How much do you need to retire in Singapore?

The simple answer is it depends on your retirement lifestyle. If you want to retire in a luxury condo to enjoy the luxurious swimming pool, gym and other facilities and you wish to move around in a beautiful new car, then you will need a lot of money. However, if your retirement lifestyle is humble and simple, you don't need a lot.

If you plan to retire in a luxury condo which is not paid up, then you will need to pay for the mortgage. Let's say you have to pay $2000 pm in mortgage.

So, your expenses will be
Condo mortgage $2000 pm
Condo maintenance fees $500 pm
Car loan $1000 pm
Car expenses $1000 pm
Food, groceries and eating out $2000 pm
Medical $1000 pm
Holidays $500 pm
Others $1000 pm
Total $9000 pm or $108k pa

To generate $108k pa, you need investments worth $2.7m, assuming the investments gives a return of 4% pa.

A simpler and more humble retirement would be to

1. Retire in a 3 room HDB flat, which is paid up
2. Eat simple food
3. Take public transport

Your expenses will be
Food, groceries and hawker food $1000 pm
Utilities $100 pm
Medical $200 pm
Public transport $100 pm
Holidays $100 pm
Others $500 pm
Total $2000 pm or $24k pa

To generate $24k pa, you need investments worth $600k, assuming the investments generate returns of 4% pa.

My retirement plan is to

1. Retire in my luxury condo, paid up.
2. Eat simple food.
3. Take public transport.

My expected expenses will be

Food, groceries and hawker food $1000 pm
Condo fees and utilities $600 pm
Medical $400 pm
Public transport & occasional taxis $300 pm
Holidays $500 pm
Others $200 pm
Total $3000 pm or $36k pa

I will need $900k to generate $36k pa assuming my investments generate 4% pa returns. This provided we retire before 65.

If we retire at 65, then we just need our CPF Life to give us $3800 pm ($1900 x 2)