How much do you need to retire comfortably in Singapore? That is a golden question we have to ask ourselves, and the answer is dependent on the lifestyle we would prefer upon our retirement.
To maintain the same living standard after retirement, the general rule of thumb in Singapore is:
- If you’re single, 50% to 60% of your pre-retirement income
- If you’re married with one retiree, 60% to 75% of the retiree’s pre-retirement income
Of course, the above is a guideline and varies depending on your retirement living expenses, number of dependents, and portfolio of assets that’ll help bring passive income.
You can use a Retirement Calculator* to help determine if your retirement goal is achievable. This tool helps determine the amount of savings you’ll need based on your desired retirement age and lifestyle.
One thing for sure, it’s never too late or early to plan for retirement and the best time to start is NOW!
At Abundant Life Planners, we believe your golden years should be carefree.
Get in touch with us to:
- Help you calculate how much you would need for retirement
- Find out the best way to get started
- The retirement funding options most suitable for you
*CPFB | Retirement Calculator, https://www.cpf.gov.sg/eSvc/Web/Schemes/RetirementCalculator/CoverPage, 22 Aug 2021
