How much does it cost to RETIRE comfortably in SG?

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Retirement is a dream we all have, picturing days of relaxation and fun after years of hard work. But without proper planning, retirement can become a financial challenge. In Singapore, where the cost of living is high, it’s essential to save wisely for your golden years. Let’s break down the costs and see how much you need to retire comfortably.

Understanding Retirement Costs

A recent article, “Singaporeans Face Working Longer to Afford Retirement,” provides a clear picture of the costs for different retirement lifestyles in 2023. Here’s a quick look at the three main lifestyles:

  1. Lifestyle A: This budget covers two regional holidays a year (think Southeast Asia trips) and using public transport. You’d need about SGD 2,700 per month.
  2. Lifestyle B: This budget includes three regional holidays a year and commuting by taxi or owning a mid-range car. You’d need about SGD 3,200 per month.
  3. Lifestyle C: This budget allows for two international holidays a year and a full-time domestic helper. You’d need about SGD 5,800 per month.

These figures give you a good idea of what’s needed to enjoy different levels of comfort in retirement.

The Impact of Inflation

Inflation can significantly impact your savings. With an annual inflation rate of 3%, the cost of living is expected to double in 24 years. Here’s what that looks like for 2047:

  • Lifestyle A: SGD 5,400 per month
  • Lifestyle B: SGD 6,400 per month
  • Lifestyle C: SGD 11,800 per month

This shows the importance of planning ahead. If you’re in your 30s or 40s now, by 2047, you’ll need to be prepared for these higher costs.

Why You Should Start Planning Now

For those in their 30s and 40s, now is the perfect time to start planning for retirement. Here are some tips to help you get started:

  • Save and Invest: Build a strong retirement fund by saving regularly and investing wisely. Look into retirement savings plans like the Central Provident Fund (CPF) and other investment opportunities with good returns.
  • Property Planning: Buying the right property can be a smart move. Owning a property can provide rental income or be a valuable asset to downsize from, freeing up money for retirement.
  • Health and Lifestyle: Staying healthy is key to avoiding unexpected medical expenses. Also, having a clear idea of the lifestyle you want in retirement will help you set realistic savings goals.


Planning for retirement doesn’t have to be overwhelming. By understanding the costs and starting to save and invest wisely now, you can ensure a comfortable and enjoyable retirement. The article “Singaporeans Face Working Longer to Afford Retirement” highlights the financial challenges ahead, but with careful planning, you can achieve your retirement dreams and enjoy your golden years stress-free. Start planning today for a bright and secure future!

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