When it comes to financial planning, small and specific goals are best. Aspiring to make $15,000 or $25,000 a month without working is all well and good, but don’t forget to take concrete steps to secure a realistic amount. With some discipline and prudence, it’s not unrealistic to aim for an extra $1,500 a month (on top of CPF payouts) after retirement. Here are three ways:

First of all, why an extra $1,500 a month?

An extra $1,500 a month may not seem dramatic but its effects on retirement can be life changing.

Consider that the average Singaporean, who retires with the minimum sum of $161,000 in CPF, will only get around $943 to $1,017 per month (estimated payout via CPF Basic). That comes to about $33.90 per day.

If that seems enough to you, you’re forgetting to account for the effect of inflation.

Let’s assume an inflation rate …