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You can also sell your luxury car and buy a cheaper car which is less costly to maintain. For instance, you can sell your luxury car for $200k and then buy a new cheap car for $100k. You can use your $100k balance for paying road tax, fuel, insurance, etc for the next 10 years. |
Retirement is always about your retirement lifestyle. If you choose a lavish retirement lifestyle, you will have to work until you are 70 years old and then pass away maybe at 80 years old or earlier. You may not even enjoy your retirement as you will be too weak and unhealthy to enjoy at 70. Travelling the world at 70 is very tiring and not enjoyable.
If you choose a modest retirement lifestyle, you don't need so much money to retire. As long as your home is paid up and you don't lavish with owning a car and employing a maid, then you can retire. A retired couple don't need so much. $2.5k pm should be enough if you watch your spendings. You must also not gamble, drink, smoke and party as these are money wasters and bad for your health and well being. |
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Mid 30s, single.
Currently ~$140K per annum, mortgage on condo $1mio, value of condo $1.8mio, cash ~$1-ishmio, 5yo luxury car fully paid. No other real debt or investment. Considering paying off mortgage up to the point where monthly mortgage is from cpf with no cash outlay (preference to max out cpf). Or not... thoughts? |
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Car is a 5 series m |
So many good stories here. Glad that many succeeded.
But we assume year in year out everyone is making +ve returns. What happens when the economy is down, people lose jobs and many has to dip into savings during rainy days. I actually think that only dual income families can retire comfortably. Most single income average families would tend to struggle more when they age. |
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