My retirement goal is obviously to live comfortably. However this statement by itself is problematic. What do I mean by comfortably? Comfort means different things to different people. Then, is $550,000 enough then? At 65 and with maybe 20 odd years more to go… we probably need more when we are still healthy and can go about our way, meaning we might want to go on holiday now and then. As we get older, the desire to travel should probably decrease. However, healthcare cost on the other hand increases. I am not sure if S$550k will see us through then, comfortably I mean. For me, besides banging on CPF, which is on track to hit that “magical” number of S$550k, I am keeping up with various investment vehicles like stocks, properties, silver, etc. I am concerned about the current state of global economy, especially that of America 🇺🇸 with Donald Trump as its disruptive President. Increasing instability and insecurity will eventually led to market volatility, and crash.
S$550K vs S$1.87M: 3x Gap! How Much Do You Really Need?
Previously, we discussed $DBS(D05.SI)$ Bank’s suggestion that S$550,000 is needed to retire in Singapore “S$550K to Retire in SG: Have You Planned Your FIRE Number?” and many tigers shared your own investment and savings plans for retirement.
But now, a new report from $HSBC Holdings PLC(HSBC)$reveals that wealthy individuals in Singapore believe they need S$1.87 million to enjoy a “comfortable retirement.”
To retire peacefully in Singapore, ordinary folks need to save S$550K, while the wealthy feel they need S$1.87 million. That’s a staggering difference — over three times more!
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