How much are you earning per annum?

47, $80k pa. 45, $100k pa. Savings $40k pa.
Condominium unit, $1m. Loan outstanding $200k. 10 years left to pay.
Car, 1 year old, fully paid up. Total net worth $1.2m.
When can we retire? Any advice? Thank you.

[QUOTE=Unregistered;69581]47, $80k pa. 45, $100k pa. Savings $40k pa.
Condominium unit, $1m. Loan outstanding $200k. 10 years left to pay.
Car, 1 year old, fully paid up. Total net worth $1.2m.
When can we retire? Any advice? Thank you.[/QUOTE

]Well done. You have profited from the government policy in the 80s and 90s.
Now it's time for you to donate some wealth back to the society as you are earning so comfortably.

Maybe start with 0.5% as recommended by ESM Goh.

Let's say after 10 years, you have paid up your condo loan and your condo's value appreciated to $1.2m. Your savings will increase by $400k. The rest of your assets would also have grown. Likely your net worth will reach $2.5m or more when you are 57. Can you retire at that point in time?

If your children and grown up and living on their own, it would be plausible for you to sell your condo and downgrade to a smaller condo. If you have cash of $1.5m, you can invest and get 5% dividend of $75k pa. Your children can each contribute $500 pm, so you get $1k pm or $12k pa if you have two children. Your passive income will be $87k pa or $7.25k pm. This is more than enough for a retired couple. You can retire in 10 years time. Well done.

Originally Posted by Unregistered

47, $80k pa. 45, $100k pa. Savings $40k pa.
Condominium unit, $1m. Loan outstanding $200k. 10 years left to pay.
Car, 1 year old, fully paid up. Total net worth $1.2m.
When can we retire? Any advice? Thank you.

I am a very powerful man married to a woman with big hair.

I was promoted to my current position in 2009. I made USD700million between 2009 & 2013.

Do you think me and my wife can retire?

Originally Posted by Unregistered

I am a very powerful man married to a woman with big hair.

I was promoted to my current position in 2009. I made USD700million between 2009 & 2013.

Do you think me and my wife can retire?

Well done. You have profited from the government policy in the 80s and 90s.
Now it's time for you to donate some wealth back to the society as you are earning so comfortably.

Maybe start with 10% as you should donate more than ESM GOH suggest. Huat ah!

Originally Posted by Unregistered

How much is your condo? What's your total net worth now, including the equity in the condo?

Total net worth should be abt $1.3m

Originally Posted by Unregistered

I am a very powerful man married to a woman with big hair.

I was promoted to my current position in 2009. I made USD700million between 2009 & 2013.

Do you think me and my wife can retire?

Pastor Kong hee, nice to see you in our friendly forums!

Originally Posted by Unregistered

Total net worth should be abt $1.3m

Very good achievement for an early 40s couple. By the time you retire at 65, your condo will be paid up and your savings will increase by $2.5m. You will be a multimillionaire couple with a net worth of $5m. Awesome! You can even retire early at 55 if you wish to.

Originally Posted by Unregistered

Very good achievement for an early 40s couple. By the time you retire at 65, your condo will be paid up and your savings will increase by $2.5m. You will be a multimillionaire couple with a net worth of $5m. Awesome! You can even retire early at 55 if you wish to.

We are planning to retire by 55 if possible. Otherwise by 60. We live a simple life. We don't splurge on luxury items nor expensive meals.

We hope to spend more time together after retirement and take part in community work. Hopefully we will have a fruitful retirement.

Originally Posted by Unregistered

We are planning to retire by 55 if possible. Otherwise by 60. We live a simple life. We don't splurge on luxury items nor expensive meals.

We hope to spend more time together after retirement and take part in community work. Hopefully we will have a fruitful retirement.

Pls remember to donate % of your salary to charity also.. Thats a way to repay the society.