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Old 26-09-2016, 01:05 PM
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The decision on when to retire depends first on finances, retirement lifestyle choice and your marginal value of your free time.

A couple who chooses a simple retirement lifestyle, meaning retire in place in their HDB flat and have enough to meet the basice needs of food, medical and other essential expenses which is about $2,000 pm can retire if they have sources of passive income to cover this.

A couple who chooses a more luxurious lifestyle, complete with a car will need $10,000 pm.

Once the issue of finances is settled, it then depends on the willingness to give up your earned income for your free time. Trading income with your time. If you value your free time more than income, then you will retire. Those who earn high salaries may not want to give up their salaries and so remain working until they die. Those who are financially independent and value their time more than their salaries will decide to retire.

Those who can retire but have to retirement plan activities will choose not to retire as they will feel bored at home.

The choice to retire on not is very much a personal choice depending on one's circumstances and personalities. If you are financially independent and have exciting plans for your retirement, then by all means retire and do things you have always wanted but did not have the time to do. This could be travelling for a few months to different parts of the world, doing charity work to feed the poor and needy, doing lots of reading and many more.
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