Early Retirement

I’m 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 don’t need millions to retire.
Many people are addicted to to high life and can’t leave their jobs.

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...

Originally Posted by Unregistered

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?

Originally Posted by Unregistered

I’m 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 don’t need millions to retire.
Many people are addicted to to high life and can’t leave their jobs.

I am planning to retire soon at 48 years old by renting out my Sg condo for S$5k or more and retiring in my JB semi d. Both properties are paid up. Will apply for MM2H silver scheme by putting in rm500k as FD. Hopefully my medical can pass. My older boy will need to come back for his poly studies tho. Will drive him to station and hopefully can get Tebrau shuttle tickets for him to cross causeway in 5 min. Then he can take mrt to his poly 6 stops away only.Younger son is homeschooling so just needs his computer. NS may be a problem though, have to write in for permisssion for them to return to JB on bookout dates.

Originally Posted by Unregistered

I am planning to retire soon at 48 years old by renting out my Sg condo for S$5k or more and retiring in my JB semi d. Both properties are paid up. Will apply for MM2H silver scheme by putting in rm500k as FD. Hopefully my medical can pass. My older boy will need to come back for his poly studies tho. Will drive him to station and hopefully can get Tebrau shuttle tickets for him to cross causeway in 5 min. Then he can take mrt to his poly 6 stops away only.Younger son is homeschooling so just needs his computer. NS may be a problem though, have to write in for permisssion for them to return to JB on bookout dates.

Cannot return to JB for book out la. Unit can and will recall you at anytime during active days de. Rent them a unit in SG for the two years ba.

Age 40+

Annual passive income $80k

No debt

$620k stocks/cash /bonds

$500k CPF

$1.4M properties

Monthly spending <$1k

Think I can retire any time but I still have career aspirations and struggling with my career goals.

Originally Posted by Unregistered

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?

It depends.
More data needed on your CPF and age.
Est age of parents plus loan tenure.

Medical bills are one of the biggest unknowns.

Better to stay in Sg where the medical services are better.

But the medical bills can be high.

Many people retire early and go downhill really fast.

While money may not be an issue,

I would personally prefer to work as long as I can.

46 year old single

income
salary: 12k
dividend: 2k
trading: 25k
total income = 39k per month

expenses
cc: 8k
public transport: 2k
total expense = 10k per month

house: paid up.

work for 4 more years and then retire.

Originally Posted by Unregistered

I am planning to retire soon at 48 years old by renting out my Sg condo for S$5k or more and retiring in my JB semi d. Both properties are paid up. Will apply for MM2H silver scheme by putting in rm500k as FD. Hopefully my medical can pass. My older boy will need to come back for his poly studies tho. Will drive him to station and hopefully can get Tebrau shuttle tickets for him to cross causeway in 5 min. Then he can take mrt to his poly 6 stops away only.Younger son is homeschooling so just needs his computer. NS may be a problem though, have to write in for permisssion for them to return to JB on bookout dates.

Feels like your kids suffer on your behalf though

Hi Everyone, I would like to get your perspective on early retirement. I am currently 50 years old but not sure if I can. Maybe you can help me decide:

1) Monthly passive income is $7,000 net (thru property investment)
2) Monthly expenses (family + personal) is $5,000
3) Liquid/near cash of $200,000 in (Cash/Tbills/SSB)
4) Home fully paid up and no financial liabilities

Any thoughts?
Many Thanks!