Generally speaking, if you are retired and staying in a condo, your lifestyle is considered a comfortable lifestyle. Financial advisors have broadly grouped the lifestyle into 3 categories:
1. Basic - this is for retirees living in small
HDB flats, no car, no maid, no holidays to ang
moh countries. And cooking their own meals mostly or eat at hawker centers. To live this lifestyle they estimated that a retired couple would spend $1.5k - $2k pm ($18k - $24k pa)
2. Comfortable - this is for retirees living in exec
HDB flats or condos. These retiree couples would have a small car, no maid, occasional holiday overseas and eating out in food courts. A couple living this lifestyle would spend $4k - $5k pm ($48k - $60k pa).
3. Luxurious - this is for couples living in high end condos or big landed properties. Have maid, car, holiday overseas, club membership, eat in restaurant. They would need $8k and above pm ($100k pa)
The above values are today's value. Have to account for inflation when planning into the future.
Take the above only as a general guide only. You have work out your own figure. For example, my condo fees already take up $300 pm. What is yours? Power, gas and water bills come to $220 pm, phone bill another $60. Property and car road taxes add a further $150 pm. Food expenses come to $400 (we eat out often). And so forth.
We are building up our passive income to hit $100k pa so that we can continue our present lifestyle when we retire. We have many more years to achieve that before we retire.