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




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Old 29-05-2022, 11:32 PM
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Default Early Retirement

How much do you need to retire early?

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Old 30-05-2022, 12:14 AM
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Originally Posted by Salary.sg View Post
How much do you need to retire early?
never enough

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Old 31-05-2022, 10:11 PM
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Originally Posted by Salary.sg View Post
How much do you need to retire early?
2 000 000

10char

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Old 03-06-2022, 01:10 AM
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Default I want to retire

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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Old 07-06-2022, 09:43 AM
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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?
You already know your cash is going to deplete. You should already know your answer.
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Old 07-06-2022, 12:12 PM
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my household income (both age 50)

salary $40k
rental $4k
dividend $5k (annualized into monthly)

total about $49k

total expense about $20k/month
but should drop to $8k once we decide to retire in 5 years 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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  #7 (permalink)  
Old 09-06-2022, 11:55 AM
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Quote:
Originally Posted by Unregistered View Post
my household income (both age 50)

salary $40k
rental $4k
dividend $5k (annualized into monthly)

total about $49k

total expense about $20k/month
but should drop to $8k once we decide to retire in 5 years time.
Impressive. Are you able to retire now?
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