Originally Posted by Unregistered

You should show some respect to the old man, as an elder to you, before you even speak of filial piety!

I noticed you mentioned you stay in a condo and intend to retire in your condo, but you didn't cater money for condo maintenance. If your condo has security guards, employ gardeners, cleaners and managing agent, you can expect the maintenance fee and sinking fund to grow over the years as their salaries grow to keep pace with inflation. Let's say it's now $300 a month, in 10 years, it could be $500 pm, in 20 years, it could be $700pm.

In your calculation, you say needed $2500 pm, but upped it to $3500 pm to cater for inflation. Now you add in another $500pm for condo maintenance. That would bring the total to $4000 pm or $48k pa. Now to be careful, you would want to set aside some money say $5k pa for emergencies both medical emergencies and house and appliance repairs. This would bring the total yearly budget to $53k. This emergency is also to take of periods when your children are in between jobs or looking for jobs and cannot give you any allowance.

How many years do you expect to live in retirement? 30 years? If 30 years, then you will need 30 x $53k = $1.59m. This should not include your home value. Do you have this amount?

As you can see, with $1.53m your retirement lifestyle will be very basic.

The old man planning to retire on $150k pa passive income is not planning for a luxurious lifestyle, but just a comfortable lifestyle. The only difference between you and the old man is, the old man is planning NOT to touch his savings but only the passive income generated from his savings to sustain his retirement while you are drawing down on your savings in your retirement.