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Retirement How much money is needed to retire comfortably, and what do you do in retirement




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  #11 (permalink)  
Old 27-11-2022, 11:30 PM
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Iím 54, retired early to opt for a simple life.
Home is paid up. Passive income $30k pa.
Sufficient to live simply. No debt, sold away my car.
Just need money for groceries, utilities, health care.
At 55, will be able to collect CPF money.
At 65, will get $2500 pm in CPF Life.
I donít need millions to retire.
Many people are addicted to to high life and canít leave their jobs.

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  #12 (permalink)  
Old 14-09-2023, 11:39 AM
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It's been a year since I last posted. This is my current situation:

salary $26k
rental 1 $4k
rental 2 $4.5k
side hustles $10.5k
dividends $2k
Total: $47k

(Wife makes $25k, not included in above)

parents 4.5k
helper 0.7k
ppty tax 0.4k
credit cards 5k
bills 0.5k
loan 1 7.5k
loan 2 4.5k
income tax 5k
Total: $28k

Combined net worth: 6.5M

Though it looks good to many people, I worry all the time...

Quote:
Originally Posted by Unregistered View Post
My current income streams:
salary $23k
rental 1 $2.5k
rental 2 $2.2k
side hustle 1 $6k
side hustle 2 $1k
dividends $1.3k
Total: $36k

If I retire I will lose my salary of $23k, leaving $13k.

However, these are my expenses:
parents 4.5k
helper 0.7k
ppty tax 0.4k
credit cards 6k
bills 0.5k
loan 1 6k
loan 2 3k
income tax 3k
Total: $24k

If I exclude income tax, it is still $21k. Granted that both loans are technically paying off properties which are assets, they are still depleting my cash.

Am I able to retire?


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