Need some advice here
I am a 37 yo single guy who come from a small town in Malaysia. I have been working in sg for many years and have plans to move back home to care for aging parents. However, my savings are not enough for me to do that now and my parents are v stubborn n do not wish to move to SG to stay w me. They only have relatives around to help look after them as my sister has married n moved overseas. I only go back once in a while due to work commitment and I do wish to be able to spend more time w them before it is too late.
My annual income from employment is only about 85-90k and being a new sg citizen, I now have a
HdB bought under the single citizen scheme. To speed up my savings rate I have rented out 2 Bedrooms for about 1500 per month. My current cash+stocks are only 162k as i have used some cash to pay for the
hdb and also to top up
cpf SA.
My current passive income from rental n dividends are about 1900 per month. With disciplined saving, I should be able to save 50k per year and i plan to move home once my portfolio hits 400k + with the
hdb paid off. I will also make sure that my
cpf has met the minimum sum before i call it quit. I intend to come back to sg to retire after my parents pass on as all my friends are here n I have already gotten used to the life in sg.
Assuming I get a part time or simple job to cover my basic living expenses back home and keep my passive income generated in sg to build my nest egg further., Do u think I will have enough to retire on in sg ? I dont need to live a luxurious lifestyle so long im not poor n miserable is good enough.
I know the amount stated is probably not enough by a lot of ppl's standards but I do not want to wait too long since my parents health are not good.