Quote:
Originally Posted by Unregistered
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. |
Thanks for sharing. I feel blessed that I'm able to enjoy living in a condo. We enjoy the condo facilities. Our retirement plan is to sell our current big condo and buy a one bedroom condo. We like the idea of staying in a smaller place as it will be easier to maintain. As you have suggested, we could buy annuities from the extra cash generated after selling the big condo and buying the smaller condo. I will also get funds from our
cpf life. Retiring overseas is an option but not our priority, at least not for now.