Quote:
Originally Posted by Unregistered
Home is a condo bought in 2013. Current value $1.05m. Mortgage outstanding $238k. Home equity $0.812k. Other assets are cash, cpf and stocks worth $700k. Total net worth $1.512m. Total income $170k pa. Expenses $120k pa. Savings $50k pa. We are 45/ 43 years old. Kids are 15/ 18.
How are we doing? Any advice on how to prepare for retirement? |
I think you are on the right track towards a good retirement.
Since you save $50k pa, you would then be able to save $1m over 20 years. You should also have paid up your mortgage. Your condo should appreciate to say $1.2m over 20 years. So, by the time you retire at 65, your total net worth will be $2.9m ($1.2+0.7+1).
Your passive income will come from
CPF Life. Assuming the
CPF minimum sum continue to rise, you may get $1600 pm for each person at 65. So, in total you receive $3200 pm.
You should have $1m cash to invest in 5% dividend yield stocks hence giving you $50k pa or $4.1k pm in dividends.
Your children may give you $1k pm ($500 from each child).
So, in total, your passive income should be $8,367 pm. This should be enough for you and spouse to retire in comfort.