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Old 09-10-2016, 06:14 PM
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Don't be a fool. You don't need to leave behind so much wealth to your children. Make them work hard to achieve their own success. Just give them a good education. That's enough for them to chart their own destiny.


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Originally Posted by Unregistered View Post
My spouse and I will retire at 58. We will ensure that by 58, our cash savings plus our passive income is enough to cover our expenses from age 58 to 65. From age 65 onwards, we will get funding from our CPF Life plus our passive income. Here is the plan.

Age 58 to 65: Average spending per month $4500 pm or $54k pa (for a retired couple leading a simple life. Retire in place in current home which is a paid up condo. No car, no maid. Overseas holidays nearby once a year).

Passive income $2k pm or $24k pa
Balance $30k pa (i.e. $54k - $24k) will be from our cash savings. So we will spend $210k from our cash savings over 7 years.

Age 66 to death: Average spending per month $5,000 pm or $60k pa

Passive income $2k pm or $24k pa
CPF Life $3.8k pm or $45.6k pa
Total income $69.6k pa
Savings $9.6k pa

Wealth bequeath to children:
1. Our current condo home, valued at $1m
2. Investments (valued at $700k) yielding $24k pa of passive income
3. Cash savings
4. Our Life insurance

What do you think of our retirement plan?
Is the wealth bequeath to our children enough?
Should we work longer until 70 years old so that we can bequeath more wealth to our children?
How much wealth do you plan to bequeath to your children?
Please advise. Thank you.
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