90 |
a few points to note on your retirement plan,
1)have you factor i kidz growing up exponential costs?(provided u have no kids)
2) based on your saving S$41K x 23 yrs to retirement, S$943,000 (nett off inflation against salary increment),
3) Not sure how much cash savings/ liability you have on now, or passive income to sustain from retirement to death.
4) with inflation in & housing appreciation and govt policy changes, not sure if there is any BTO in the future and will it only cost S$100k only in 20+ yrs time. no one can predict. Worse off is, you have to stay at your fully paid condo(assume your condo is on loan) and live off your passive and the above savings +
CPF.