- Retirement age: 65
- Retirement savings: 25 years (till age 90)
- Retirement budget: S$6,000/month
- Total retirement sum: S$1,800,000
A 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: