The Sunday Times have an interesting article by Jonathan Kwok on folks his age (perhaps 25-32 years old) idea about retirement, how much is necessary for retirement.

I think we should thank him for incepting these thoughts into more Singaporeans.

In the article, he mentions a plan to accumulate 1 million dollars for retirement. I think a lot of planners will shoot down that idea because that seems an adequate amount last time, but perhaps not right now.

The fear is that folks look at 1 million as the magical figure when in reality how much is necessary is more science than plucking a figure out (note: Jonathan didn’t plug, he has some way of deriving it, which I will state what I think about it below)

Whether this amount is enough or not, it’s a lazy way of looking at the concept that is retirement.

I have stated in (Read more...)