It’s time to face the elephant in the room: how to save enough to enjoy a well deserved, comfortable retirement in the future?
By any measure, this number is going to be a humongous sum because we are living longer and cost of living never seem to stop rising. Yet, for all its epochal significance, few people actually make the effort to quantify “THE NUMBER”. Those who do it correctly will probably fall off their chair after seeing the mega amounts.
To give you a ball park figure, I’m going to assume that you are 30 years old, earning a $60,000 a year salary and looking to retire 35 years from now at age 65. The statistics say that current life expectancy of Singaporean is 83 and rising. I will add a buffer to that and assume an RIP age of 85 for calculation purpose. That means, you will need money to