Quote:
Originally Posted by Vue
36, 39 both working.
Combined annual income: 210k
Extra income: 12k per year
Combined Cash: 320k
Combined CPF: 525k
Stocks: 30k
2nd Property value: 820k
Value of property which we stay in: 500k, fully paid
Insurance savings: 100k upon maturity
Outstanding car loan: 52k
Outstanding property loan: 650k
Annual expenditure: 75k
how are we doing? are we over leveraged? |
Does annual expense include housing loan?
Assuming you rent out the 2nd unit and its income matches loan, you are perfectly fine.
75 K pa is reasonable with housing loan. The next step will be working / savings to give you the same return.
Using a conservative 4% return, you will need 1.875M cash.
So you would probably need to save another 1 m before retirement.
Given your net saving is at 135K ( Earning - Expenditure), you should reach your target in 7 to 8 years.
Verdict : Retire before 50.