Quote:
Originally Posted by Unregistered
The new CPF Life scheme has this enhanced option. If you are 55 this year and put in $241,500 in your CPF min sum, by the time you are 65 in 10 years time, you will get $1900 pm and your wife will get $1900 pm so in total you get $3,800 pm.
You can rent out two of your HDB flat rooms at $800 pm and so you get $1,600 pm from room rental.
Your children can each give $500 pm and if you have two children, you get $1,000 pm.
So, in total your passive income is $6,400 pm. This is more than enough for a retired couple who is debt free and do not have bad habits such as gambling, partying, drinking, smoking, womanizing, over spending on luxury goods, etc. They must also not employ a maid and must not own a car.
So, retiring should not be difficult if you have a paid up HDB flat, the enhanced CPF Life and good children. If you don't have good children, it is purely your fault for their poor upbringing. Must also not have bad, sinful activities and habits. |
The problem is after paying your mortgage using
CPF OA/SA, do you still have $241,500 in your
CPF to be remitted to
CPF Life at age 55? And another $241,500 for your wife?
Why you need to rely on your children, is it a norm? How sure your children can earn enough to feed himself and his family?
Why want to to rent out your rooms to strangers? You don't value privacy?
If you earn small income now, better don't buy cars and engage maid. Try to make your money grow faster. Unless you are high achiever, you won't grow rich by mere savings.