If you haven’t started saving for your retirement, you really might want to soon. Especially after reading this article. A disturbing number of Singaporeans think they can live like cave-dwelling hermits. When we ask around, we still get responses like “Oh, I can live on just $1,000 a month when I retire.” That’s like scuba diving without oxygen and saying it’s fine because you took a deep breath. Retirement is not as simple or cheap as most Singaporeans imagine, and CPF savings won’t be enough. In addition to living expenses, your retirement savings must also cover unforeseen situations like the following:

1) Being doomed to homelessness after giving up your flat

This is one of the most common problems faced by retirees. Some Singaporeans sell their flats (sometimes giving their children the money), and then move in with their children or grand-children. But if you’ve had to share a ......