Should he retire?.

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An honorable member of the Coffee Shop Has Just Posted the Following:

Just caught up with a friend during lunch.

It has been a while since we last met and we spoke at length on the situations developing in Singapore, especially on the FTs and increase in population. While that will be for another day, we also touch on retirement as was asking me about his options.

He is happily married with 3 kids, eldest one now in University, going to complete soon, while the other daughter is waiting for result to go into U and the youngest daughter just finished O level, whether to go to JC or Poly.

Asset and financial situation : Currently staying in a EM flat (I Think easily worth 700k), all fully paid up, both him and wife are PMETs, with income approaching (combined) 20k/month. Got a family car, fully paid up too, contemplating whether to change car, 2 years from now, due for scrap in mid 2016. He is 52 and wifey is 48. 1 aged parents to take care of though.

Savings and FD around S$1 million, accumulated over the years. as for CPF, he told me after paying for the house, each one estimated will have at least 200k each (400k, in total, excluding medisave).

During the course of discussion, he keeps on telling me he wants to retire, asked him if he is going to be replaced by an FT soon, but he mentioned it is not the case. Just that he is tired and want to slow down and take it easy.

With 1kk in cash and 400k in CPF (both combined), house fully paid up and children education need, more or less, taken care of. I think he can afford to take a break.

What do forrumers think?.


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