Objectively, you have done well because
1. You own a condo which is fully paid up. You are among the top 15% living in a condo in Spore as 80% live in
HDB flats. Assuming only one third of condo owners have fully paid up their condo, hen you are among the top 5% who own and live in a fully paid up condo. There are those who own a condo but rent it out and they live in their
HDB flat, these are not considered among the top group.
2. You own a car. This is another big achievement.
You can surely retire by 60 since you would have saved $520k over the next 13 years. This amount is more than you would require between 60 to 65 years old. Then when you reach 65, you will start receiving $1750 pm per person or $3500 pm per couple. If your kids contribute $1000 each in parents' allowance, then you will get $2000 pm as a couple, which means your total passive income as a couple will be $5500 pm. This more than cover your expenses on food, utilities, medical and holidays. So, yes, you can retire at 60.
Quote:
Originally Posted by Unregistered
Hubby, 47, $76k pa.
Wife, 44, $70k pa.
Condo, bought for $560k in 2006, fully paid up. Now worth $1m.
Car, 5 years old, fully paid up.
Expenses, $106k pa.
2 children in secondary schools
Total net worth, including condo, cash and CPF, $1.5m.
How are we doing?
Can we retire at 60?
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