Early retirement with monthly 10k passive income? POSSIBLE?

[CondoWE]

Hi all,

Do you think it's possible to go for early retirement with monthly 10k passive income from 3 properties rental yield? My wife used to said life is short and her wish is to retire together with me b4 her 50 which is the new BUC TOP time . !

Personnally feel that as years pass by, age increasing and health deteriorate, it is not bad to retire earlier and enjoy life lo . However, are we or will you able to if you have to forgo current active gross income of monthly >10k salary and just for retirement? Can the PI of 10k sustain for long term retirement without using reserve saving is the key factor that hesitate me from early retirement ...want do you think?

[phantom_opera]

the key question is: are they fully paid? and your idea of lunch is at home, hawker, kopi-tiam, low end restaurant, MBS or ION Orchard

and do u have expensive hobbies

at the end meaningless to ask question without providing info about your retirement lifestyle

[leesg123]

Yup like what phantom_opera bro said, whether fully paid or not. If fully paid, 10000 per mth is very comfortable. Imagine if u save 2k per month, ur reserve savings will grow too.

[buttercarp]

the key question is: are they fully paid? and your idea of lunch is at home, hawker, kopi-tiam, low end restaurant, MBS or ION Orchard

and do u have expensive hobbies

at the end meaningless to ask question without providing info about your retirement lifestyle

I agree with you on the above.

I think retirement is no fun.
As you will have lots of time, you may become whiney, neurotic, anxious and picky.
Better to continue working. Do something that you like and at the same time not too stressful.
$10k per month per couple (excluding kids) is just right, for me.

But will the $10 k continue to come in every month?

[DC33_2008]

I think a couple can retire comfortably with about $15000 nett passive income and at least a million of cash or other easily liquidated investment.

Yup like what phantom_opera bro said, whether fully paid or not. If fully paid, 10000 per mth is very comfortable. Imagine if u save 2k per month, ur reserve savings will grow too.

[CondoWE]

the key question is: are they fully paid? and your idea of lunch is at home, hawker, kopi-tiam, low end restaurant, MBS or ION Orchard

and do u have expensive hobbies

at the end meaningless to ask question without providing info about your retirement lifestyle

3 already discharged except one BUC but will clear within 4-5yrs. Hahaha..will go for simple life...breakfast, lunch, dinner, night snack...either home cook or eat at hawker centre but occasionally weekend @ restaurant, MD, sakae sushi..lor . In fact my current life is quite simple too without already major expensive hobby except rearing marine aquarium and tcss here lor... .

[DC33_2008]

Not sure if you and your spouse have a large insurance premium to continue to service.$10000 per month for both of you may not be sufficient after nett off all these on-going expenses.

3 already discharged except one BUC but will clear within 4-5yrs. Hahaha..will go for simple life...breakfast, lunch, dinner, night snack...either home cook or eat at hawker centre but occasionally weekend @ restaurant, MD, sakae sushi..lor . In fact my current life is quite simple too without already major expensive hobby except rearing marine aquarium and tcss here lor... .

[sherlock]

MY 1st contribution...

10k a month is pretty decent. I am semi-retired with 2 fully paid properties and getting passive income from one of them. Depending on how you live your life, I am able to survive less than 10k with 2 schooling kids

[Lovelle]

i wld be satisfied with 5k PI.

[CondoWE]

I agree with you on the above.

I think retirement is no fun.
As you will have lots of time, you may become whiney, neurotic, anxious and picky.
Better to continue working. Do something that you like and at the same time not too stressful.
$10k per month per couple (excluding kids) is just right, for me.

But will the $10 k continue to come in every month?

My wife plan to be a part time librarian or social worker.. . The PI may rise up or down by 20% depend on the market rental demand which I am expecting 9-11k.

Wow..10k/month for couple only?... ! Me currently stay at HDB and monthly totally expenses not more than 6k includes car loan (end soon), allowance to parent, PIL, kids, clothing, eat, shit..etc..

MY 1st contribution...

10k a month is pretty decent. I am semi-retired with 2 fully paid properties and getting passive income from one of them. Depending on how you live your life, I am able to survive less than 10k with 2 schooling kids

!

[CondoWE]

i wld be satisfied with 5k PI.

I dun think 5k is sufficient as the inflation is no joke now..and it will rise soon..

[Lovelle]

I dun think 5k is sufficient as the inflation is no joke now..and it will rise soon..

i born late, cld not accumulate as many prop as many "lao jiao" so boh pian...start late

[cavaliver]

MY 1st contribution...

10k a month is pretty decent. I am semi-retired with 2 fully paid properties and getting passive income from one of them. Depending on how you live your life, I am able to survive less than 10k with 2 schooling kids

Agreed. I will retire or semi retire if I m in your shoes.
Life is short.
No point if 人在天堂，钱在银行

[CondoWE]

i born late, cld not accumulate as many prop as many "lao jiao" so boh pian...start late

Not to worry...still got Plenty of time to seed money If you are still young.. .

[leesg123]

goodness, i am shock to see that 10k is not enuff? I think we got to be realistic. i suppose not aiming to eat fine dining at hotel for every single meal? or travel to UK or USA on biz class every month. seriously, $10k is alot for a couple without other committment.

[leesg123]

i born late, cld not accumulate as many prop as many "lao jiao" so boh pian...start late

slowly accumulate lor, u are in 20s or 30s?

[virzone]

Although i am far from thinking about retirement now, just my two cents..
i think is better to have passive income not only from a single source (property). In the event that economy collapse, rental income might suffer, what do we do then? I like the idea of getting less stressful job, make a small income, still keep the brain working, while having the good passive income. If something bad happens, good passive income is gone but you still have the small income to sustain and lead a simple lifestyle.

