Need some advises from the guru here,
Me:Age 36 , about 185k per annum gross.
my spouse: Age 30 about 50k per annum gross.
just got married 2 weeks ago, and i'm looking into preparing for retirement and also on how i can get out of debt quickly :P
and because of the imbalance annual salary between my spouse and myself + the fact that we have a combined income ceiling of > 12k per month, we couldn't go for a BTO or EC, even though that was really my preference, so in the end settled for a resale EA apartment at 620k.
Resale
HDB is purely in my name as i bought it in 2014 under Single scheme, and i paid off ~ 20% using cash and
CPF, rest of it is on mortgage. Outstanding loan amount ~ 445k
Currently servicing the mortgage on my own with my
CPF + Cash Top up (about $900 cash top up monthly) with 24 years left on the mortage.
Have a car, with outstanding loan amount of 37K, looking to repay in full in next 3 years.
So total debt is about 445k+35k = 480k.
cash on hand about 80k and looking to build till 100k as emergency funds before i start some investment.
Can any gurus here advise whats the best thing i can do to get out of debt quickly and start planning for retirement?
My Plan is as follow, but i will need some advise to see if its feasible:
1) Make regular partial payment to the bank to reduce mortgage quickly , shorten the 24 year loan to 10 years, and by 46, house should be fully paid up.
2) Save around 50k per annum and use the 50k for investment, savings etc...
3) Look at how best to get a 2nd property, reason why i bought the house in my own name and not with my wife is purely because i'm trying to find a loophole on the 2nd property purchase.
and of course any good advise is greatly appreciated.