S$1 million to retire in Singapore? ‘Not enough anymore,’ says local
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SINGAPORE: Is retiring comfortably in Singapore becoming increasingly out of reach?
Surveys suggest that Singaporeans should aim to have between S$500,000 and S$600,000 in savings to live comfortably in retirement. But one local believes that even “S$1 million is no longer enough.”
On Thursday (Sept 9), he shared his concerns on r/singaporefi, explaining that when you factor in rising inflation and healthcare costs, the traditional S$1 million FIRE target now feels too low. He added that Singaporeans may need to aim for S$1.5 to 2 million to retire comfortably, a figure he admitted is “quite depressing.”
Seeking opinions, he asked fellow users if they also felt that S$1 million for retirement in Singapore is no longer sufficient.
“I can tell you it’s 100% enough to retire.”
In the discussion thread, several users agreed with the man, with one commenting that after doing his own calculations, he found he would need about “S$2.6 million by the time he retires at 65, factoring in inflation.”
“S$1M was never enough as a goal, unless you’re already 65 years old and your expected inflation moat doesn’t need to be so high,” the user added. “S$1M now will be equivalent to S$2M in 25 years, assuming the next 25 years are the same as the previous 25.”
Another said, “Feels like the standard now is S$10M, accounting for rainy days, mortgage, inflation, retrenchment, etc.”
A third remarked, “Seriously, [S$1M] can’t even buy an HDB now!”
A fourth added, “Depending on your age, but most likely it is not enough because the assumption that most people have is that inflation would be at 2%, which is the long-term average in Singapore.”
Not everyone, however, agreed with this view. Some users argued that retirement savings really depend on an individual’s “lifestyle.”
One user wrote that if someone wants to “retire in style,” meaning they plan to travel often, go on cruises regularly, eat at fancy restaurants, and keep a car, even S$2 million might not be enough.
But for others who are willing to live simply and manage their money carefully, S$1 million can still provide a comfortable, if not luxurious, retirement. It may not allow for extravagance, but it should prevent serious financial struggles later in life.
Another echoed this sentiment, saying, “I have S$1M at 38. I can tell you it’s 100% enough to retire. All these clowns saying it’s not… well, there are a lot of retirees without S$1m cash in the bank. I guess they are all going to starve to death…”
A third stated, “Real talk. These people think they are going to be having omakase and dining at steakhouses daily and travelling to Europe every other month to shop for luxury goods at 65 in order to ‘retire.’ When the reality is they are just going to go downstairs and dine at kopitiam with kopi o kosong.”
In other news, a newly hired employee has admitted online that she’s been breaking down almost every other week, due to the stress of working under a boss she calls condescending, impatient, and demeaning.
In a Reddit post on the r/askSingapore forum on Wednesday (Sept 3), the employee explained that while she enjoys the work itself — describing it as ‘challenging and interesting’ — the way her boss treats her has made the role increasingly unbearable.