Quote:
Originally Posted by Unregistered
47, $80k pa. 45, $100k pa. Savings $40k pa.
Condominium unit, $1m. Loan outstanding $200k. 10 years left to pay.
Car, 1 year old, fully paid up. Total net worth $1.2m.
When can we retire? Any advice? Thank you.
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Net Worth 1.2M
cash 400K
Savings 40 K ( expenses 140 K)
Age 55
Savings 40 * 8 = 320 K
Cash 720K , loan outstanding 100 K , net cash 620K
at 620K at 3% annual return, you will get 18.6K pa
Age 65
Saving 40*18 = 720K
Cash 1.12M , Loan outstanding - 0
AT 1.12 M , 3% annual return, you will get 33.6 K pa
If no other expenses ( children education, new car, etc)
it should be a comfortable retirement.