We always talk about retirement in Singapore and the projected expenses that we need to reach financial freedom. I set out on my journey with a target of having a passive income of S$3000 per month by the time I am 40 to cope with the rising cost of living in Singapore and possible inflation of my standard of living.
Now that I am 28 officially, my goals still stand with similar projections.
All I need is S$616,930.67 with a 6.5% annual yield to reach my goal.
Sounds easy? Of course not. That 600-odd thousand amount is the amount of money I have to have in my investment instruments ALONE. All the money I have in my CPF or emergency funds, or even war chest to be specific enough should not count in that amount.
Based on those numbers, I also have to pump in S$30,000 of fresh funds per year. That is not a small amount at all, and barely leaving me any other money for additional savings or other purposes.
But recently, I was introduced to another solution to reach retirement much faster. How fast you say? Continue reading “Would You Retire Overseas?”