and one most important thing i forgot.

Ensure that you have enough savings and insurance for medical care.

It doesn't matter how rich you were, once you are sick, you are poor.
Exercise often, stay healthy. Always remember, health is the ultimate wealth.

I don't think it is the prestige or high life. Most times we try to make the best of it when we are doing well. Bankers know that they have limited shelf life once they are around 50 years old. So they are hanging in there to make sure they have enough. Of course, "enough" is subjective. So some of us exit the corporate world unwillingly due to ill health or a restructuring company/economy and after a while found out that we really do have enough. :)

Thanks for sharing. :)

Yes, it is just a job, nothing prestigious. In fact, after the financial crisis, bankers' repute marked down sharply. Rather than retire completely, I am also considering downshifting, taking on a less demanding occupation than banking. Like to hear anyone views n experience.

Yes I applaud that decision of yours.

Retirement is boring. Decades of working in a banking got you accustomed to having events packed back to back. Once you retire, it will be awkward. Downshifting is the way to go.

Manage your expenses. While it holds some truth that life is too short for cheap wine, but cheap wine is still wine, and can be savored with the best companions.

Lots of Singaporeans in your shoes, buddy. You seem like a property kind of person and that is probably going to be your income source in years to come. I have seen people going into (but not really making it) in f&b, recruitment, forex, consulting and whatever else that has a low entry barrier. Beware of becoming a sleeping partner in any business.

thanks for sharing your thoughts on retirement. i also read your other post. what are your thoughts on current property prices? i'm hitting 40 soon and hoping to own a 2nd property (but funded by mortgage of course).

you are the man, appreciate your sharing. now i am more convinced that i can retire with a $4k a month passive income and no liabilities. i think if you manage your expenses well, should be ok. you are indeed my inspiration.

I hesitated to replied for a while because i'm quite lost too. It's too uncertain. I will tell you everything i'm thinking now.

The property prices are high now.. It MAY be time to cash in if you are looking ten years down the road. Reason being.

Cooling measures implemented recently. It meant that government have faith that property prices will increase in the next five years hence implementing this measure. It meant that property price will increase, though it looks high at the moment, i can only say it will get higher. Always act in reversal. Government discourage you, you go for it. Look at ten years down the road. Rental is high at the moment. You may break even. A 3BR condo along downtown line will cost somewhere between 1m to 2m i think (haven't been checking). Save some cash, bank into it. Prepare your finance plans for the next ten years.

This investment is feasible provided that
1) you can rent it out 90% of the time with rental>mortgage
2) You keep your job (if you are in banking, you may be in trouble. read on)

But again, it's worthwhile to consider many factors. Be aware that a big recession may come in three to four years. If you are in banking, you should worry about it. When recession hits, banking will be the first to fail. People who don't make any products in return for cash are at the most risk.

Alternative is to accumulate wealth and prepare to splurge in 2017. That will give you more certainty, more knowledge in monitoring markets. But property prices in 2017 may or may not be lower.

That said, if you are sacked, you may be forced to sell, and you will lose A LOT of money if you go for property. You can't hold as your savings are with property. Your tenant may leave. You will cash out in 2017, which means you will be selling lower than you paid for. Coupled with mortgage, you may even lose your current property.

This are just my thoughts, feel free to disagree. We'd all love to see each other's perspective.

HOWEVER, I NEED TO JUSTIFY. The Singapore today is really uncertain, it's very hard to make investment choices. I hesitated to give my take on property today because i'm afraid you will follow and be wrong. Please do the math yourself, nobody understands your appetite better than you do.

Many foreign investors are moving to hong kong.
Unlike ten years ago where economy was driven by government, things are predictable. These days, the social pressure on government is there. Policies are hard to measure. In the past, government did everything that is economically feasible as well. Now they have to consider public sentiments, and may sometimes make economically unfeasible decision in exchange for political games.

I've been out from corporate world for long. Last time i was more informed. Now I'm just too happy spending my rental and not worry about anything else.

Are you serious? It is more prudent to derive your own retirement expenses based on your specific personal circumstances than using someone's else. And don't forget to factor in the persistent high inflation. Here is a list of what is delaying my retirement while trying to maintain, or with minimal drop to, an already frugal lifestyle & quality of life:

1. Ageing car - needs replacement. Last resort, take public transport (drop in lifestyle). Less painful if you are single.

2. Medical care for aged parents - here, setting aside emergency funds ($100K or more) is essential. Puny passive income stream won't cut it.

3. Condo fees - will only increase. Again last resort, downgrade - quality of life affected

4. Domestic help - for aged parents, cleaning and cooking.

5. House & appliances maintenance & replacement. Things have habit of breaking down when money is running low.

6. Own medical expenses

7. INFLATION. $5K today will only be $3K in 3, 4 years

8. Unexpected expenses - these things have a nasty habit of cropping up when we are weakest financially.