The ‘gold’ standard in singapore is at least a million dollars if it is for retirement. For rainy days, the typical advice is at least 3 to 6 months of expense. This of course can vary. For me, I have 2 elderly parents to provide for. So, i would prefer to have 1 full year of salary to provide for myself, my dependents and rainy days for my dependents too. At the same time, i continue to invest and save for retirement. As with most kiasu Singaporeans, it’s about accumulating as much as possible to allow for both quality of life and for crazy rainy days. With the current inflation, 1 million is probably an old target. 1.5-2million is more likely the sum with both inflation and increased life span (yet not wanting to work all life)
How Much Savings Will Bring You Inner Peace?
The primary reason people work and invest is to accumulate more wealth and have more savings.
After all, we cannot work our whole lives, and we need to plan ahead for unforeseen circumstances or our dreams. Some people dream of traveling the world or buying a big house.
$100,000, $500,000 or $1,000,000?
What's your goal?
How much savings can make you feel calm and confident to face life's crises?
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments