How much are you earning per annum?

You can retire in 10 years time. By the time you're 55, your condo will be paid off. Your children will also be working and they will be financially independent. In fact, they can also contribute to the household expenses if they are still living with you. You can sell your condo for $1.2m and then downgrade to a $400k four-room HDB flat. So, you have cash of $800k.

You will spend $40k pa from age 55 to 65 for you and wife, assuming no car, no maid. This means over the 10 years you will spend $400k in total. You can then top up your wife's CPF SA with $241k for the CPF Life Enhanced scheme. At 65, you and wife will each get $1750 pm from CPF Life or $3500 pm in total. This will last you until you both die. As a bonus, your children will give you $500 pm from each of them and if you have two children, you will get an extra $1000 pm.

On top of this, you still have cash of $339k ( ($1500 x 12 x 10) + ($800k - $400k) - $241k). You can keep this as emergency fund or to take care of inflation.

Originally Posted by Unregistered

45, sole bread winner, total income $108k pa.

Expenses
1. Condo mortgage $2000 pm (10 more years to pay)
2. Car instalment and other car expenses $1200 pm
3. Children tuition, pocket money, enrichment, etc $1000 pm
4. Household expenses $2000 pm
5. Others $1300 pm

Savings $1500 pm

Originally Posted by Unregistered

You can retire in 10 years time. By the time you're 55, your condo will be paid off. Your children will also be working and they will be financially independent. In fact, they can also contribute to the household expenses if they are still living with you. You can sell your condo for $1.2m and then downgrade to a $400k four-room HDB flat. So, you have cash of $800k.

You will spend $40k pa from age 55 to 65 for you and wife, assuming no car, no maid. This means over the 10 years you will spend $400k in total. You can then top up your wife's CPF SA with $241k for the CPF Life Enhanced scheme. At 65, you and wife will each get $1750 pm from CPF Life or $3500 pm in total. This will last you until you both die. As a bonus, your children will give you $500 pm from each of them and if you have two children, you will get an extra $1000 pm.

On top of this, you still have cash of $339k ( ($1500 x 12 x 10) + ($800k - $400k) - $241k). You can keep this as emergency fund or to take care of inflation.

How much you expect to earn when you retire in 10 years time?
How much will your saving then?
How much income (or passive income be more accurate) you can derive from your nest eggs?
How much do you intend to spend after retirement?
Do you intend to down grade your living standard to what is somehow equivalent to 2k a month? Without car? Without oversea holidays? Every meal home cooked?
Not to forget you will not getting your CPF Life at age 55.

Don't give stupid advice if you are not competent.
Consult your financial planner for a plan to work for you.
To get into Greece type of financial crisis at age 55 is really not a joke.....

Don't be stupid. He can get $800k cash when he moves to a hdb flat. What's wrong with retiring in a hdb flat? 83% of Singaporeans now live in hdb flats. Don't be arrogant. Just because you live in a condo, you look down on people living in hdb flats. Don't be snobbish and arrogant please. Have you forgotten that you lived in a hdb flat before?

Originally Posted by Unregistered

How much you expect to earn when you retire in 10 years time?
How much will your saving then?
How much income (or passive income be more accurate) you can derive from your nest eggs?
How much do you intend to spend after retirement?
Do you intend to down grade your living standard to what is somehow equivalent to 2k a month? Without car? Without oversea holidays? Every meal home cooked?
Not to forget you will not getting your CPF Life at age 55.

Don't give stupid advice if you are not competent.
Consult your financial planner for a plan to work for you.
To get into Greece type of financial crisis at age 55 is really not a joke.....

Originally Posted by Unregistered

Don't be stupid. He can get $800k cash when he moves to a hdb flat. What's wrong with retiring in a hdb flat? 83% of Singaporeans now live in hdb flats. Don't be arrogant. Just because you live in a condo, you look down on people living in hdb flats. Don't be snobbish and arrogant please. Have you forgotten that you lived in a hdb flat before?

Please be forward looking!
Now only 45, already plan to down grade your living standard when retire.
You should plan how to retire with 60% replacement income of your last drawn salary, not planning to live (more accurately surviving) with 2k equivalent of today's money.
If you already enjoying good life now with car and condo, do you want to live in flat and squeeze into public transport?

