Saving enough to retire in one of the world’s most expensive cities can be hard. Saving enough for an early retirement is even harder. However, if you harbour the dream of reaching financial independence before the statutory retirement age, here’s what you need to know about retiring early in Singapore.
How much do you need to retire?
So, how much do you need to retire, anyway?
A much-touted rule of thumb in the U.S. is that you need 70% to 80% of your last drawn income to maintain your current lifestyle in retirement. This rule works for some people, but it’s not for everyone. The percentage doesn’t take into account how much of your salary you actually spend or save. If you have a high rate of savings (keeping …