Retirement Planning Calculator: How Much Do You Need to Retire In Singapore?

As the needs of everyone are different and there’s no one-size-fits-all, this simple retirement planning calculator would allow you to estimate how much you need to retire in Singapore.

Planning For Retirement Singapore

Basically, we want to find out that total lump sum needed at retirement age.

The Average Monthly Expenses of a Retiree in Singapore

One of the fields required is how much retirement income you need in today’s value.

Now to find an average of how much retirees are spending isn’t that easy.

It’s because retirees could be staying in households where there are active income earners (their children) and vice versa. This will mean that expenses may be shared between them. Furthermore, retirees could also live on their own.

But here are some data from a survey done:

Average Monthly Household Expenditure
HDB (1 to 2 rooms)$1,545
HDB (3 rooms)$2,709
HDB (4 rooms)$3,933
HDB (5 rooms & executive)$5,504
Condo & Other Apartments$7,963
Landed Properties$10,500
Average Monthly Household Expenditure 
(households comprising solely non-working persons aged 65 years and over) 
HDB (1 to 2 rooms)$891
HDB (3 rooms)$1,206
HDB (4 rooms)$1,555
HDB (5 rooms & executive)$1,948
Condo & Other Apartments$4,571
Landed Properties$4,645
Average Monthly Household Expenditure Per Household Member
(households comprising solely non-working persons aged 65 years and over) 
HDB (1 to 2 rooms)$678
HDB (3 rooms)$786
HDB (4 rooms)$979
HDB (5 rooms & executive)$1,061
Condo & Other Apartments$2,679
Landed Properties$2,171

But these averages shouldn’t matter to you.


When was the last time you conducted thorough financial planning or reviewed your finances?

In this day and age in Singapore, doing so will absolutely improve the quality of life for you and your loved ones.

Here are 5 reasons why financial planning is so important.

How Much You Need for Retirement

In deciding how much you need for retirement, you shouldn’t be looking at the average of what retirees are spending.

This figure should entirely come from you based on what type of retirement lifestyle you desire.

How much do you expect to spend during your retirement years?

Here are some of the typical expenses to think about:

list of expenses

If you tabulate everything (you can use a budget/expense calculator or template), you’ll get your monthly figure in today’s value, and then you can put that into the retirement calculator.

But there are other ways to calculate this. All including the above method are still estimates, which is why constantly reviewing your finances is important.

Another way to estimate your retirement expenses is to take 80% of your current monthly expenditure.

3 Inferences You Can Make From Your Numbers

After inputting all your numbers, here are some scenarios that can happen:


According to a survey conducted by MoneySense, about 3 out of 10 Singapore residents aged 30 to 59 had not started planning for their future financial needs. 

This isn't surprising because personal finance can seem complicated and daunting. But really, there are only a few things that you should focus on.

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1) Retirement Shortfall Is Positive or Negative

If your Retirement Shortfall is Negative

Congratulations! If you continue to do what you’re doing, then you’re likely to hit your goal. However, it’s always good to create a buffer to cushion against the unexpected. Or you can consider estate planning to leave more for your dependants.

If your Retirement Shortfall is Positive

It’s time to do something about it.

Continuing at this pace, you might not be able to achieve what you want in the future. Steady gains are what matters now. You can just start small to get into the habit of saving for retirement.

2) The Monthly Amount to Save From Now to Retirement Age Is Too High

The assumption is that you’re saving this amount in the bank.

If it’s too high, the workaround is to save/invest in alternate assets that can generate potentially higher returns, which will then bring that figure down.

There are various retirement solutions available. For those who are more conservative, consider annuity plans as they are usually capital guaranteed upon maturity, and provide guaranteed and non-guaranteed income.

3) The Time Period to Save Is Fixed

Whatever you’ve entered will be what you desire.

That includes your intended retirement age.

This means that the number of years you have from now till then stays fixed.

As your shortfall doesn’t change, if you were to start saving/investing later, the monthly savings needed will only increase, and the journey will only get steeper.

So, start saving for retirement as soon as possible to capitalise on time and the power of compounding.

What’s Next?

When you know how much you need to retire and how much you have right now, you have a better idea of where you stand.

If you feel like something needs to be done, the next question is “where do you start?”

To begin, you can check out our guide on retirement planning in Singapore.

Also, find out what are some of the best retirement solutions available.

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Disclaimer: The statements or opinions expressed on this site are of my own. The information is meant purely for informational purposes and should not be relied upon as financial advice.
Abram Lim

Abram Lim is the founder of SmartWealth and a licensed financial consultant with over 8 years in the industry. He ensures all published content is supported by data, well-researched, and includes both sides of the story. His work has been referenced by SingSaver, Business Insider, and Fortune.