Hello

Since this was sort of an answer requested of me, I will reply to you on my thoughts (of course these are just first thoughts, i didn'tr eally think of it deeply).

You know my view of the older folks who are already on the wrong side. You say you feel that you're on the wrong side, and I agree you are probably right (although I don't agree that $1m is a small sum). You know you're going to be slipping further to the wrong side (meaning your $1m will not be keeping up with inflation), and I agree with that.

First the good news. To even know that you are slipping to the wrong side and that there is not much time left is a big plus. Lots of people sit on their hands hoping things will change for them, or luck with come by, or you know, something falls from the sky from the government. So I see it positive that you know and you want to change.

Second good news. Your kids are probably about to be grown up and working. At least they should be fending on their own soon. So I would say that the financial situation is at its worst now, and will start to get better as long as income increases in tandem or more than expenses.

Third good news. Combined income of $140k is actually not low at all. Your likely burdens seem to be on your kids and parents.

Fourth good news. You're old but not too old to learn and create new things or start your business. It is important in whatever you do, not to stray too far from your strengths. You can't start a dot com and expect to beat the kids out of uni. You could start a company or competitor in your same business, or you could buy out your business. You need a financial advisor for that.

Now for the bad news.

Firstly, I have so far only read, but never actually met a person in their fifties who has successfully retooled himself for the future. As I said previously, there are ways and I see a lot of Singaporeans (in today's Sunday Times) doing part time study and working full time. These are people who will go ahead becasue they are changing with the times. These are the people who will pull themselves out of the wrong side and start off on the other side. So unless you ahve the motivation (and take this outside posting on this forum), apply for relevant courses and make yourself relevant for the new age. You still have lots of mileage in your tank, at least 15-20 years.

Secondly, with parents, kids, mortgage and lots of admin (and noone to do it), plus aging parents and you yourself are aging, you will have no time to embark on anything to improve yourself. You are already used to your lifestyle and you will want to continue in your lifestyle.

So to sum it all:

You need to forecast your expenditure curve going forward and match it with your income. To save more, the math is simple, more income or less expense. My preference is to generate more income by retooling, but there are costs to you, and some of these costs are non-negotiable. Otherwise, you will need to reduce your expenses. Your reduction in kids and tuition expenses will be replaced by medical expenses that are not covered by insurance.

So there is no simple solution that can be implemented in a day or a month or a year...you can't grow a cash tree in a year. But you can start growing it now! Stop sitting on your hands and gentlemen, start your engines!

That's all folks
Jeff