Respect. Your plan is very humble, down to earth. There are egoistic people in this forum who want to retire in a condo with a maid, car, fine dining, etc. Keep on saying not enough, not enough. If want to retire in luxury, like that sure cannot retire even with $10m net worth!
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Originally Posted by Unregistered
We have worked out our retirement plan. We will retire at 58. First we will sell our condo and get $1.2m. Then we buy a totally brand new 2 room BTO flat for the elderly for $100k, pay in full cash. We invest $1m in high dividend yield stocks giving us 5% dividend yield, $50k pa. Our 3 children will give us allowance of $2k pm in total or $24k pa. Total passive income $74k pa. When we reach 65, we will get $3.6k pm or $43.2k pa from CPF Life. Total passive income at 65 will be $117.2k pa. Our expected spending during retirement will average $50k pa as we no longer need to own a car. We will save and reinvest the balance or spend on round the world holidays. Living in a 2 room flat has many advantages such as utility rebates. We may even get free food if some welfare organisations come to all the 2 room flats to give out food for the elderly as they usually think those staying in 2 room flats are poor. In fact there are many people who live in HDB flats are rich and they own multiple private properties. |