Personal Finance
Is $1 Million Enough For A Retirement In Singapore In 2017?
By My 15 Hour Work Week  •  November 26, 2017
One of the questions most people have about retirement is “How much is enough for retirement?” For the average Singaporean, becoming a millionaire is like a dream come true. It helps to explain the snaking queues during those Hong Bao Draws at Singapore Pools. Most people can only hope. The Mrs and I turned 30 not too long ago and we are constantly advised that it is never too early to start our retirement planning. But I am wondering if we turned 65 today, would $1 million be enough for our retirement? $1,000,000 will last us 32 years…If we spend $42,000 a year or $3,500 a month If we consider the following assumptions:
  • Amount is deposited in fixed deposits or short-term endowments
  • Annual returns of 2%
Yearly Expenses $36,000 $42,000 $48,000
How long $1 million can last 40 years 32 years 27 years
This $1 million will be able ......
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By My 15 Hour Work Week
Hi, I am Thomas (a.k.a. Mr 15HWW) and I am in my early thirties. Very happily married (very strong emphasis here), I am the co-writer behind this blog. The other permanent writer is my wife Jasmine who has written two blog post so far (good luck searching for it here). But well, her contribution goes far and deep since she thinks she is actually the mastermind behind the rest of the other post ...
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