Four Pre-Conditions for Retirement
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!
Countdown to Four Pre-Conditions for Retirement
Pre-condition 2 to 4 - No problems as condition 2-4 are already meet.
Pre-condition 1 - It will be fulfilled when my Endowment Life policy matured on Mar 2016. The amount should be more than enough to provide my youngest son for his university education and living expenses starting from Aug 2016 till he starts working in 2020/21.
If by taking the good advice from Mr. Cheng, I should only retire after Mar 2016 or probably the best time is at 60 (BTW, the official retirement age is 65 or 68 by the time I reach 60). In another word, it is still an early retirement for me.
But Expected the Unexpected
Ya. I am fully aware that starting from next year (55 lor), I will be in HR's name-list as part of the cost-cutting elements in the organisation to help the company to improve its bottom-line.
How do I know that I have Enough?
"The only thing money gives you is the freedom of not worrying about money." - Johnny Carson
How Much Do You Need for Your Retirement? I did this simulation.