My spouse and I are both in our late 40s and planning for early retirement. We have decided that we should retire at the age of 58 after working hard our whole lives. We worked hard in school, working hard at work and worked hard to raise a happy family with well brought up children.

At 58, we should still be healthy and active which allows us to travel. Our children will also be working by then and will be financially independent. They will also be contributing to the family's expenses, especially since we expect them to secure good jobs given their academic achievements.

By the time we reach 58, our three bedroom condominium unit would have been fully paid. Our expenses would also be lower as we will no longer need a car. Our condominium is close to an MRT station that can link us to the city centre and any part of Singapore.

To finance our daily expenses, we will sell away our stocks and get the cash to buy annuities. This annuities will pay us a monthly amount that would be more than we require as a couple. After taking into account inflation, we envisage we need just $5k pm for our food, utilities and travels. Our children will be paying for their own expenses as their high paying jobs would be more than enough. We have also helped them grow their savings since young and this will help them to get married and buy their own BTO flat. We will not want to finance them any further as they should be thrifty and build up their own financial resources. We do not want to pamper them even though we have the means to do so. They must learn to be like us.

Once we reach 65, our CPF Life will also give us monthly payouts which will allow us to travel more and further away. We also plan to volunteer our time at charities to give back to society.

What's your retirement plan and how are you preparing for it?