How much are you earning per annum?

This is a brilliant plan. It shows you don't need millions to retire early in luxury. Just need to be open minded, smart and think outside the box. Penang is a nice place to retire, especially living in a beachfront condo with spectacular sea view.

Originally Posted by Unregistered

My spouse and I are looking forward to a luxurious retirement. Here's our plans.

Retirement plan at 55 (retire in Penang, beachfront condo).

Passive income at 55
Rent out HDB flat (fully paid up) S$2.5k pm
Stocks dividends S$2.5k pm
Total S$5k pm or RM15k pm

Penang cost of living
Rent a 3 bedroom luxury beachfront condominium RM3k pm
Car expenses RM500 pm (assume buy car in cash RM50k)
Food, groceries, restaurants and utilities RM2k pm
Medical and entertainment RM1k pm
Misc RM500 pm
Total spending RM7k pm
Savings RM8k pm

Passive income at 65
Rent out HDB flat (fully paid up) S$2.5k pm
Stocks dividends S$3k pm
CPF Life S$3.5k pm
Total income S$9k pm or RM27k pm
Total spending RM10k pm
Savings RM17k pm

How about yourself? Are you doing ok?

I suppose you are in business yourself? It is really hard to do business. Many tried, but only a handful can succeed. Rest either go back to work for others or drive taxi.

Originally Posted by Unregistered

Well done! You're definitely doing a many times better than the old man in this forum. And you're only in your mid 40s! Doing your own business is the way to big riches, not from salaries!

If you are childless or single, you can retire as early as you want or anywhere, but then you wouldn't retire because you will be very lonely.

If you have children, at your mid 40s or 50s, your children are likely to have many more years of schooling to go. Even in your early 60s, your children, if they are working may not yet be married and staying with you. So retiring early and in Penang may not be such a brilliant idea. Any more out of the box idea for this group of people?

Originally Posted by Unregistered

This is a brilliant plan. It shows you don't need millions to retire early in luxury. Just need to be open minded, smart and think outside the box. Penang is a nice place to retire, especially living in a beachfront condo with spectacular sea view.

Originally Posted by Unregistered

If you are childless or single, you can retire as early as you want or anywhere, but then you wouldn't retire because you will be very lonely.

If you have children, at your mid 40s or 50s, your children are likely to have many more years of schooling to go. Even in your early 60s, your children, if they are working may not yet be married and staying with you. So retiring early and in Penang may not be such a brilliant idea. Any more out of the box idea for this group of people?

Not true that people in their mid 50s have school going children. There are people who married in their mid 20s and have kids early. By the time they reached their mid 50s, their children are already working and could be married and already staying in their own BTO flats. So if you are of this profile, you can retire in Penang in your mid 50s or latest late 50s.

In your case, you are already 55 and your daughter is already working, so you just need her to get married and stay in her own 3 room HDB BTO flat. Then you can retire.

Your idea depends on a lot of "IFs". Not a brilliant idea for a lot of people.

It is as good as telling people IF you have millions then you can retire early.

Think safer and more commonsense to stick to telling people to ensure having sufficient savings before considering early retirement. Better still, don't retire too early.

Originally Posted by Unregistered

Not true that people in their mid 50s have school going children. There are people who married in their mid 20s and have kids early. By the time they reached their mid 50s, their children are already working and could be married and already staying in their own BTO flats. So if you are of this profile, you can retire in Penang in your mid 50s or latest late 50s.

In your case, you are already 55 and your daughter is already working, so you just need her to get married and stay in her own 3 room HDB BTO flat. Then you can retire.

Let me command the young people here what to do to retire in their mid 50s.

1. Find a partner in JC or Uni. Don't wait until you start working cos chances are the good ones are taken. Start saving since you're young so you can marry early. Apply BTO flat fast under the fiancée scheme.

2. Marry in your mid 20s. Get a child or two immediately. Stay in your BTO flat.

3. Pay off your housing loan fast.

4. Save and invest.

5. Make sure your children gets into Uni, get married and live in their BTO flat.

6. Retire in Penang at 55. Your passive income will be from renting out your flat and stocks dividends.

7. Enjoy a luxurious retirement staring from age 55. Your chances of being dead at 55 is a lot lesser. Once you reach your 60s and 70s, your chances of being dead increases.

Originally Posted by Unregistered

Your idea depends on a lot of "IFs". Not a brilliant idea for a lot of people.

It is as good as telling people IF you have millions then you can retire early.

Think safer and more commonsense to stick to telling people to ensure having sufficient savings before considering early retirement. Better still, don't retire too early.

Do you know that as you age the risk of you dying increases exponentially? Your chances of surviving decreases exponentially.

Go and google it up to better understand. Don't listen to the fool who tell people to retire late even though you're prepared financially (financially independent).

Nowadays not uncommon to hear people dying in their 50s and 60s, some even in their 40s.

Your death can be any time. Will you be next?

There is no need for insults. Just argue your point properly and try and support it with facts.

People who have financial security do not get swayed one way or another about when to retire. They are the ones who have the real option to decide. The fact is, most of them will choose not to retire, because these are people who derive satisfaction from and enjoy their profession, or business. You can see many of these people still working in their 60s. They may not be doing what they did when younger but playing more of consultant roles.

People die from many things and causes. But to die from boredom and in poverty is something we should avoid, and it is within our power to prevent.

Why are you so bitter? Is what ever I said described your real situation?

Be kind, you will feel much better.

Originally Posted by Unregistered

Do you know that as you age the risk of you dying increases exponentially? Your chances of surviving decreases exponentially.

Go and google it up to better understand. Don't listen to the fool who tell people to retire late even though you're prepared financially (financially independent).

Nowadays not uncommon to hear people dying in their 50s and 60s, some even in their 40s.

Your death can be any time. Will you be next?

Age 47 & 45.
HH income $180k pa.
Lives in a 3 bedroom suburban condo. Drives a new car. Both paid up.

Retirement strategy at 65

Retire in our condo
Passive income from CPF Life $3500 pm
Dividends $2000 pm
Other sources of passive income $500 pm
Total passive income $6000 pm

Expected expenses in retirement $3000 pm
Will give up driving as condo is near to an MRT station
Will give up employing a maid as it will be a waste of money. Anyway prefers the privacy.

Savings in retirement $3000 pm
Annual savings in retirement $36k pa

Congratulations on your achievements!
To own a fully paid condo and a fully paid new car is a BIG achievement in Singapore.
Not many households own fully paid condo and car. Many still have mortgages and loans.
Well done! You are among the top 5% household in Singapore.
You have arrived.

Originally Posted by Unregistered

Age 47 & 45.
HH income $180k pa.
Lives in a 3 bedroom suburban condo. Drives a new car. Both paid up.

Retirement strategy at 65

Retire in our condo
Passive income from CPF Life $3500 pm
Dividends $2000 pm
Other sources of passive income $500 pm
Total passive income $6000 pm

Expected expenses in retirement $3000 pm
Will give up driving as condo is near to an MRT station
Will give up employing a maid as it will be a waste of money. Anyway prefers the privacy.

Savings in retirement $3000 pm
Annual savings in retirement $36k pa