Don't say I say, if I were in your shoes, I would have gone for an EC first since with a HH income of $150k, it still qualifies for EC and subsidy from government (minus your bonus)
If say you spend $50k pa in your retirement, to sustain 20 years in retirement you will need minimally $1m (not counting inflation). And if 30 years in retirement you will need $1.5m.
$50k pa for a couple will provide a no-frills retirement. Definitely no car, no maid and no holidays to Ang
Moh countries.
But whatever you do, don't retire too early. Work till 60 if you can.
Quote:
Originally Posted by Unregistered
We sold our flat and bought our condo in 2003. We managed to pay off the mortgage last year. We own a 3 year old car with some loan left. Currently we earn a total income of $150k pa. We are now 50 and 51 year old. Our total net worth is $1.6m. Are we doing well among our peers? What can we do to prepare for retirement? CPF Life is a source of income when we retire. What else can we do to get more income when we retire? Should we downgrade to a smaller condo? |