How much do you need to retire comfortably? Where do you want to retire in?
This question should not be a question when one reaches retirement age. It should start as young as possible because of the time value of money and the effect of compounding interest.
According to the latest national statistics, 6 out of 10 Singaporeans’ CPF savings between the age 55-65 are not enough to cover the daily expenses due to core inflation and increasing minimum sum requirements.
Imagine a person born in the 30-40s era, the CPF minimum sum was just $28,000- $35,000. What is the current Minimum Sum? $166,000!
By the time, when you are starting to withdraw your CPF, the figure may be something you don’t want to calculate. Fear not, our Singapore government has introduced CPF Life Scheme for those who reaches 55 years old. However, is it enough and how does this scheme works for me? What if I outlive my intended age of survival?
If you are interested to discover how you can achieve your goals and objectives, leave us a message for a non-obligatory discussion. This is not a sales talk. It is an opportunity for you to discover your financial needs. Up to $1,000 cash rebates are up for grabs from now till 31 December 2017! Terms and Conditions apply. Contact us to find out more.