Tag: CPF Life

Even if You Have CPF Life at 65, You May Need an Additional $215K to Retire.

How much you need at 65 to retire depends on many factors and is different for everyone. A good starting point in Singapore is to look at someone at 65 who will be receiving CPF Life Full Retirement Scheme payout of about $1350 per month. Working on the assumption that you have your HDB unit paid off and are not carrying any debt, do not own a car, in good health and does not have any significant balances in other CPF accounts – how much do you need to set aside to retire reasonable comfortably in Singapore? Let’s make the assumption that you will need enough money to take you to 90 years-old or 25-years past your retirement at 65. Statistically, you may live longer than that, and that is why we also factored in a contingency or emergency fund as well.

Continue reading “Even if You Have CPF Life at 65, You May Need an Additional $215K to Retire.”
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