When it comes to retirement planning, a fair number of Singaporeans know they need to do it, but have not gotten around to it yet. Can you really afford to wait another year to begin your planning? Will you have sufficient savings for a secure retirement?
Adapted from Report, Department of Statistics, Complete Life Table for Singapore Resident Female, 2013
Adapted from National Survey of Senior Citizens 2011
Singaporeans do not know how much they need for their retirement and hence do not put in the urgency and commitment to plan. Eventually, the time will come when you will need to face one of two outcomes.
The amount needed is unique for every individual and depends on factors such as your desired standard of living and attitude towards your retirement years. Some may find a monthly income of $1,500 sufficient for a simple retirement, while some may require tens of thousands of dollars to live out a “bucket list” lifestyle. At the end of the day, you need to figure out the unique amount you need.
At DBS, we have developed a simple retirement calculator that helps you gauge how much you will need in retirement savings, factoring in inflation rates. Click here to use our calculator.
The earlier you start, the better. How you live out your later years in the future is dependent on the steps you take today to achieve a secure retirement. Make an appointment for a no-obligation session to speak to our DBS Wealth Planning Managers and see how you can work out an effective plan, or visit any of our branches now!.
Share this page with your friends on facebook.