You can retire at 55 if your children are working, married and staying in their own flats.
Since you save $40k pa, over 5 years you would save $200k. You can sell
your big condo for $1m and move into a smaller one bedroom condo you can buy for $500k. You will then have $700k cash ($200k + $500k).
If you spend $40k pa on average (inflation taken into consideration) in retirement from age 55 to 65, you will need to spend $400k in total over 10 years. Your $300k cash balance will be for standby.
When you reach 65, your
CPF Life will give you $4k pm or $48k pa from 65 onwards, if you choose the ERS.
During your retirement, make sure you don't own a car, don't employ a maid, don't smoke, don't drink and don't gamble. These are money drainers.
Quote:
Originally Posted by Unregistered
Both 50.
$200k pa total income.
Savings $40k pa in total.
Cheap OCR condo. Paid up.
Cheap new car. Paid up.
Our assets are our condo, car, cash and CPF savings.
Total net worth $1.5m.
Debt free.
When can we retire?
How can we retire?
Appreciate advice from the experts here. Thank you. |