For many of us, retirement seems like a far-off goal. We toil away at our jobs day after day, hoping that someday we’ll be able to kick back and enjoy our golden years. But have you ever stopped to ask yourself how much money you’ll need to retire comfortably in Singapore?

It’s no secret that Singapore is one of the world’s most expensive places to live. Sometimes, we will need to borrow money quickly for our daily expenses.

The cost of living can quickly add up, and it’s hard to know how much you need to save for retirement.

How much is that?

This guide will explain exactly how much money you need to save each month (and year), so you can retire in Singapore.

We will also offer you fast loans to clear your existing debts. Plus, we’ll give you tips on how to make your money work harder for you.

What Is Singapore’s Official Retirement Age?

The Singapore retirement age is a mere 62 years old, one of the lowest in the world.

Side-note: The average life expectancy for men is 83 years old and 87 years old for women.

So, if you’re healthy and active, there’s a good chance you may continue working well beyond the age of 62. Of course, if you choose to retire, you’ll enjoy a well-deserved rest in one of the world’s most vibrant and exciting cities.

How Much Do I Need to Retire Comfortably in Singapore?


Several factors affect how much money you’ll need to retire comfortably, including your lifestyle, health status, and whether or not you have any debts.

To get an idea of how much money you’ll need to save, consider the variables below:

  • Generally speaking, experts recommend that you have enough money to cover your basic living expenses for at least 20 years. Therefore, you have a cushion in case of unexpected costs, such as medical bills or long-term care needs.
  • The cost of living in Singapore is constantly rising, so you’ll need to ensure your nest egg can keep up with the increase. Remember, there is inflation!
  • If you plan on travelling or taking up new hobbies in retirement, factor those costs into your savings plan. You should also put some money aside for chronic illness – unfortunately, that’s often part and parcel of retirement.

Now that we’ve covered the basics, let’s take a more detailed look at the cost of retirement in Singapore.

How Much Money Do I Need To Retire Comfortably In Singapore? 1

How Much Does the Average Person Spend in Retirement?

As we mentioned, your retirement lifestyle will significantly affect how much money you’ll need to save.

If you plan on spending your days travelling the world or taking up expensive hobbies, you’ll need more money than someone who intends to stay home knitting all day.

How much do you need to retire in Singapore?

To get an idea of how much the average person spends in retirement, we can look at data from the Department of Statistics Singapore.

According to their figures, the median monthly expenditure for retirees aged 62 and above is $1,379. This amount covers essential and non-essential expenses, such as food, housing, transportation, and recreation.

Some retirees will spend more than this, while others will spend less. It’s essential to remember that your own retirement spending will depend on your unique circumstances.

Is $600, 000 Enough to Retire in Singapore?

Based on the average monthly expenditure of $1,379, we can estimate that the average retiree will need around $330,960 to cover their expenses for 20 years.

Warning: This is a rough estimate based on the Singapore retirement age.

The actual cost of retirement in Singapore will depend on several factors, including your lifestyle and health status.

If you have any debts, it’s also important to factor those payments into your retirement planning. For example, let’s say you have a $100,000 mortgage that you’re still paying off. In this case, you’ll need at least $430,960 saved up for your Singapore retirement.

So, considering inflation, possible debts, and special expenses, $600,000 is closer to the actual sum you’ll need to retire in Singapore. And that’s just for living a no-frills life.

If you want to travel, start a business, or join a posh club, be ready with about $1,000,000. You’ll need the extra $400,000 as a safety cushion (in case of an unfortunate accident, illness, or disability).

Pro tip: To save this amount, you’d better start saving ASAP or clear your debts now. You can apply for a personal loan to clear your debts.

Estimated cost of retirementEstimated yearly savings (Starting age: 32)Estimated monthly savings

Is Singapore A Good Place To Retire?

Now that we have seen how much to retire in Singapore, let’s consider whether the city-state is a worthy place to retire.

The variables to consider include:

  • Cost of living
  • Availability of healthcare
  • Quality of life

Based on these factors, Singapore is generally considered to be an excellent place to retire. The cost of living is relatively high, but several government initiatives help retirees with their expenses. Healthcare is also excellent, and retirees can enjoy various activities and amenities.

What Is The Supplementary Retirement Scheme (SRS)?

The Supplementary Retirement Scheme (SRS) is a government-sponsored retirement savings plan that offers tax incentives to encourage people to save for retirement.

Here are its benefits:

  • It’s open to Singapore citizens, permanent residents, and foreigners.
  • You can use it along with other retirement savings plans.
  • You can make voluntary contributions of up to $15,300 per year (or $35,700 for foreigners).
  • These contributions are eligible for tax relief capped at $80,000, which means you’ll pay less income tax on your overall earnings.

You can use your SRS account to:

  • Top up your CPF retirement account.
  • Invest in a wide range of financial products, such as stocks, bonds, and mutual funds.

The SRS is a great way to boost your retirement savings, but it’s important to remember that the money you contribute is not guaranteed if you invest it. Therefore, you could lose some or all of your investment if the markets go down. Conversely, not investing this money brings you little to no gains because the interest rate is just 0.05% p.a.

Start Planning For Your Retirement Today


Retiring in Singapore is excellent because you’ll live your golden years in a futuristic city-state with fantastic opportunities, views, and healthcare. However, the cost of living is sky-high.

Thus, you’ll need at least $600,000 for a comfortable life.

You can offset the cost of retirement in Singapore if you plan for that retirement ahead. For example, you should start saving in your 20s – or early 30s at the latest. You should also consider leveraging the SRS and creating an investment portfolio.

Lending Bee can help you better your finances.

We can customise a financial package for your specific needs. We’re here to assist whether you want to solve your cashflow issues, increase your savings or for your home renovation!

Lending Bee is able to offer customizable loan packages that cater to your needs. You can get a longer loan tenure or a lower rate with us.

Find out more here!

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