1. My children are not very young, their education fund already set aside.
2. My parents are well off to take care of their own needs including medical.
3. I'm not fully retired from work. I'm semi retired, still generating income.
4. I've built enough fortune. I worked in the FINANCE industry.
5. I earn passive income from my investments.
6. Finances is not a worry.
Hope this is clear enough for you to understand.
Quote:
Originally Posted by Unregistered
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.
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