Personal Finance
How to Start Planning For Retirement in Your 20s and 30s
By ValueChampion  •  August 31, 2023
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Planning for retirement in your 20s or 30s may sound early, but if you consider the soaring inflation in Singapore, starting your legacy planning in advance is no longer good to have but a must. Based on July’s inflation rate of 3.8 percent, which is a conservative figure, a bowl of fishball noodle priced at S$5 now can easily cost you a whopping S$15 in 30 years. This means the amount you perceive as a nest egg enough for retirement may have to multiply by a few times in 30 years. If this is not a red alert to nudge you to start saving early for retirement, what is? A quick look at Singapore’s consumer index over the past 20 years may offer more insight into the escalating prices of your everyday expenses:
Source: tradingeconomics.com

Related: Is It Enough to Retire with S$6,000 In

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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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