Hello gurus,

Need your help to comment on our financial situation.

We are a married couple (46 & 49) with two kids. We live in a 20 year old condo (bought in 2006) which is now worth $1.1m, we have cleared the mortgage. We own an old small 1.6L car which is paid off. Our income is only $110k pa and we spend $80k pa. Our CPF (OA/SA/MA) and cash savings in total is about $500k. Our total net worth is about $1.6m.

We are happy with the fact that we are debt free - we cleared the mortgage, car loan, personal loans. However our annual savings is only $30k pa. Do you think we can retire at 60? How can we retire comfortably? If you have been in our situation, can share how you retire? Thanks.