How much are you earning per annum?

I think you are not successful enough in terms of passive income.

Aim for min $40K/year passive income in order to retire.

There might be many unforeseen expenses such as medical, supporting elderly, children which you can't forgo.

You might want to reduce the pace of working but working part-time as Uber or Grab driver just to make some living expenses for utility, holiday. Nobody to report to and just drive at your own pace.

Meantime, do keep fit and healthy as medical expenses are really high here.

Originally Posted by Unregistered

Successful couple, 50 & 51. We have successfully cleared the mortgage of our flat. As a couple, we earn an active income from work amounting to $164k pa and a passive income (from stocks dividends and CPF interest) amounting to $23k pa. In total, we earn $187k pa.

We don't have any debt and can retire in a few years time. Our couple net worth, which includes our flat, cash, stocks and CPF, is close to $1.5m. Ideally, we hope to retire when we reach 58. Our savings, passive income and CPF Life will finance our retirement.

Thanks for the advice but no worries. When we reach 58, we do not expect to spend too much. We already have medical insurance to take care of unforeseen situations. Our children are expected to be working and financially independent.

For the two of us, we expect to spend about $2000 pm (or $24k pa) since we are free of any debt or liabilities. Food and daily groceries $700 pm, bus and mrt $100 pm, medical (normal coughs and cold, not serious ones) $200 pm, holidays $200 pm, misc $300 pm, spare cash $500 pm. This expenses will be covered by our cash savings up to 65 years old. Beyond 65, we have the CPF Life which will give us $4k pm or $48k pa. With more money, we can go holidays more frequently.

We are happy with our financial success.

Originally Posted by Unregistered

I think you are not successful enough in terms of passive income.

Aim for min $40K/year passive income in order to retire.

There might be many unforeseen expenses such as medical, supporting elderly, children which you can't forgo.

You might want to reduce the pace of working but working part-time as Uber or Grab driver just to make some living expenses for utility, holiday. Nobody to report to and just drive at your own pace.

Meantime, do keep fit and healthy as medical expenses are really high here.

How much does a retired couple today need? (HDB flat paid up)

Daily food (home cooked)
Breakfast $2 x 2 = $4
Lunch $3 x 2 = $6
Dinner $3 x 2 = $6
Total = $16 per day or $480 pm

Groceries shopping (excluding food items for home cooking) $100 pm
Public transport $60 x 2 = $120 pm
Watch movies $25 x 2 = $50 pm
Medical $50 x 2 = $100 pm
Medical insurance $300 x 2 = $600 pm
Holidays $2000 x 2 = $4000 pa or $330 pm
Utilities (can enjoy rebates) $80 pm
Miscellaneous $140 pm

Grand total $2000 pm or $24k pa

So, if a retired couple at age 55 today has $24k pa of passive income or can draw down from savings, then they should be ok. Assuming NO dependents and other obligations. They also get CPF Life from 65 onwards.

However if you are the type who want to retire in luxury, you have to work longer until you can retire. But the problem is, by the time you retire at 70, you are too weak to move around or you can fall ill and cannot enjoy your retirement. When you die at 80, your children will be super rich and they will retire early and spend all your millions. Hahaha. You so clever. LOL.

Originally Posted by Unregistered

How much does a retired couple today need? (HDB flat paid up)

Daily food (home cooked)
Breakfast $2 x 2 = $4
Lunch $3 x 2 = $6
Dinner $3 x 2 = $6
Total = $16 per day or $480 pm

Groceries shopping (excluding food items for home cooking) $100 pm
Public transport $60 x 2 = $120 pm
Watch movies $25 x 2 = $50 pm
Medical $50 x 2 = $100 pm
Medical insurance $300 x 2 = $600 pm
Holidays $2000 x 2 = $4000 pa or $330 pm
Utilities (can enjoy rebates) $80 pm
Miscellaneous $140 pm

Grand total $2000 pm or $24k pa

So, if a retired couple at age 55 today has $24k pa of passive income or can draw down from savings, then they should be ok. Assuming NO dependents and other obligations. They also get CPF Life from 65 onwards.

However if you are the type who want to retire in luxury, you have to work longer until you can retire. But the problem is, by the time you retire at 70, you are too weak to move around or you can fall ill and cannot enjoy your retirement. When you die at 80, your children will be super rich and they will retire early and spend all your millions. Hahaha. You so clever. LOL.

