Join us at Josh Tan CPF Retirement Summit 2025!
For 12April2025 ►
Tickets at $74 (single admission) and $139 (pair admission)
Summit will be in SMU and fully educational with refreshments.
We were fully sold out 70pax strong last sat and it was a great event! Get your tickets right now!
ENGAGE Josh Tan on a fee for full retirement planning NOW – Hear the IMPROVEMENTS you can make IMMEDIATELY!
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Today we’d discuss why this finding suggest you need at least $550,000 to retire in Singapore
I think this number is high but there are interesting findings to discuss especially how each group of people save money!
#retire #retirement
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0:00 Introduction
2:45 Is $550k needed for retirement?
3:27 How to calculate?
5:35 Younger investors need to do this
8:30 Josh Tan CPF and retirement summit 2025
10:18 Learning how to invest
12:58 Investing into equity
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About Josh Tan:
Josh holds a degree in Accounting from NTU. In 2016, he co-founded the financial education website TheAstuteParent to provide detailed insurance plan analysis and financial planning tips.
As a ChFC Charterholder, Josh has agreed to be bounded by the ChFC®/S Code of Ethics. This includes, among others, acting in a professional manner when it comes to conducting due diligence on primary and secondary sources of investment-related data, and articulating his investment opinions based on his research and beliefs. Based on his research and analysis, he highlighted his beliefs and opinions, and illustrated the concept of time value of money, as of the time of the video.
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It’s for individual or for a couple ?
What if u don’t own an HDB?
What about medical expenses ?
At retirement, the way we forecast our finances should be slightly different than during years when you are still employed. For me i will break it down this way
1. Monthly Living Expenses (food, utility bills, transportation): $2,500
2. Monthly Loan repayment (if any): $0
3. Yearly Insurance Cost (including baisc medishield premium): $2,500
4. Yearly Expected Out of Pocket Medical & Dental Expenses (those not covered by Insurance): $4,000 per year
5. Yearly Lifestyle, Travel and Entertainment Cost: $5,000 per year
6. Miscellaneous (household repairs, replacements, red packets): $3,000 per year
No. 4 is an annual aspirational personal goal that you work towards being healthy. The healthier you are, the more you can delay to use that amount.
No.5 is necessary as things at home will break down and need repair or replacement.
So my estimated funds I need per year wil be around $44,500 per person. If i retire at 65 and live to 85, then total funds I need will be $890,000. This will be comfortable for me without compromising too much on my Lifestyle. These are very conversative calculations as it can be impacted greatlly by future Inflation and Taxes.
If I wish to retire early, then they above is insufficient.
Best is do your own monthly projected expenses. Incl property tax, fire insurance etc, dental, medical checkups, see doc when sick, medicine, spectacles, hearing aid etc.. supplements, household repairs, appliances replacement, handphone, classes like art, dance, yoga etc, haircuts, facial, skincare, massage, shoes, clothing, entertainment, travelling, pet food etc if having pets, part time cleaner, birthday/wedding/xmas gifts etc, CNY ang pow etc, tithes, car exps if still driving car, etc … besides usual exp like utilities, conservancy fees, broadband, mobile data, groceries, toiletries, transport etc …
Going 50 next year, so far job security still intact working in american MNC. Paid off my home loan and car loan last year, with decent salary and some long term investments with payouts after I hit 55. Not married, no kids. Don’t like travel, eat typically at hawker centers and kopitiams, occasionally treat myself to mala hotpot. Trying to keep healthy with some exercise and controlled diet(less sugar and salt). Hope whatever savings I have in future will last till retirement and death ^_^
$550,000 is really not much, U would think that it is a lot .. but one might get sick and it will cost much more .. if u dun have insurance
S$550,000 is for those who are stop working at 55 until 70. Hope the rapture comes real soon (now~2 years time) so that there is no need to be so stress out about money.
It is more comfortable to retire if you have 1 million including your retirement sum in CPF and on condition that your apartment is fully paid off.
You would get about $2100 monthly CPF payout (based on topped up retirement sum) plus $2500. So, that gives you about $4,500 per month for living expenses. This way, you always keep your principal of $600,000 to $700,000 in the bank to generate interests.
One more condition, you have reached your cap of your medical account ($65,000). It would be more secure if you buy a top up to cover your medical needs that would cost about $200 to 300 per month premium.