You are doing well. By 60, you have saved $360k. You can retire at 60 if you cleared your mortgage. From 60 - 65, you will spend $4k pm or $48k pa. total spending $240k over 5 years. At 65, you get $3600 pm from
cpf life. Your kids give you $500 pm each, so your total passive income is $4600 pm or $55.2k pa.
Quote:
Originally Posted by Unregistered
Couple, 47 & 48 years old with two teenage children. Our income is $160k pa in total.
Condominium is currently valued at $1m with loan remaining $400k. Just bought a new car with some loan.
Our expenses are: mortgage, car loan, car petrol, food and groceries, condo maintenance fee, taxes, insurance, children's various expenses, eating out, holidays, parents' allowance, cable, utilities, gifts to loved ones, donations, etc.
Total expenses $130k pa. We save $30k pa.
Our total net worth $1.1m. Are we managing our finances correctly?
If you are in our age group, please share your financial situation here.
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