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Old 04-11-2016, 11:43 AM
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My spouse and I will soon turn 55, an age we both look forward to as we had long planned for this wonderful age. We had started planning for our retirement years ago and we will soon enjoy the fruits of our labour.

We are ready for retirement as we no longer have any debt on our 3 bedroom condominium home. We have fully paid it up. We are fortunate that our home is near to an MRT station and a shopping mall. Our children have also grown up and will soon be independent as they will chart their own journey of life.

Once we reach 55, we will invest in assets that will generate passive income of $4,500 pm or $54,000 pa.

Here are our expected expenses (for 2 retired old people):

Groceries and food $800 pm
Utilities and condominium fees $600 pm
Public transport $200 pm
Medical and insurance $700 pm
Entertainment $200 pm
Holidays (pro rated) $300 pm
Miscellaneous items $200 pm
Total $3,000 pm or $36,000 pa

We can still save $1,500 pm or $18,000 pa.

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