1M50 Couple Goal and 1M65 Individual Goal - am I on track?

You would likely have seen 1M65 if you are following up on personal finance posts/blogs.If this concept is new to you, you can watch a video here:

Essentially, this concept meant the following (extracted from dollarsandsense)
At around 30 years old, both husband and wife puts $130,000 each into their CPF SA and MA. The prevailing CPF SA and MA interest rate of 4% compounded over time will grow the couple’s combined CPF balances to over $1 million when they retire at 65 years old.
I was really intrigued by his latest post that I decided to do my own calculation.

Given my laziness and constant daydreaming to not work, I really wish to retire at age 50. That's ~20 years more (yes yes, I am very old liao), which is why I'm aiming for 1M50.

Am I on track?

It seems to be so.

With my past 5 year efforts to pump $7k/year into SA and one time top-up to MA (psst, I will hit BHS this year), my SA and MA now stands at $125k.

1M50 Couple Goal

In order to achieve 1M50, these are what I need to continue with:

  • continue to pump $7k each year for the next 20 years
  • continue working and contribute minimally $3k into SA/MA through employment

It is likely for me to contribute more than $3k into SA/MA through employment. This is just a conservative estimate.

With these annual contributions at $10k, I am expected to have $571k for SA and MA combined.

As for my husband, he is lagging behind at ~$97k SA and MA as he did not contribute to his SA diligently. I should have forced him to do the same, but he just didn't believe in me and feel like it's "dumping" $ into CPF previously 🙄

With the same assumption, he is expected to have $510k.

That's 1M50 for both of us! Hurray!!

1M65 Individual Goal

For kaypo and self-awareness sake, I decided to postulate how long I need to wait to hit 1M on my own.

And...I'll be able to hit it in 31 years time!
Now, this goes to reinforce the fact that I need to continue working.

Ok, daydreaming and reality check done.