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%
|How long $1 million can last||40 years||32 years||27 years|
This $1 million will be able …