We're a middle class couple, 47 & 45, with two teenage children.
Here are our assets (combined)
1. Private condo (home), 3 bedroom, paid up. Valued at $950k.
2. Private condo (investment), 1 bedroom, paid up. Valued at $550k.
3.
CPF savings $450k.
4. Cash $50k.
5. Car, paid up.
We have no debt and our current combined net worth is $2m.
Our combined income, including net rental income is $184k pa.
We save $40k pa.
Our annual expenses include food, utilities, car expenses, overseas holidays, children's expenses, eating out at restaurants, clothes, bags, shoes, insurance, taxes, entertainment, parents' allowances (both sides), condo maintenance fees, etc.
To reward ourselves, we don't mind spending when it comes to eating good food at restaurants, wearing nice clothings and enjoying our holidays. We enjoy life but we are not spendthrift. Even though we can afford to buy a luxury car, we bought an inexpensive but reliable car instead. We are also generous to our parents with the monthly allowances.
We plan to retire at 60. Our retirement plan is as follows.
1. Retire in our current 3 bedroom condo home
2. Buy annuities with cash savings
3. Our multiple sources of passive income will be from:
(i) Investment condo net rental (ongoing)
(ii)
CPF Life (payout from age 65)
(iii) Annuities (payout from age 60)
Any comments from anyone here on how well we are doing? Thank you.