Four Pre-Conditions for Retirement I retired in year 2000 at age 52. I am now 61, thus I can claim that I
got more experience at retirement than most! I thought I should share my
experience with mariners because I have seen too many friends and
neighbours who became so bored that they have become a nuisance to their
spouse and children and to others! A few of them have solved the problem by going back to work. They were
able to do so because they have a skill/expertise that is still in
demand. The rest (and many are my neighbours) live aimlessly or are
waiting to die – a very sad situation, indeed.
You can retire only when you fulfill these 4 pre-conditions: 1. Your children are financially independent (e.g. they got jobs),
2. You have zero liability (all your borrowings are paid up),
3. You have enough savings to support your lifestyle for the rest of your life,
AND most importantly,
4. You know what you would be doing during your retirement. DO NOT retire till you meet ALL 4 Pre-Conditions.And of course you should not retire if you enjoy working and are getting paid for it! The problem cases I know of are those who failed to meet Pre-Condition #4.
Uncle8888 has satisfied all four pre-conditions including #1 even though his youngest son will be commencing his 4-years university study next year in May 2016 at STUD instead of working; but since he has already set aside 4 x $25K FD at current $1.8% p.a. so there should be no real financial constraints at the time of his retirement .
But, to wait for another 4 to 5 years to meet #1 is really too far away. This is where extra money can help to resolve #1 pre-condition.
Last updated : 14 Sep 2019
I am 63 yrs old uncle living in HDB heartland who has achieved financial independence @ 56 and finally retired @ 60 from full-time job as employee on 1 Oct 2016.
Single household income since 1995 with three children.
Currently, two sons and one daughter are working.
I have been doing 20 years of long-term investing and short-term trading in Singapore stock market only since Jan 2000 so I am that so-called Panda or Koala in the investment world.
I am currently executing my Three Taps solution model to maintain sustainable retirement income for life till 2038.
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