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Originally Posted by Unregistered
52, sole breadwinner, $100k pa. Spouse, 45, takes care of our two young kids. She is training them to go to top schools. Home is a condo, worth $1m, loan outstanding $300k. Savings, $25k pa. Own a 2nd hand small car (still servicing loan) to ferry around kids and wife. Net worth $1m. Any advice on our financial situation? How can I retire at 65?
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First, congratulations to you for owning a condo. Only 15% of Singaporeans live in a condo, so you are among the top in our society. Second, you are lucky to have a dedicated spouse who cares more about your kids than earning that extra dollar today. If your kids grow up to be successful such as top doctors with $50k monthly salaries, they can give you a monthly allowance of $10k per month. So, you don't have to worry about retirement.