The most practical way to know how much is enough for you to retire!!!
Instead of looking for that magical number as it may not be $1M, $2M or $XM for you and me; you should determine that magical number based on your historical family yearly expenses and make an educated estimation of how much is enough with inflation adjustment.
You should start tracking your yearly family expenses at least on high level basis if you haven't done so.
There is no excuse of not doing it as there is simple and easy way to do it.
One simple and easy way of tracking family expenses is to dedicate one bank account for family expenses e.g. GIROs, NETS, credit cards, ATM cash-out, online payment etc.
You credit part of your salary or bonus into this bank account and debit your all family expenses and spending from this bank account.
Every month you just need to download the bank statement once and copy it into your Excel worksheet to maintain it as historical records.
Whenever you have idle or spare time then you may like to work on these records to update your monthly family expenses.
I am 61 yrs old uncle living in HDB heartland who has achieved financial independence @ 56 and retired @ 60 from full-time job as employee.
Single household income since 1995 with three children. Eldest son and daughter are now working and youngest son still in his 2nd year uni in SUTD.
I have been doing long-term investing and short-term trading in Singapore stock market only since Jan 2000 so I am that Panda or Koala in the investment world; but I am still surviving well in the wild.
I am now executing my Three Taps solution model to maintain sustainable retirement income for life till 2038.
Last updated: 3 Sep 2017
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