Originally Posted by Unregistered

you are lucky to be a high income earner. you pay is twice my household income, both husband and wife working. we also live in a 5 room flat, with no loan left. it is worth $600k. we are 48 and 49 years old, we can't retire as early as you, maybe at 65. our retirement plan is to sell our flat and buy a studio hdb flat for the elderly which cost only $100k, so after selling our flat and buying the studio unit, we will have $500k cash. we have another $300k cash and hope to grow this to $500k. so we will have $1m cash at 65. assuming this can last us for 25 years, we can spend $3k pm from the $1. we will also get $2k pm from the retirement account payout. so we will have $5k pm to spend. this is sufficient as we will only spend $3k pm as most of the spending is on food and utilities. we will definitely not have any car or dine in expensive restaurants.

you are lucky to have so much as your money can allow you to spend a lot and go for holidays to europe and australia. you can even own a car. you are lucky indeed to be able to retire at 55.