Is 1.5mil enough to quit the rat race at 45?

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bigrooster

bigrooster

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If no kids will have more leeway.

Kids, housing, car are some "hindrances". Sorry can't find the right word.
 
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Mergui219067

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Not all jobs are that bad.
My profession is one.
I also deal with quite a few Sinkie retirees in 60s when they were recalled back by their old company.

bigrooster said:
And you can take a one-year break first. But do bear in mind if you are a chao sinkie, once you quit without a job you may never get back into the industry again. Unless you have got very good connections.
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Oldnerd79

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bigrooster said:
And you can take a one-year break first. But do bear in mind if you are a chao sinkie, once you quit without a job you may never get back into the industry again. Unless you have got very good connections. Or you can get a job after kenna low-ball terok terok you will feel short-changed and miserable.

Speaking from experience. So ... something for you to bear in mind.
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Yup that's exactly why I don't dare to quit n take a break. Better to just hang in there until I reach my target.
 
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Oldnerd79

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bigrooster said:
Can I know how old are you? (Update: er ... i assume you are 39?)

I am a little past your targeted quit-rat-race age. And I am already out of it. I don't have $1.5m and I don't count the value of my HDB in. But instead of what some people think, you don't need $5 million to retire in SG. It all depends on your inflow and outflow. Cut down on unnecessary spendings. And invest away a healthy portion of your deposits prudently.

While you work towards this goal, do also think about something to do after you quit. Don't laze at the beach everyday. For me, I am doing my own trading and investment; apart from doing what I like, the minute income generated helps to offset my daily expenses. The longer term equity investments contributes to some passive income.

For potential health issues, it is very hard to predict. Even if one is employed and then kenna a critical illness, that person later may still have to leave employment eventually cos too ill to work.

When I was still working, I consistently transfer $ from OA to SA until max out. Since cannot touch might as well let them compound at higher interest lor.

I am still soldiering on but so far I see it can be done. Important thing is don't have debts (besides small credit card O/S) when you quit.

Last thing: health is more important than $.
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Yes I'm a 39 yo sinkie. Not exactly an age that can anyhow quit without a job to 'see the world'..
 
Sinkie

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Oldnerd79 said:
Yes I'm a 39 yo sinkie. Not exactly an age that can anyhow quit without a job to 'see the world'..
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You can retire anytime if you control your spending to the minimum every month ie $500 per month
 
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Oldnerd79

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Sinkie said:
You can retire anytime if you control your spending to the minimum every month ie $500 per month
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I need at least 2k a month. Very extreme I think can go down to 1.5k.. but definitely cannot survive with $500...lol
 
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NewInvestor

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Oldnerd79 said:
I need at least 2k a month. Very extreme I think can go down to 1.5k.. but definitely cannot survive with $500...lol
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I think you are wise to say that. Living at $500 a month is really not living at all. I would budget $5,000 a month for myself during retirement. Then aim towards a plan that can pay out that sum.
 
henrylbh

henrylbh

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NewInvestor said:
I think you are wise to say that. Living at $500 a month is really not living at all. I would budget $5,000 a month for myself during retirement. Then aim towards a plan that can pay out that sum.
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$5k a month as single or couple or couple with dependants?
 
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