We are both working towards financial independence (FI). Once we reach FI, we have the option to quit our full time jobs and retire. We then have the option to pursue our other interests in life such as voluntary social work in making the lives of the less fortunate better. We feel blessed since we have paid off the mortgage to our home, a three bedroom luxury condominium unit. We are also blessed to be debt free too.

Our expenses are not high as we are not spendthrifts. We value every dollar that we earn. We don't employ a maid as we prefer to do our own chores and enjoy our family privacy. We also think it is waste of money. We currently own a small, inexpensive but reliable car. Upon retirement, we will not need the car as our condominium unit is near an MRT station and shopping amenities.

We estimated that our expenses for the two of us in retirement will be about $40k pa. This will go towards our food, utilities, public transportation, medical, holiday travels, etc. Our passive income today is about $38k pa. We can retire once we hit $50k pa. We hope we can achieve this by age 55. Our target income of $50k pa will be able to sustain us well.

Upon age 65, we will get a boost in our passive income when we receive our CPF Life payout of $3.6k pm or $43k pa. At 65, our passive income will be $93k pa. We will most likely just save our extra monies. We can also travel more often to more expensive places around the globe.