For the longest time, the retirement sum of S$1 million is a benchmark to reach for many Singaporeans. They believe that hitting this magical number will make your golden years comfortable and without worries. However, whether this is the magical retirement sum or not, varies substantially from person to person. To those who are just starting out in their career, retirement planning might seem far away. However, think about this: You are starting out in the workforce at 20 years old. Starting from your first salary, you will need to save $2000 a month for the next 42 years to give you that $1 million in savings. This simply means that you have to work until you are at least 62 to accumulate $1 million. What if after all you have saved, $1 million is not enough for you to retire comfortably? Singaporeans’ Retirement Preparation It is important to know that when it comes to retirement, everyone’s needs are different....