Good idea. Enjoy your retirement. With your money, you can travel the world for the next 30 years or until you die. Don't have to wait until you're 60 to retire. You may die sooner than you think. Also you don't have to leave behind so much wealth for your children because they will just enjoy your hard earned wealth and spend it away to enjoy the good life. Leave behind some for charity as the poor will need it most. I am planning to retire at 50 as I have achieved the coveted millionaire status.
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Originally Posted by Unregistered
52 & 53 married couple living in a fully paid condo unit worth $1.5m. Our kids are grown up and will likely move to their BTO flat when we reach 55.
When we reach 55, we will buy the new 2 room flexi BTO costing $80k only. We will sell our condo for $1.5m and buy dividend stocks giving 5% pa or $75k pa or $6.25k pm. When we reach 65, we will get an extra $3.5k pm or $42k pa. our passive income will be $117k pa. our children don't need to give us any allowance, if they do it will be a bonus which we can enjoy.
We look forward to retire at 58, assuming the BTO flat is ready in 3 years.
We are happy that we can buy cheap BTO flats. This is fair as people who bought BTO flat are allowed to buy condo after MOP. Currently private property owners cannot own any HDB flats, whether BTO or resale. Very fair indeed. We are very happy to be able to retire at 58 since it will only cost us $80k (40 years lease) to buy our new retirement home. Very, very cheap. Like paying rental of only $166 pm over 40 years. Very fair indeed. |