Early Retirement

We have all heard that one needs a lot of money to retire in Singapore. 

The truth is, it is possible to retire with less (money), if you can moderate your expenses and have passive income. 

My wife and I are in our 50s and are now semi-retired. We can afford to retire fully but, we still have energy to work so we work part time.

In case it may help others, below are the things that have helped us go into retirement.

1) I am a Singaporean and my wife is a permanent resident. We enjoy subsidies from the government.

2) We bought an HDB flat (public housing) that we have  paid off fully before retiring. 

3) We rented out a spare room to give us passive income.

4) As much as possible, we eat in hawkers and kopitiams where the food is cheaper, and we sometimes cook. We reserve eating in restaurants for special occasions.

5) We go to GPs, polyclinics and government hospitals, where healthcare and medicines are cheaper.

6) We don't buy goods and services because of the prestige that comes with the name of the brand. We buy goods and services that we can afford and serve our purpose. The wife also likes to shop online where the goods are cheaper.

7) For entertainment at home, we don't subscribe to any streaming service. We avail of the free stuff online.

8) As much as possible we maintain our home ourselves e.g., paint the walls, install shelves, fix leaky faucets, fix clogged drains, replace doorknobs, and maintain aircon. We hire contractors only when we cannot fix the problem ourselves.

9) We take public transport.

10)  We invested in blue chip companies and government bonds that give us dividends and interests.

11) When my wife and I turn 65, we will receive payouts from CPF Life (SG version of a pension scheme).