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Unemployed and thinking of retirement

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Old 22-05-2020, 03:20 AM   #1
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Unemployed and thinking of retirement

I just resigned after working for 11 years and is currently 39 years old .. I had savings of around $350k .. Have no property.

I am still single and CPF SA already a little bit above CPF Full retirement sum ..

I am currently living off with my passive income of about $600 per month and spend less than $3,000 per year and thinking of retirement ..

Is it advisable to do so at age 39 ?
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Last edited by Nefalrin; 23-05-2020 at 06:57 PM..
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Old 22-05-2020, 05:16 AM   #2
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I just resigned after working for 11 years and is currently 39 years old .. I had savings of around $350k .. Have no property.

I am still single and already hit my CPF Full retirement sum ..

I am currently living off with my passive income of about $600 per month and spend less than $3,000 per year and thinking of retirement ..

Is it advisable to do so at age 39 ?
Do you have any plans on what to do during retirement? Maybe can try to see if can another source of part-time income for additional $500 - $1000 per month?
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Old 22-05-2020, 08:11 AM   #3
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Do you have any plans on what to do during retirement? Maybe can try to see if can another source of part-time income for additional $500 - $1000 per month?
Doing the things that I like .. reading news .. streaming movies .. drama .. gaming ..
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Old 22-05-2020, 08:21 AM   #4
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Doing the things that I like .. reading news .. streaming movies .. drama .. gaming ..
Where are you getting your passive income from? Does it depend on your savings? Example, FD, interests, etc?
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Old 22-05-2020, 08:22 AM   #5
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congratulations on achieving passive income > expenses.

as long as you have reached that target, you can retire.

my passive income is higher than yours, but then so are my expenses, so i still can't retire yet.
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Old 22-05-2020, 08:23 AM   #6
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Have you considered whether your passive income will be able to cover the effects of inflation over the next 20, 30 years until your cpf is unlocked?

Assuming a 2% inflation rate, you will need about $4,500 per year to maintain the same lifestyle standard of $3,000 per year now.
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Old 22-05-2020, 08:23 AM   #7
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I just resigned after working for 11 years and is currently 39 years old .. I had savings of around $350k .. Have no property.

I am still single and already hit my CPF Full retirement sum ..

I am currently living off with my passive income of about $600 per month and spend less than $3,000 per year and thinking of retirement ..

Is it advisable to do so at age 39 ?
Cannot. U will find life is meaningless if u dont have money to sustain a certain lifestyle. Everything needs money.
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Old 22-05-2020, 08:26 AM   #8
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Cannot. U will find life is meaningless if u dont have money to sustain a certain lifestyle. Everything needs money.
QFT.

Best if find something to keep you occupied. Else you gonna get depression. See so many siao lang during these CB. All lockup at home nothing to do.
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Old 22-05-2020, 08:42 AM   #9
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Where are you getting your passive income from? Does it depend on your savings? Example, FD, interests, etc?
Yes .. safe investments from my savings
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Old 22-05-2020, 08:44 AM   #10
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Have you considered whether your passive income will be able to cover the effects of inflation over the next 20, 30 years until your cpf is unlocked?

Assuming a 2% inflation rate, you will need about $4,500 per year to maintain the same lifestyle standard of $3,000 per year now.
Yes .. calculated in already and at age 55 .. I can probably also withdraw from CPF after FRS ..
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Old 22-05-2020, 08:45 AM   #11
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Cannot. U will find life is meaningless if u dont have money to sustain a certain lifestyle. Everything needs money.
When young I already spend so little .. during old age what else can I spend ?
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Old 22-05-2020, 08:47 AM   #12
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QFT.

Best if find something to keep you occupied. Else you gonna get depression. See so many siao lang during these CB. All lockup at home nothing to do.
I am an introvert. That is why I had such interests and lifestyle. CB period is the time I thought of retirement and it suits me ..
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Old 22-05-2020, 08:47 AM   #13
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Well done. You had done it a such a young age.

In life there could be so changes. You may meet someone and get married.

I learnt of a informal term recently. OMY, One More Year.

Is the fear of retiring too early. Is also the desire to see the light towards the end of the tunnel.

There are many who had FIRE butt due to Covid their plan had gone wrong.
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Old 22-05-2020, 08:50 AM   #14
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If you have no outstanding debts and home fully paid.

Why not?

That is what you have been working for all your life,

Isn't it?
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Old 22-05-2020, 09:06 AM   #15
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Well whether you can retire or not really depends on how disciplined you are? I donít think people will be able to advise you on that.
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