My wife and I will be 55 in a few years time. By then our children will be working and earning their own money. We are thinking of retiring at 55 as our expenses as a retired couple will not be much.

Our condo and car are paid off and we are earning a decent passive income. If our children stay with us after they are working, they will need to contribute to the family's expenses. So our share of expenses will not be high and easily covered by our passive income.

We plan to retire and lead a simple life in our condo and driving our small 1.6L car. We will spend more time in the condo gym, swimming pool and tennis court. We will also do some charity work for the needy.