You have done well as a millionaire couple. If you want more income at 55, you can sell your condo upon reaching 55 and then downgrade to a 4 room
hdb flat. This downgrading process will give you a net proceeds of $1m. Your savings could be $1m. In total you will have $2m for you to invest in 5% dividend yield stocks. Your passive income will be $100k pa. with this income you can retire very luxuriously. You can afford to continue owning a car.
Quote:
Originally Posted by Unregistered
Married couple, 40 & 39 years old. Two teenage kids.
Total income $218k pa.
Total expenses $159k pa.
Total savings $59k pa.
Key expenses
- Mortgage (until age 55) $2400 pm
- Car loan and car related expenses $1800 pm
- Kids expenses including tuition $1000 pm
- Food, groceries, utilities and eating out $1700 pm
- Parental allowance $1400 pm
- Insurance $1600 pm
- Holidays $10,000 pa
- Others $2500 pm
Net worth
- Equity on condo $850k
- Cash and CPF savings $400k
- Total net worth $1.25m
Are we doing ok financially?
How can we prepare for retirement?
Is it possible for us to retire at 55?
We appreciate good, serious advice.
Thanks.
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