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  #5725 (permalink)  
Old 24-10-2014, 12:24 AM
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Originally Posted by Unregistered View Post
Middle class couple in our mid 50s earning a combined salary of only $180k pa. Our home, a 3 bedroom condo, is paid up and now worth slightly more than $1.2m. We don't have any other investments (our condo is our best investment since we bought it at $600k in 2003), we only have cash and CPF savings. Our current net worth is about $1.8m. We hope to remain employed till 65. Upon 65, we hope to have a net worth of $2.5m. We will then downsize to a one bedroom condo unit and use the extra cash to buy dividend stocks. We will also get our CPF Life monthly money, so in total our monthly passive income will be $6k pm. I think this would be sufficient as we (my wife and I) just need the money for food, utilities, medical and public transport. We should be spending only $3k pm since we are debt free. Any comments on our retirement plan?
Retirement age is going to increase to 68. Life span also increase to 78.
If you retire at 68, your saving is definitely can see you through the next 10 years without any difficulty.
You can spend 200k first year, 220k second year, 240k, 260k, 280k,300k,320k,340k,360k and finally 380k. Total 2.7m. No problem.
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