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Old 11-02-2017, 07:01 PM
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Dual income household with two children. Annual combined income is about $200k. We are staying in a 3 bedroom luxury condominium unit. Our condo has a large swimming pool, a gymnasium, a tennis court and beautiful landscaping. We are very fortunate to be able to afford such a luxurious home.

We are left with only $178k on our mortgage loan. We pay $1k pm or $12k pa for our mortgage. This is a MSR of only 6%. Actually we can pay off our remaining mortgage in full using our CPF balance if we want to but since our CPF interest rate is giving 2.5% and our mortgage rate is less than 2.5%, it doesn't make sense for us to pay off in full. If mortgage rates rise above 2.5%, we will just pay off our remaining mortgage in full.

We lead a middle class lifestyle. We do own a nice car which allows us to move around in comfort. We enjoy good food at restaurants at least once a week. Family bonding is important to us, hence we invest in year end holidays where we get to be closer as a family. Our holidays are full of sweet, happy memories.

To prepare for our retirement, we save about $35k pa in cash. We also build up our CPF savings for our future. We aim to retire in ten years time when we reach 57. We should have enough cash savings and CPF Life for us to spend during our retirement. We will need about $36k pa during our retirement. We will have enough cash savings to take care of inflation.

Our retirement expenses will include food and groceries, public transport fees, utilities, medical fees, insurance, broadband, mobile phone, entertainment, holidays, condo fees, etc.
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