It is the start of the new year in 2025.
I have accomplished an important milestone. I have max out my wife's special account with her contributing to it. So both of us when we reach the age of 55, we will be able to set aside the minimum sum of $227,500 (if it does not grow beyond that in 2027) for our full retirement sum. Based on forecast, i should be able to reach the enhance retirement sum which is 2 times of the FRS with my special and ordinary account combined. My wife may have some shortage to meet the ERS but i plan to top up in cash for her. This is because i would like to have a steady stream of income from age 65 onwards. Target to have $4,000 per month each. Total of $8,000 per month which roughly comes up to $96,000 or almost $100k per year. This will be sufficient to enable us to leave a comfortable life from 65 onwards.
My next milestone in 2025 is to pay off the mortgage of my house. How do i plan to achieve this? By increasing the mortgage payment of my house monthly. The mortgage of my house is about $38.5k left. Mi and my wife should be able to repay it by Dec 2025. Which means we will have money accumulate in our ordinary account as we work towards age of 55 to put aside the money for enhance retirement sum.
My other goals for 2025.
- To continue to write on my blog and achieve adsense for my blog. I have been doing for the past 1 year. I hope to achieve adsense.
- To celebrate hitting my wife special account max up, we are planning a trip to Japan in June 2025. Being the budget conscious guy i am, we are targeting a budget of $5k for this trip with my 2 daughters.
- A cruise with my family and my mother and maid by Dec 2025. Target a budget of $3.5k to $4k as the last cruise that we had is about $3.2k
- To continue to learn indonesian language for Duolingo for the year 2025
- To build up my stock dividend portfolio to target $30k per year. Right now is $15k+. By target bank stocks, reits, and any stocks that have great business and high dividend yields
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