Retiring before 40?

[starfish.starfish]

I retired in my early 40s with a fully paid HDB flat that I have rented out to fund my retirement.. Since then I have been living in different neighboring countries for the last 10 years and enjoy my life to the fullest.. Cost of living has been a fraction of Spore COL. I am still able to save money from my rental income and not run out of cash.. So early retirement is not as intimidating as some forumers here put up to be.

Can share more esp what you do in those countries?

 

[starlight318]

Agree sometimes we do over think.
I need to take the step in 1,2 yrs time.

How old are you if I may ask?

I've been pondering over this too but the opportunity cost of early retirement is too high. Dunno if I will ever be able to take the step..

 

[havetheveryfun]

I retired in my early 40s with a fully paid HDB flat that I have rented out to fund my retirement.. Since then I have been living in different neighboring countries for the last 10 years and enjoy my life to the fullest.. Cost of living has been a fraction of Spore COL. I am still able to save money from my rental income and not run out of cash.. So early retirement is not as intimidating as some forumers here put up to be.

seems like u are single. retiring as a single is much more easier compared to someone with a family with kids.

 

[havetheveryfun]

How old are you if I may ask?

I've been pondering over this too but the opportunity cost of early retirement is too high. Dunno if I will ever be able to take the step..

You only need that much money in life. The rest is for showing off.

 

[starfish.starfish]

You only need that much money in life. The rest is for showing off.

I think the rest is for uncertainty.
Being in a small country theres much less options we can take if SHTF,
So we hv been ingrained since young to be over prepared.

 

[starfish.starfish]

seems like u are single. retiring as a single is much more easier compared to someone with a family with kids.

True but early retirement, getting married, having kids these are all personal choices. You just hope it’s the right choice at the end of the day.

 

[starfish.starfish]

How old are you if I may ask?

I've been pondering over this too but the opportunity cost of early retirement is too high. Dunno if I will ever be able to take the step..

If I retire in 2 yrs time still can consider as early retirement bah.
I wait to be made redundant, choice out of my hands then don’t hv to think abt opportunity costs anymore. Hahahah

 

[OngHuatHuat]

If you have no kids, save so much money seems a bit wasted. I hope I can accelerate my plan till I have sufficient cash to be self sustaining without sacrificing any of my properties.

True but early retirement, getting married, having kids these are all personal choices. You just hope it’s the right choice at the end of the day.

 

[Sinkie]

True but early retirement, getting married, having kids these are all personal choices. You just hope it’s the right choice at the end of the day.

At the end of the day, it’s you who can either make the choice a right one or a wrong one

 

[starfish.starfish]

If you have no kids, save so much money seems a bit wasted. I hope I can accelerate my plan till I have sufficient cash to be self sustaining without sacrificing any of my properties.

Money is only wasted if you just treat it as numbers.
If you use it then it has meaning.

 

[starfish.starfish]

At the end of the day, it’s you who can either make the choice a right one or a wrong one

True, much agreed.

 

[havetheveryfun]

I think the rest is for uncertainty.
Being in a small country theres much less options we can take if SHTF,
So we hv been ingrained since young to be over prepared.

well if u are single, I think 1 million in cash is more than enough to "retire" if used sparingly even without investing any of it. Just put in safe places also can get 1% a month at least, that be around $1k a month.. then just work part-time etc to supplement a bit of extra income.

 

[starfish.starfish]

well if u are single, I think 1 million in cash is more than enough to "retire" if used sparingly even without investing any of it. Just put in safe places also can get 1% a month at least, that be around $1k a month.. then just work part-time etc to supplement a bit of extra income.

Have you factor in aging parents ?
Think only true if your parents are self sustainable and not dependent on you.

 

[Sinkie]

well if u are single, I think 1 million in cash is more than enough to "retire" if used sparingly even without investing any of it. Just put in safe places also can get 1% a month at least, that be around $1k a month.. then just work part-time etc to supplement a bit of extra income.

Citi maxigain, uob one and Dbs multiplier are saving accounts that gives 2% and more interest

All you need is $400k can get about 2% interest $660 per month le

 

[OngHuatHuat]

Actually now I still growing my pot of money. The problem is my wife earning power quite low, so I have to bear most of the living expenses and at the same time save for 2 persons to achieve retirement together.

Money is only wasted if you just treat it as numbers.
If you use it then it has meaning.

 

[starlight318]

well if u are single, I think 1 million in cash is more than enough to "retire" if used sparingly even without investing any of it. Just put in safe places also can get 1% a month at least, that be around $1k a month.. then just work part-time etc to supplement a bit of extra income.

If you are single and have a fully paid HDB, 500k is enough if you can generate 3-4% returns. Renting out the HDB at 2k per month plus the returns will give you 3k per month. Enough to retire in neighbouring countries. No need 1mil.

 

[Sinkie]

Actually now I still growing my pot of money. The problem is my wife earning power quite low, so I have to bear most of the living expenses and at the same time save for 2 persons to achieve retirement together.

My SO earns 5x more than me and pay much more tax than me, but I have to bear all our living and dating expenses/gift and housing loan myself.

 

[Sinkie]

If you are single and have a fully paid HDB, 500k is enough if you can generate 3-4% returns. Renting out the HDB at 2k per month plus the returns will give you 3k per month. Enough to retire in neighbouring countries. No need 1mil.

How would u have a fully paid hdb if u are single?? Even if u buy a resale hdb under the forever alone scheme, u will need at least $500k to fully paid for it, and together with your $500k cash, indirectly you also need $1m saving minimum?

 

[OngHuatHuat]

Ern, this is quite common actually.

If she has no name on the house, I think it is fair for her not to pay.

My SO earns 5x more than me and pay much more tax than me, but I have to bear all our living and dating expenses/gift and housing loan myself.

 

[starlight318]

How would u have a fully paid hdb if u are single?? Even if u buy a resale hdb under the forever alone scheme, u will need at least $500k to fully paid for it, and together with your $500k cash, indirectly you also need $1m saving minimum?

HDB can pay with cpf, at least partially. I am single and targeting to fully pay off my HDB when I'm 40. My flat is in one of the cheapest areas though but near the MRT. I have single friends who also paid off their HDB within a few years after buying it.