Quote:
Originally Posted by Unregistered
50, earning $148k pa. Saves $53k pa. Net worth $850k.
Wife, 48, earning $137k pa. Saves $59k pa. Net worth $750k.
Total income $285k pa. Total savings $112k pa. Total net worth $1.6m.
Condo $1m, paid up.
1.6L car, paid up.
Can any financial expert advise us when can we retire?
What do we need to do to prepare for retirement?
Thank you.
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Very easy. Since you save $112k pa, by the time you retire at 65, you would have saved $1.68m cash ($112k x 15 years). Invest this in a 5% dividend yield portfolio and you get dividend income of $84k pa or $7k pm. You will also get $3.5k pm from your
CPF Life. So your retirement income is $10.5k pm or $126k pa. You can have a very relaxing and worry free retirement.