I am happy for both of you that you are enjoying your retirement at 55. It is a good time to enjoy the fruits of your labour.
Yes, I am aware that we could live reasonably well with $100k pa in retirement. We still got a few years to 55, and our current living expense is around $120k - $140k pa as we have 2 cars and still paying off the mortgage of our second property and children still in the uni. Our 2 properties are next to
MRT stations also.
The $150k pa passive income target we set ourselves include some buffer to take account of inflation over the longer term. Our envisaged lifestyle in retirement:-
1. Age in place (ie we hope to continue staying where we are as we are very comfortable with the neighbourhood)
2. Have a car to move around in comfort
3. Continue to travel at least once a year
4. Attend concerts and live performances
5. Dining out occasionally
6. Continue to engage in our respective hobbies (eg tennis, golf and investing)
7. Able to contribute to charitable causes
We foresee this phase to last a good 10-15 years (from 55 - 70 yo) before we tone down the more physical activities such as tennis, golf and traveling. By that time, our expenses will reduce but medical expenses could increase.