According to
OCBC financial wellness survey 2020, 75% of Singaporeans are NOT on track to retire at their ideal age and live their ideal retirement lifestyle! (As shown below).
This is a worsening proportion of survey respondents from 2019!
Maybe it's covid-19 situation but what is causing so much concern in retirement?
Key problem in retirement thinking
According to this
THE STRAITS TIMES article, $1.3M needs to be saved to retire.
The sum is derived based on the wish list of customers who say they want to have at least $3,000 to spend every month after they retire.
Indeed, if you want to increase your spending power to $5,000 a month, OCBC says you will need $2 million.
Yes $2M, a number that is daunting, NOT inspiring, for a young working adult.
Why is the number for retirement always so big?
It is your expectations on how much spending power X number of years in retirement!...