We both plan to retire in 10 years time when we reach 55. By that time, our condo mortgage will be paid off, our children will be working and probably married and living on their own with their spouses in their respective new flats.

Currently, we earn a passive income of $2k pm or $24k pa from our investments. We are saving $3k pm or $36k pa in cash. When we reach 55, our cash savings will be at least $360k. When we retire at 55, we will continue to get $2k pm in passive income from our investments and we will draw down $2k pm from our cash savings (or $240k over 10 years) for our $4k pm expenses. This will take care of our retirement from 55 to 65.

When we reach 65, we will get income from our CPF Life of about $3.6k pm and plus our $2k pm from investments, our passive income will be $5.6k pm, which is more than we need from 65 until we die. We expect our children to contribute a monthly parental allowance which we will save.

We have worked so hard for so many years. We have so many things we plan to do when we retire. Life is short. We hope we will live long enough to enjoy our retirement.