Equip your children so they can earn 10 times your present salary. Then ask 5k from each of them to enjoy life like a duke and not a beggar.....

If your are on subsistence lifestyle, just confine it to yourself. Others should plan for better life than what already have........in 10 years time.

Originally Posted by Unregistered

Don't be stupid. He can get $800k cash when he moves to a hdb flat. What's wrong with retiring in a hdb flat? 83% of Singaporeans now live in hdb flats. Don't be arrogant. Just because you live in a condo, you look down on people living in hdb flats. Don't be snobbish and arrogant please. Have you forgotten that you lived in a hdb flat before?

People already go for musang king and you still contended with kampong durian????????

I see 2 main contributors under the "hot" topic of retirement. One is the old multi-millionaire and the other is..., well a guy who makes a lot of trashy and repetitive (and conflicting) assumptions.

The postings from the old guy made a lot more sense and is more logical and objective. He also doesnt resort / retaliate to insults and insinuations.

The other poster seems very insecure and seems in need of validation. He turned defensive and abusive when other posters questioned his assumptions.

The old millionaire guy is definitely more steady and I guess this comes from "having been there and done that" He has benefited financially from the knowledge that he is sharing in his posts but he is leaving it up to readers to follow his advise.

It is clear who is a class above.

Originally Posted by Unregistered

Don't be stupid. He can get $800k cash when he moves to a hdb flat. What's wrong with retiring in a hdb flat? 83% of Singaporeans now live in hdb flats. Don't be arrogant. Just because you live in a condo, you look down on people living in hdb flats. Don't be snobbish and arrogant please. Have you forgotten that you lived in a hdb flat before?

Are you going to spend your retirement life just wondering around Orchard Road everyday?

Originally Posted by Unregistered

I see 2 main contributors under the "hot" topic of retirement. One is the old multi-millionaire and the other is..., well a guy who makes a lot of trashy and repetitive (and conflicting) assumptions.

The postings from the old guy made a lot more sense and is more logical and objective. He also doesnt resort / retaliate to insults and insinuations.

The other poster seems very insecure and seems in need of validation. He turned defensive and abusive when other posters questioned his assumptions.

The old millionaire guy is definitely more steady and I guess this comes from "having been there and done that" He has benefited financially from the knowledge that he is sharing in his posts but he is leaving it up to readers to follow his advise.

It is clear who is a class above.

Yes. I have retired, and I am retired rich.
Rich in the sense that my passive income is more than 120% of last drawn salary.
I increase my spending every year by 5%, and my nest eggs still increase every year my at least 10%.
I don't need to downgrade my living standard like some stupid fellow who advice the 45 yo to reorganize his living style downward.
Plan properly and you should be able to live with 60% replacement income when you retire, and not otherwise.
If you are no good, just find out how other people make their golden years as a reward for the contribution they have made, to himself, his family and the country. Don't create wealth like a frog under coconut shell........

Common on guys. Let's not quarrel like a bunch of old ladies.

Retirement is all about choice. Noone is right or wrong. Some prefer to retire like a king while others prefer to retire simply. To each his own. We don't need to impose your idea of retirement on others.

If you want to maintain your current lifestyle in retirement, you can do so and just need to work longer to 70 or 75 years old.

If you want to retire early at 50 or 55, and willing to downgrade to public housing, just do it since you value your free time more. Or if you have other pursuits in life.

At the end of the day, be happy with your choice. Don't need to quarrel.

Originally Posted by Unregistered

Common on guys. Let's not quarrel like a bunch of old ladies.

Retirement is all about choice. Noone is right or wrong. Some prefer to retire like a king while others prefer to retire simply. To each his own. We don't need to impose your idea of retirement on others.

If you want to maintain your current lifestyle in retirement, you can do so and just need to work longer to 70 or 75 years old.

If you want to retire early at 50 or 55, and willing to downgrade to public housing, just do it since you value your free time more. Or if you have other pursuits in life.

At the end of the day, be happy with your choice. Don't need to quarrel.

You rude guy how dare you say that old ladies like to fight.