My wife and I retired 2 years ago at 56, after we saw that our passive income sources were stable and adequate to cover our expenses in retirement. In the 2 years that we retired, we travelled a fair bit visiting places that were off the beaten track and staying longer at the places we visited to soak in the culture and interact with the locals. Instead of having 2 cars, we now only have 1. We still have a domestic helper to look our aged parents.
The below itemised our expenses per month for the last two years, give and take $300k.
1. Food & groceries - $1.5k
2. Dining at restaurants - $600
3. Utility bills - $200
4. Phone & broadband - $160
5. Car road tax & ins - $2k
6. Petro - $300
7.
ERP - $30
8. Car maintenance - $650
9. Maid - $1k
10. Medical - $200
11. Ins - $400
12. Condo maintenance - $350
Discretionary expense :
1. Gifts, wedding Ang pow, CNY Ang pow - $4k pa
2. Live musicals, concerts & performances - $2k pa
3. Traveling - $10k pa
4. General home repairs, appliances etc - $4k pa
Our passive income is $130k pa, which is currently adequate for our expenses. We are saving some to buy our next car when the current
COE expires in another 5 years time.