Household family income $175k pa ($14,583 pm)
Household family expenses $130k pa ($10,833 pm)
Household family savings $45k pa ($3,750 pm)
Family residence is a new 3 BR condo, paid up. Current value $1m. We own a two year old small car, paid up.
Since we are debt free, we plan to retire in ten years time at 55. We will draw down on our cash savings to fund our retirement from 55 to 65. At 65, we will receive our
CPF Life ($3600 pm or $43k pa) which will fund our retirement from 65 onwards, until we die. Our two children will give us parental allowance of $1k pm in total ($12k pa) ($500 pm from each of them) when we retire at 55, following my family's tradition of filial piety.
Our retirement expenses will not be much as the two of us just need money for food, utilities, condo maintenance fees, public transport and short holidays nearby. The most $3k pm ($36k pa). At age 65, our total passive income $4600 pm ($55k pa).