If you intend to rely on your Central Provident Fund (CPF) savings to last you throughout your retirement, you may face a shortfall down the road.
Current minimum retirement saving
S$117,000*
Monthly payout
S$1,040*
S$1,040 may not be sufficient for a more indulgent lifestyle.
Statistics reveal that an average household spends approximately $4,400* per month, of which basic living expenses like food, transport and communications and utility bills account for a significant portion. Without proper planning, coupled with the effect of inflation, these expenses may be more than what you anticipate after you retire.
Half of Singaporeans aged 65 can expect to live beyond age 85. Male life expectancy is 79.3 years and Female life expectancy 84.1 years, the Life expectancy of Singaporeans has increased by 20 years over the last 53 years.
Source: Singapore Department of Statistics 2010
Find out what Singaporeans think in HSBC Future of Retirement global research on attitudes towards ageing and retirement.
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