Will be 57yrs this birthday and happily married with 2 gals, one upper primary and the other upper secondary. Have a fully paid $1m
HDB and drives a fully paid 3yr VW SUV? Earn abt $130k pa and this will be my final year working before retiring. Have $500k cash and $500k
CPF. I'm not including my wife funds as I would like her money to be hers.
During my retirement from 58 yrs to 65 yrs (8 yrs), I will just do a simple drawdown from my $500k cash component of $4k each month. Which means i will drawdown say, $50k pa. Multiply by 8 yrs total drawdown amt will be $400k. The $100k is buffer funds.
I have $300k lock up in the RA ERS and Medisave account. The excess $200k is now earning compound interest. After 65 yrs, I will be able to have a monthy sum of $3k ($2k from
CPF ERS for life and $1k from my excess funds for 20 yrs).
My wife will be working and she will pay for our maid salary and levy. That means we can continue to have a maid.
I have plans to buy an EA or EM at max $700k and cash out my current flat. The balance monies will be used to co-fund my gals tertiary education if so required.
Right, i am figuring out how to spend my retirement time.