Retirement 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.
Basically, we want to find out that total lump sum needed at retirement age.
3 Inferences You Can Make From These Numbers
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 should likely hit your goal. However, it's always good to create a buffer to cushion against the unexpected.
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 is Too High
The assumption is that you're just purely saving that monthly amount in the bank, generating at a 0.05% interest per year. This amount may be too high that it seems almost impossible, and you'll just give up.
One way to work around this is through alternate assets that can generate potentially higher returns therefore bringing this monthly amount down substantially.
Some examples could be through retirement plans, annuities, investments, etc.
3) The Time Period to Save is Fixed
No matter what, the time period stays fixed.
If you start saving later, the shortfall won't change, but the monthly amount needed to save will only get bigger until it gets out of hand.
If you've started 5 years earlier, that monthly amount is a lot lesser and you'll have lesser stress when it comes to wealth accumulation.
So these are the 3 reasons why most people create alternative assets so as to not rely solely on CPF.
Now, you may have a better idea of where you stand in terms of retirement funds.
The next question is "where do you start?"
Every one is different.
There are so many moving parts that can shift you off course.
And there are so many retirement solutions in the market... which one is the best?
That's why you should consider learning more about FullCircle™.
It's designed to end your concerns, once and for all.
FullCircle™ is a full-fledged service that helps you to analyse your current financial situation, clearly define your retirement goals, and match solutions based on your specific needs and risk profile.
Take the first step and do something about your retirement now...