We were lucky to upgrade to a condo a few years ago. Now our condo is worth $950k and we no longer have any loans on it. We are not very high income earners, just $80k pa and $100k pa. We are now in our early 50s.
When we retire at 65, we will downgrade to a studio condo and use the net cash proceeds to buy annuities. Our
CPF Life will also provide us a good monthly income.
We hope our annuities will give us $3k pm while our
CPF Life will give us $3.5k pm. Our kids may give us $500 pm ($250 from each child). In total, we will have $7k pm as passive income. Our expenses will be $3k pm the most as we do not plan to own a car nor employ any helper. We can save $4k pm which we can use to go holidays to Europe once we save enough. I think a trip to Europe may cost $10k per person.