As the costs of living in Singapore is on a constant rise, Retirement planning in Singapore would require several financial considerations, and the costs can vary depending on your lifestyle and needs. Whether you are planning to retire soon, or making plans for your future retirement, here are some of the factors that you may wish to consider when making such plans:

Housing

Renting a private apartment can be significantly more expensive, often starting at SGD 3,000 and increasing depending on size and location.

Healthcare

Daily Living Expenses

Retirement Savings

Lifestyle

Estimated Monthly Costs

For a modest lifestyle, excluding any significant luxuries or private housing, you might need around SGD 2,500 to SGD 4,000 per month. For a more comfortable lifestyle with private housing and additional luxuries, costs could range from SGD 4,000 to SGD 6,000 or more.

It’s always a good idea to prepare a detailed budget and consider potential healthcare costs or emergencies. Proper and early planning can help ensure that your retirement in Singapore is financially secure.

Should you face difficulties in coping with the high cost of living and commitments, you can consider selling your endowment or whole life policies for higher values. Call Reps Holdings at 6221 4771 to find out more!