Started tracking my net worth at age 40 with $600k.
Based on asset of $2 mil to $2.2 mil mainly in
cpf, stocks, and T bills, insurance policies/annuity (exclude fully paid property), plan to generate $8 to $9k per month after 65 for 30 years for me and wife. Not huge sum, but good enough.
Diligently tracked a detailed spreadsheet to know my savings and expenditure, expand to investment and then create plan to tap on various sources of income for retirement based on future expense scenario.
Discovery:
1.
CPF compounding interest effect is amazing.
2. Need to understand your spending pattern well to decide on my future lifestyle.
3. It is fun and satisfying to monitor your growth, enjoy the journey
4. Spend within your means
5. Potential to tap on insurance maturity values if need to (although this is not the best investment tool)
I am sure many sensible Singaporeans are doing it.
Finally, can go to Malaysia to further stretch the retirement dollars. Why spend in Singapore where you can get plenty of good food and entertainment.