From what you described, your children are still very young as they seem to need a lot of care and attention. That only means your expenses have yet to peak. Children university education cost is ever growing. Furthermore your ageing parents are going to need medical care as they aged. Retiring at 47 means your savings have to last a good 40 to 45 years.
You can run your numbers using the yahoo retirement calculator available online. If your expenses are $7k per month ($84k pa) you will need at least :
$3.52M for 40 yrs in retirement
$3.78M for 45 yrs
Both are assuming zero inflation. If there is inflation of 3 to 4 %, you better be making your savings work hard to at least beat inflation. If your savings can just match inflation, then your savings will be totally depleted at the end of the 40 to 45 years.
Quote:
Originally Posted by Unregistered
I'm 47 and semi retired (not fully retired). I was a successful executive in the financial sector. I have made enough.
I'm retired from the finance industry and currently doing advisory and social work. It is very fulfilling to help organisations succeed and making the lives of the less fortunate better.
I now have a lot more time to spend with my family, especially my aging parents and children who need my care and attention.
My children loves me so much more now as I have more time to talk to them, to advise them and to be there when they need my help. I'm like their best friend.
I don't want to be super rich. I don't need to. I'm very happy with my wealth. I'm already richer than most people in Singapore. My quality of life is a lot better now. There is more to life than the incessant pursuit of material wealth.
As I'm already materially rich, it is time I take better care of my relationships with my loved ones and contribute back towards society.
Contributing towards society doesn't simply means donating a few thousand dollars but also taking the time and effort to make a real difference to the less fortunate. It requires active hands on involvement.
My life is now more balanced. I've achieved material wealth and now I'm pursuing other things in life. I'm a happier person now. Most importantly my family is happier now. That is what matters most.
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