[Lovelle]

slowly accumulate lor, u are in 20s or 30s?

mid 30s with 1 chewren

[East Lover]

Agreed. I will retire or semi retire if I m in your shoes.
Life is short.
No point if 人在天堂，钱在银行

besides money, what will you do after retire? you will feel bored with wify after one or two years...........

i'm thinking of changing job also, lost interest already of my current stable job, but i don't know what's the next step if retire young, can't always shop, eat, shop and eat right?

i think part-time job is fine if not too demanding can kill time, can talk to people at least half day

[GForce]

IMHO 10k is enuff Liao if u lead a simple life. Good to have a less stressful job than totally no job keeps the mind active.
Contentment is great joy!
Yes life is unpredictable, eg. That Dr Richard Teo, he only learnt to live only when he learnt to die!

[sherlock]

Agreed. I will retire or semi retire if I m in your shoes.
Life is short.
No point if 人在天堂，钱在银行

You only live once. Enjoy life while you can, especially if you are already financially independent. I am under 50 and life has been a blur for the past 20 years so decided to take the hectic life-style off the threadmill and enjoy. The kids love it and I am loving it

p.s - It gets a bit bored sometimes though

[buttercarp]

goodness, i am shock to see that 10k is not enuff? I think we got to be realistic. i suppose not aiming to eat fine dining at hotel for every single meal? or travel to UK or USA on biz class every month. seriously, $10k is alot for a couple without other committment.

10 k per month = 120 k per year.

Per year per couple
Insurance - 15k
maid - 12 K
grocery and food (1k per month) - 12K
fine dining (500 per month) - 6k
PUB ($400 per month) - 4.8k
Holiday (twice a year) - 20k
2 cars (servicing 2k per year, petrol 4.8k per year, insurance 2K per year)- 8.8k

The above is already 78.6k per year.
So left with $41400 per year as savings.

So 10k per month per couple is comfortable, not alot provided there is no inflation and you are guaranteed that amount every month.
And very importantly.... you remain in the pink of health!

[East Lover]

IMHO 10k is enuff Liao if u lead a simple life. Good to have a less stressful job than totally no job keeps the mind active.
Contentment is great joy!
Yes life is unpredictable, eg. That Dr Richard Teo, he only learnt to live only when he learnt to die!

the problem is where is such less stressful job in SG??? i noticed even 2K salary admin clerk also got demanding from boss

even if working in library as part-time staff, you have work on weekend hehehe

[East Lover]

10 k per month = 120 k per year.

Per year per couple
Insurance - 15k
maid - 12 K
grocery and food (1k per month) - 12K
fine dining (500 per month) - 6k
PUB ($400 per month) - 4.8k
Holiday (twice a year) - 20k
2 cars (servicing 2k per year, petrol 4.8k per year, insurance 2K per year)- 8.8k

The above is already 78.6k per year.
So left with $41400 per year as savings.

So 10k per month per couple is comfortable, not alot provided there is no inflation and you are guaranteed that amount every month.
And very importantly.... you remain in the pink of health!

if already retired, no need 2 cars liao as got a lot of time. even no need full time maid as you can enjoy the cooking at home, house work ask part-time cleaner... so deduct half of maid cost (6K), half of car cost (4K), you wll have 10K more for saving hahaha

so 5K per month is sufficient already???

[buttercarp]

if already retired, no need 2 cars liao as got a lot of time. even no need full time maid as you can enjoy the cooking at home, house work ask part-time cleaner... so deduct half of maid cost (6K), half of car cost (4K), you wll have 10K more for saving hahaha

so 5K per month is sufficient already???

Agree that can do away with maid and 1 car to cut costs.
But I want to retire in style .
So my lifestyle must be the same or better than the present.
Otherwise I cannot retire.

[carbuncle]

Agreed. I will retire or semi retire if I m in your shoes.
Life is short.
No point if 人在天堂，钱在银行

I was LOLing at this 人在天堂，钱在银行
Such a cute n funny term. Never heard before... Will strive to use from now on...

For some, 人在天堂，钱在bintan

[DC33_2008]

Enjoy doing what I am doing at my job. Just want to retire my spouse. May go into semi-retirement otherwise life is too monotonous.

besides money, what will you do after retire? you will feel bored with wify after one or two years...........

i'm thinking of changing job also, lost interest already of my current stable job, but i don't know what's the next step if retire young, can't always shop, eat, shop and eat right?

i think part-time job is fine if not too demanding can kill time, can talk to people at least half day

[radha08]

10 k per month = 120 k per year.

Per year per couple
Insurance - 15k
maid - 12 K
grocery and food (1k per month) - 12K
fine dining (500 per month) - 6k
PUB ($400 per month) - 4.8k
Holiday (twice a year) - 20k
2 cars (servicing 2k per year, petrol 4.8k per year, insurance 2K per year)- 8.8k

The above is already 78.6k per year.
So left with $41400 per year as savings.

So 10k per month per couple is comfortable, not alot provided there is no inflation and you are guaranteed that amount every month.
And very importantly.... you remain in the pink of health!

20k holiday... ..going Texas..huh...

[CondoWE]

the problem is where is such less stressful job in SG??? i noticed even 2K salary admin clerk also got demanding from boss

even if working in library as part-time staff, you have work on weekend hehehe

At least you know that working as part time librarian is to kill time not because of money....

[leesg123]

mid 30s with 1 chewren

I see, then we are in the profile