Personal Finance
Retiring With S$6,000 Monthly: How Much Do I Need to Earn Now?
By ValueChampion  •  December 9, 2022
recent survey by OCBC turned up an interesting finding. Younger Singaporeans desire to live it up during retirement with a lifestyle that would cost a cool S$6,000 a month. Of course, there’s nothing wrong with aspiring to a luxurious (some would say excessive) retirement. However, is this sum practical for the average Singaporean? How much would you have to earn today in order to have a retirement budget of S$6,000 every month? Let’s do some number crunching to find out. How Much Retirement Sum Would You Need? Let’s assume the following:
  • Retirement age: 65
  • Retirement savings: 25 years (till age 90)
  • Retirement budget: S$6,000/month
  • Total retirement sum: S$1,800,000
Okay, you just have to accrue S$1.8 million by the time you retire, easy-peasy. So how much do you need to earn in order to reach this figure? Assuming you’re starting at age 30, that means you have 35 years to build up your retirement savings. You can reach S$1.8 million by putting aside...
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By ValueChampion
We distill sprawling marketplaces—for insurance, credit cards, bank accounts, and more—down to choices that represent a sweet spot for value—as in offering the features, returns, or experience we think you need for the smallest outlay. We ask: Is the return on a particular purchase or decision worth the cost or risk of that option, and how does the choice stack up against other options?
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