50 years old
Wife, 45 years old
Home is a 3 bedroom condo, worth $1.2m, paid up.
Car is a 5 year old Jap car, paid up.
Total annual income, $120k pa.
Annual expenses, $90k pa.
Retirement plan is to sell our current condo and downgrade to a studio unit condo.
Don't plan to have a maid and a car in retirement.
Alternatively, we can retire in Malaysia or Thailand. Our condo can fetch a decent rent as passive income.
We hope to retire by 65 when we get our
CPF Life payout (about $2,400 per month combined).