I'm 55 and plan to retire next year.
Here's the plan:
1. Sell my condo (paid up) for $1.3m.
2. Buy a 4 room
hdb flat for $400k, pay in full using
CPF from my account and wife's
CPF accounts combined.
3. Invest in blue chips to get 4% dividend from $1.3m stocks portfolio ($52k pa).
4. Rent out 2 rooms for $600 pm each ($1200 pm) or $14.4k pa
5. Wife, 50, continue to work until 55 ($80k pa)
Total income = $146.4k pa
Total expenses = $60k pa
When I reach 60 and wife reach 55 (after 5 years staying in flat) do lease back, get $900 pm or $10.8k pa. Total income $77.2k pa
At 65, get another $1200 pm (or $14.4k pa) from
CPF Life, so total income is $91.6k pa.
When wife reach 65, wife gets
CPF Life payout too, so total income will be $106k pa.
Note: Children are currently young adults and staying on their own.
What do you think of our plan?