Money not enough - Cost of living in Singapore @ 5/14/13
assuming NO INFLATION, one may need around $1000-$1500 ($2000- $2500 for couple) per month upon retirement
assuming one RETIRE @ 65... and can live to 80
one needs $180000 - $270000
assuming SAVINGS starts @ 25 (40 years of savings), one need to save $375 - $562.50 per month (presuming there was no break in income, no retrenchment, no events that require digging into savings at all)
The above assumption is made in the belief that CPF will be FULLY utilised for the ONE & ONLY HDB flat and renting out of room(s) is not considered for one reason or another.
Monetising the flat by renting out rooms may be an option for some... but what if prices of flat is out of reach for your child(ren) by then?
Have you already started preparing for your retirement? :D
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