We are not as successful as you. We are around your age. Our retirement plan is to rent out our fully paid 5 room EA for $3k pm. On top of this we have other sources of passive income giving us another $2k pm. With $5k pm, we can get RM15k pm. We will then retire in Penang, where we can rent a big bungalow with swimming pool for RM5k pm. Our other expenses will be RM3k pm so our total retirement expenses will be RM8k pm. We will save RM7k pm. We envisage our children will be working and married when we reach 58. We will retire at that time. The bungalow will have 5 rooms so our children and our future grandchildren can visit us twice a year. They can enjoy the pool with complete privacy.
So we will have a luxurious retirement in Penang and living in a big bungalow. In Spore, such bungalows will cost $20m and above.
Quote:
Originally Posted by Unregistered
49 & 48, middle class workers.
2 children.
Live in a condo. Bought in 2003. Paid up. Current valuation $1.5m.
Drive a 2L car. Paid up.
Total income $153k pa. Total savings $40k pa.
Total net worth $2m.
We like the idea suggested by someone about downgrading to a small condo when we retire.
If we retire at 60, we will sell our current condo and buy a studio condo.
We can then use the cash to buy private annuities for our retirement.
CPF Life will also pay us. |