In Singapore, the current official retirement age is 62 years old but to have a realistic estimate of when you can really retire, it ultimately starts with determining your retirement needs.
If you have ever tried to figure out how much you need to have to retire in Singapore, you’ve most likely been confounded by one of the most basic yet most difficult question to answer – how much monthly income do you need during your retirement?
This requires one to imagine what life is going to be like when we stop working – will we be globe-trotters, happy-go-lucky shoppers, active-agers or home-bounders? Couple that with inflation rates and years in retirement (how long you expect to live till), it is no wonder many give up trying to figure it all out.
Watch this video by Vincent Tey, Head of Advisory at Providend, as he shares the three things that one must have in retirement as well as how you can optimise CPF LIFE as part of your retirement plan.