There you go.
Have you thought about working till 65? or even 67? The longer you work, the more you can save. I think for most couples, the period from 55 - 65 is really the best period to accumulate savings, I called that the golden period. Because by 55, their children would have entered the workforce. This would mean there is no more $ to be set aside for the children's education. On top of that, the children could be giving them allowance. Also by that time, their housing loan would have been paid up. For our case, I projected that if we could work from 55 - 65, we could amass another $2.5 to $3m over the 10 yrs. An enticing thought indeed. It is no wonder I see grey hair people still buying condos. Quote:
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Yes, we plan to work till 65 or even to 75 if health permits. However, we wonder whether we should be working for so long. We know of someone who passed away at 58, he could not enjoy the millions he had for retirement. All his money squandered by the kids, they wasted his hard earned money on wasteful things and activities. Heart pain if he is still alive.
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Too bad for him. He is in a very small minority.
Must learn to enjoy and keep healthy of course. With solid savings, these are the few things you will notice immediately in your life: 1. Less worry. Your worry about sustaining your retirement will be gone. 2. Less stress at work. You will start to view work differently. Not that you should slack at work, but you will not feel stressed that you will be passed over for promotion etc. You dont need the promotion. 3. You can build up your passive income stream with your $. Money to generate more money 4. More willing to enjoy life. Your wife wants to tour Europe / US? Alright on, you tell her, and off you go 5. Car COE expiring? No problem, just book another. I mean I could go on, but you get my drift. Nowadays people at 55 are still very fit and healthy. Many are running marathons, playing golf, tennis and swimming. Quote:
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Thanks for your comments. You must be doing very well. How much is your current personal net worth? And combined net worth with your wife? What's your target net worth?
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Our mental model on financial management is not to divide between what is mine and my spouse. We pool together for better management and investment as we find it advantageous especially when you want to go after bigger investments.
We dont have a target net worth amount. Instead we set a target for passive cash flow to sustain us in our retirement. And it is not a fixed amount, but one that must keep pace with inflation. Our target passive cash flows are $120K pa at 55 rising to $160k at 65 (including $28K from CPF Life annuity). The amount are based on 2014 dollars, meaning they would have to keep pace with inflation! We are on target so far. If we divide our net worth equally, it would be $2.8M each. We know we are not fully maximising the returns as $2M comes from the value of our home. As part our retirement plan, we intend to eventually rent the apartment out for rental income and stay in a smaller home when our children move out to start their own families. We could thus increase the passive cash flow without increasing our net worth. Quote:
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You are very rich, multi millionaires! Congratulations! How did you do it? Are you both working in finance?
Why do you need so much at 65? $160k pa is like $13k pm. If there is only the two of you, why do you need so much? Food and other things should be only $2k pm. Are you planning to have a maid and drive a car during retirement? I don't plan to have a car as I will find a studio condo next to an MRT station during retirement. We will also not have a maid as there is not much housework to do for two persons. Quote:
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seeking advice
inherited wealth from parents
a fully paid up terrace (FH)- valuation abt 3.5mio a fully paid up 99 year condo (currently renting out @ 3.5k pm) valuuation abt 1.5mio inherited cash - 1.5mio inherited investment (mf, equities, bonds) - 1 mio staying in a FH terrace (with a loan of 1mio) own cash -1 mio own investments (mf, equities, bonds , fx) - 1mio income - 350k pa 2 cars - fully paid husband & wife age: mid 30s we are lost, not sure what to do with the sudden inherited wealth......any suggestions. |
You can both retire and set up a charity to feed the poor and needy around the world. You should use your wealth for the benefit of mankind. Too much wealth is not good for you. Lead a humble and simple life.
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