Hi, my spouse and I are also a low middle income family. We are in our mid 40s and we earn an annual income of only $150k pa. We also live in a condo, valued by professionals at $1.2m, no more loan. We have a combined cash and
CPF savings of only $1m. Plus other assets, our total net worth is only $2.5m, very low for a couple in their 40s.
Our retirement plan is to sell our condo and then buy the BTO
HDB flat for the elderly, costing $100k now. Hope the price will not rise too much by the time we retire at 60.
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Originally Posted by Unregistered
Lower middle income family, mid-50s, annual family income $160k pa.
Staying in an old condo which we bought for $400k in 2003, now worth $1m, no more mortgage.
When we retire at 65, we plan to sell the condo and buy a 2 room BTO flat, which cost only $10,000 (after grants), as reported in the news. By then, we are not working and has no income, so we should qualify for grants to buy the flat. We will then retire with the $1m cash after selling the condo.
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