So tired of ridiculous posts like this. Your suggestions can be made by a baby and add no value to the discussion

If you want to lead 25 years of shitty retirement life (based on your calculations and assumption of death at 80), you might as well just die when you retire.

Originally Posted by Unregistered

Successful couple, 50 & 51. We have successfully cleared the mortgage of our flat. As a couple, we earn an active income from work amounting to $164k pa and a passive income (from stocks dividends and CPF interest) amounting to $23k pa. In total, we earn $187k pa.

We don't have any debt and can retire in a few years time. Our couple net worth, which includes our flat, cash, stocks and CPF, is close to $1.5m. Ideally, we hope to retire when we reach 58. Our savings, passive income and CPF Life will finance our retirement.

Congratulatons!

You both have done well. To clear your mortgage at 50 yo is a big achievement. Many are still paying their mortgages in their 50s. All the best for your retirement at 58 yo!

We hope to join our extended family members in KL in a few years time when we reach 50. We will have passive income generating from our flat, stocks dividends, and other sources amounting to S$35k pa or RM110k pa.

With RM110k pa, we are able to retire very comfortably. 3 bedroom condo rental in KL costs RM3k pm or RM36k pa. A car can be bought at RM50k or lesser. We can also travel the world.

Originally Posted by Unregistered

We hope to join our extended family members in KL in a few years time when we reach 50. We will have passive income generating from our flat, stocks dividends, and other sources amounting to S$35k pa or RM110k pa.

With RM110k pa, we are able to retire very comfortably. 3 bedroom condo rental in KL costs RM3k pm or RM36k pa. A car can be bought at RM50k or lesser. We can also travel the world.

Brilliant idea. You're lucky to have family in KL.

Enjoy your well deserved retirement.

Read today in Straits Times that an ex-senior banker (48 yo) claimed that his pay was $14k pm. He has been retrenched twice and couldn't find a job since.

Can anyone verify that this is true - that a senior banker only earns $14k a month? If true, what kind of senior banker is that?

Also, if this is true, then many senior bankers are living way beyond their means. I believe many "senior" bankers drive continental cars. Also if true, they earned way below senior uniformed officers.

Can anyone please help verify. Thanks

Originally Posted by Unregistered

We hope to join our extended family members in KL in a few years time when we reach 50. We will have passive income generating from our flat, stocks dividends, and other sources amounting to S$35k pa or RM110k pa.

With RM110k pa, we are able to retire very comfortably. 3 bedroom condo rental in KL costs RM3k pm or RM36k pa. A car can be bought at RM50k or lesser. We can also travel the world.

I am doing that now. Am in my 40s now, happily retired in KL, doing freelance teaching, blogging to occupy time. Rented out both condo in Singapore, after deduct loan, we net about $3k per month, RM9k for us to use in KL.

1 Restaurant meal in a atas mall for 4pax = RM90
Assuming we eat restaurant meal everyday twice a day = RM180 (this is crazy as will damage health, but someone posted it is pathetic to eat homecooked everyday). 1 month

No need for car, as we stayed next to KLCC LRT, malls, supermarket, cinema, parks everything are walking distance. If we need to travel, we take uber or grab, cost us about RM20 to travel to as far as the Curve. So lets say we go far out for 2 times a week, RM320 on grab/uber. Can save even more if we use LRT., but lets leave it at grab/uber.

Staying in a fully-paid luxurious condo, our condo in Singapore looks like public housing compared to KL condo, we have concierge, aircon huge lobby (like hotel), many layers of security (safer than in SG), sauna, gym, huge pool, baby pool, kids room, music room, 2 parking lot etc. Monthly fee RM400. Plus utility, total RM1000.

SO, total for above 3 big-ticket = RM5400 (Restaurant) + RM400 (transport) + RM1000 (utility) = RM6800. We still have RM 2200 to spend every month on excess like outpatient (fully insured hospital plan in Singapore), travel etc.

Life is good here in KL, but PLEASE dont come here, we dont like it to be full of Singaporeans to drive up the cost. Yes, its dangerous here, so pls remain in SIngapore ok.

For us, we could retire at 55.
Our passive income at 55 is estimated to be S$40k pa.
This comes from renting out our paid up flat and from our dividends.
We could retire in Penang.
We get RM126k pa in passive income after currency conversion.
This amount can give us a luxurious retirement.
We can live in a luxury condo and drive a big car.
We can even travel to expensive destinations to many countries.