Quote:
Originally Posted by Unregistered
We are a middle income married couple in our early fifties. We earn $145k pa and save $30k pa. We upgraded to a condo unit some time ago and got it at a very good price. We are left with only $100k of mortgage, which we pay by our CPF. Now the condo is worth $1m. Our children is still schooling. We drive a 2 year old car with no loan. Our total net worth is close to $1.5m.
How are we doing? How do we prepare for retirement? We don't have any investments besides our condo home. We plan to downgrade to either a studio condo or a 3 room hdb flat when we retire as we prefer a smaller place as it is easier to manage.
Any advice? Thank you. |
No offense, but you are doing poorly if you have to downgrade when retiring.
We will be continuing to stay in our condo unit after retirement. Our passive investments should yield a total of 20k/month which will be a comfortable sum. By then, there will be no more big ticket items, hence the money can be used on living expenses.