Quote:
Originally Posted by Unregistered
Out of a HH income of $160kpa, we manage to save $30k pa. Our home is just a simply furnished 3-bedder unit in a condominium project. It's valued at $1.1m and we have an outstanding loan of $200k on it. We should finish paying the loan in 10 years time when we reach 55. Our retirement plan is to sell our condo unit at 55 and buy a studio condo unit. We would buy a unit in a condo project located next to an MRT station for convenience of travel. This provides a good reason for us not to own a car during our retirement years. |
Excellent retirement plan. Look forward to your retirement at 55.
Many people downgrade or right size when they retire. Those who live in 5 room
HDB flats will downgrade to a 2 room
HDB flat. Those who live in 3 bedroom, 4 bedroom or penthouse condo will downgrade to a studio or one bedroom condo unit when they retire.
Smaller condos are easier to maintain and you pay lower condo fees. You also don't need to employ a maid as there is not much house work to do. I think only unwise or egoistic people remain staying in their penthouse condo, employ a maid and own a car when they retire.
Buy a condo next to an
MRT station. It is worth it.