You have done well financially. You have no debt. This is a good achievement.
Your HH income is higher than the median HH income.
Your HH net worth is higher than the median HH net worth.
Since you save $34k pa, if you retire at 60, your savings will increase by another $442k.
You can use this for your spendings from 60 to 65. At 65, you will get your
CPF Life.
If you want to get more, you can rent out your two empty rooms. You can also do reverse mortgage.
If you want to retire in luxury, you can retire in Penang. Rent out your flat at $2500 and convert to RM. At current exchange rate, you will change to RM7500 pm. You can rent a sea view condo in Penang for RM1500 pm.
Quote:
Originally Posted by Unregistered
Husband, 47, $65k pa income, $14k pa savings.
Wife, 45, $70k pa income, $20k pa savings.
Dependents - 4 elderly persons and 2 children.
Modest home, paid up.
2nd hand car, paid up.
Home equity $500k.
Cash and CPF (combined) $500k.
No debt.
Total net worth $1m.
Are we ok financially?
How do we prepare for retirement?
We welcome any ideas. Thank you in advance. |