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Old 21-01-2017, 07:03 PM
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You and wife are doing very well especially since you both have managed to own a condominium unit and a car. These are items which every Singaporean desire and dream of.

You should also have no problem retiring by the time you are 60. Since you save $50k pa, in 7 years time, you would have saved an additional $350k. This will be enough for your retirement expenses from age 60 to 65, assuming you spend $50k pa.

From age 65 onwards, you would receive from CPF Life about $1900 pm each or $3800 pm as a couple, assuming you choose the Enhanced Retirement Sum (ERS). This $3800 pm or $45k pa would be sufficient for you and wife if you lead a simple retirement without spending on wasteful, unnecessary expenses such as owning a car, employing a maid, going to European holidays every year, gambling, drinking, smoking, partying, etc.

You can retire in place in your condominium and continue to enjoy the facilities such as swimming pool, gym, tennis court, etc. You can also lead a meaningful life by doing volunteering work to help the poor and needy.


Quote:
Originally Posted by Unregistered View Post
Married working couple, 53 & 50.
Total income, $200k pa.
Accommodation is a private condo, worth $940k.
Mortgage left, $179k. Spends $12k pa in mortgage payments.
Car is paid up. Spends $12k pa to maintain and operate.
Supporting parents financially, both sides. Spends $20k pa.
Holidays, twice a year. Spends $12k pa.
Total spending, $150k pa.
Total savings, $50k pa.
Total net worth, $1.2m.
Are we doing well since our total net worth is more than $1m?
When and how can we retire?
Please comment. Thank you.
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