Good plan. If you want to get more passive income, you can sell your current condo and buy a similar sized condo in a cheaper location.
We are of the same age group. I'm already retired because I made millions from my property investments. I got in at the right time and exited at the right time. Now you cannot make money from property investments. Weak market and oversupply.
My best investment is a landed property. I bought the landed property at its low in 2006 and sold after a few years when prices were going up. I made a lot of money. Now I stay in a condo (fully paid up) for retirement. The rest of my cash is invested and I'm earning good dividends. I now manage my investments actively to keep my mind active and to identify trends early before the market does.
In investments, timing is everything. Invest your time in learning how to invest. It's worth it.
Successful investing can speed up your retirement by 15 years! Earning money just from work means your retirement will be at 65 or later.
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Originally Posted by Unregistered
My spouse and I can retire in about 5 years time when we reach 55.
We estimate that we will have a passive income of $60k pa at 55. Our 3 bedroom modern luxury condo is paid up. We don't intend to own a car (our condo is near an MRT station and near shopping facilities) nor employ a helper (not much house work for two persons). Our children are likely to be married and living in their own hdb flats by then.
Given that we will not have any liabilities by then, our expenses will be the most $4k pm as we just need to spend on food, utilities, medical and some short travels. We have comprehensive medical insurance. We also don't drink, don't smoke, don't gamble and don't party. But occasionally we do spend on good food at restaurants.
We plan to do charity work, reading, exercising in the condo gym and engage in our hobbies when we retire.
We look forward to a good retirement after working so hard in school and at work for so many years. It will be time for us to relax, take care of our health and give back to society. Life is short so we must treasure our time. |