OK, let's just do some basic math here.... All figures are in 2018 dollars.
Condo equity = $3 million (market realizable, assumed/estimated, excluding primary residence)
Business equity = $1 million (assumed)
Stocks/bonds = $5 million
Total net worth = $9 million (assumed/estimated)
Income expectation = $250,000 / year
$9 million divided by $250,000 = 36 years, which gets a 40 year old to age 76. That's not long enough, and this is the correct math if the $9 million and $250,000 figures both keep pace with inflation (the $9 million in the income sense).
Assuming the $9 million figure is correct -- and Outward can correct me if I have not estimated correctly -- then there are 3 basic ways to repair this math (usually in combination):
1. Keep working ($125,000/year income, 2018 dollars), and thus the $250,000 lifestyle expectation is 50% funded from labor income until, say, age 65. Having 25 years of $125K/year = $3.125 million (2018 dollars) more, which is obviously helpful;
2. The $9 million likely isn't even keeping pace with inflation right now -- over $4 million is just sitting as cash, losing real value -- so take prudent, age appropriate investment risk in order to generate a higher total return on a long-term basis (and no, that doesn't mean doubling down on real estate!);
3. Adjust lifestyle expectations downward from $250,000/year (2018 dollars) -- that's a lot! -- to a more affordable figure.
