How much is enough?
A study conducted found that a retiree needs a minimum of $1,421 for expenses. Assuming 25 years of retirement, this translates to $852,600 by 60 years old. This means setting aside S$33,000 yearly, or S$2,700 a month from 24 years old.
You can start off with a regular savings or investment plan to accumulate savings.
Juggling multiple financial goals
• It is normal to set aside retirement saving plans for more immediate financial goals
• You'll have to manage your own financial security, as well as your parents' and children's
• Retirement adequacy of a generation has a knock-on effect on the next
• Important to communicate with ageing parents on retirement finances