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Finance - What It Takes To Retire
I was thinking of an interesting way to start this but decided against it and decided to drop the bomb instead:SGD$720,000.00Okay, now that the crux of the subject matter has been established, here's the equation that gave rise to that (phenomenal figure):(12 months * 20 years * SGD$3,000)Which translates to an estimate that 1) You live another 20 years after retirement (at age 55 or so), and you'll need S$3,000 per month for all living expenses, like:Housing loansUtilities and billsMaintaining a carGeneral living expensesMedical billsThis is also further compounded by the likelihood that, as generations progress, you can no longer count on your children to give you allowance. That's it - you're on your own.Give this some thought, now that the constraints have been identified - some suggestions will be unveiled in due time.
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