Today, I found myself wrapped up in a spirited conversation happening within the Beansprout community. A member had posted an article from BT titled “Retirees should build nest egg of at least S$550,000 for ‘conservative’ needs.” This piece was inspired by DBS’ Life After Work report, which delves into data from roughly two million DBS and POSB customers to shed light on how well-prepared Singaporeans are for retirement. Not surprisingly, like many reports that propose a required minimum for retirement, this one provoked a series of questions.
Many wondered, “Is CPF LIFE part of the calculation?” and “Could S$550,000 really be enough?” These inquiries piqued my interest, prompting me to explore the report in greater detail to understand its implications on our financial planning. I wanted to uncover actionable steps we might take to edge closer to our retirement aspirations.
### #1 – DBS’s Recommended Retirement Savings: S$550,000 to S$1.3 Million
Diving into the report, one of the key insights that immediately caught my attention was the recommended savings range proposed by DBS for retirement…
