Quote:
Originally Posted by Unregistered
50, sole breadwinner. Income $130k pa.
Family resides in a condo. Owns a car. No debt.
Total net worth, including condo, is about $1.4m.
How are we doing financially?
Are we considered a mid or upper middle class family?
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You're doing ok now as a working person. It is a big achievement to own your condo outright. However you have to plan for retirement. Under your situation, you don't seem to have passive income. For you to retire here, you may need to downgrade to a 4 room
HDB flat and use the excess proceeds to buy annuities for you and wife. Your
CPF Life will be another source of annuities.
If you don't mind retiring overseas such as KL, which offers the same metropolitan living, you can rent out your condo for S$4k pm and convert to RM12k pm. You can lead a comfortable retirement there.