Retirement Calculator for Personal Savings and CPF Life Needs in Singapore

Estimate how much you need to save for your ideal retirement lifestyle by factoring in your current assets, expected expenses, and projected CPF Life payouts.

Understanding your retirement income goal

With the right planning, comfortable retirement in Singapore doesn’t have to be as costly as you might expect.

Use this calculator to help you figure out how much of a retirement fund you need, and how much you need to save to work towards that sum.

The following image gives you a gauge on how much you need to save each month to achieve a retirement that allows you to spend $3,000/month in today’s dollars, with inflation factored in.

Amount you need to save to retire by age 65
Loading...

Retirement goal

Current investments

Future fund available

Required *

Results

Projected value of investments

Your retirement needs

Our Forecast:

Congratulations!

Almost there

On the way

Needs attention

It looks like you'll be short by about

To get on track, invest at least a monthly sum of

Inflation adjusted return rate before retirement

%
2.5

Inflation adjusted return rate during retirement is 1.46%

Annual inflation rate: 2.5%

In this calculator, CPF Payout is assumed to start at chosen retirement age, however actual CPF Life payout starts at age 65. For accuracy of calculation, please choose a retirement age 65 or older.

Life expectancy of 95 years

** BRS refers to Projected amount at age 65 based on Basic Retirement Sum (BRS) of $110,200 set aside at age 55

FRS refers to Projected amount at age 65 based on Full Retirement Sum (FRS) of $220,400 set aside at age 55

ERS refers to Projected amount at age 65 based on Enhanced Retirement Sum (ERS) of $650,100 set aside at age 55

Source: CPF

* Required
Other useful calculators
Emergency fund
Insurance
Investment
Mortgage

How should I begin preparing for retirement?

Many people don’t pay much attention to preparing for retirement until they reach middle age. But you should start early, to ensure your financial liabilities are kept minimal. Here are some steps.

1. Clear your mortgage

The main idea is to ensure a roof over your head that isn’t weighing you down. It is advisable to repay all mortgage loans on your home before you reach your retirement age. Renting is not ideal as rental rates are dependent on economic situations. Plus with inflation, you may not have a foolproof plan in ensuring that your retirement pot will be sustainable amid future uncertainties.

2. Be insured fully for medical costs

Part of aging includes increased risk of diseases and accidents. This naturally means higher medical bills and possibly the need for long term medication. Ensure that huge medical bills will not bankrupt your retirement savings by having adequate medical insurance.

3. Assess your lifelong income stream 

Ensure your lifestyle is sustainable, and supported by a lifelong income stream—this can come in both fixed streams, and in amounts that vary.

4. Quantify your retirement lifestyle as accurately as possible

That’s what this calculator is for. Whenever we speak to people about their retirement planning, the common mistake that most make is underestimating how much they’ll need to survive comfortably in the future.

We recommend tracking your expenses as a good start, so you have a quantifiable basis of comparison every year. 

To be able to retire, you will need to be debt-free, have sufficient medical insurance, ensure your residential property is fully paid up, and sort out a steady stream of income for as long as you live.

What is the average retirement sum needed for a comfortable lifestyle?

The average retirement sum needed for a comfortable lifestyle depends on factors like location, lifestyle preferences, and inflation.

A survey done by HSBC estimated that retirees in Singapore need approximately S$1.3 million (US$936,000) for a comfortable lifestyle.

Learn more about retirement planning

Financially stressed couple managing bills and debt, illustrating serious financial mistakes.
5 Costly Financial Mistakes Singaporeans Make in Their 30s

Avoid costly financial mistakes in your 30s with smarter saving, investing, and financial planning tips.

10
Jun
Photo of an elderly woman holding a camera
5 Money Mistakes That Delay Retirement and How To Avoid Them

Thinking you’re on track for retirement? These five common money traps, from under-saving to being...

29
Dec
Planner Bee's online financial calculator suite for insurance, retirement, investments and emergency fund planning.
10 Online Financial Calculators in Singapore To Plan Your Money

Plan your money smarter with online financial calculators in Singapore. Track savings, retirement, mortgage, and...

18
Dec
Low angle photography of a tall building
Can Real Estate Help You Achieve FIRE in 2025?

Thinking about using real estate to achieve FIRE in 2025? The market has shifted, and...

13
Sep
Four people with arms around each other’s shoulders watching the sunset
FIRE in Singapore While Managing Rising Living Expenses

Reaching FIRE is challenging in Singapore’s high-cost environment, but it’s possible with early saving, investing,...

01
Sep
A close-up photo of a person wearing a graduation gown and holding a white scroll
Should You Save for Your Kid’s College or Retirement First?

Wondering whether to save for your child’s university or your own retirement first? This guide...

09
Jul
A photo of a silhouette of two person sitting on chair near tree
Financial Planning While Supporting Elderly Parents

Discover practical strategies to care for your elderly parents while staying on track with your...

07
Jul
A photo of an elderly couple looking at each other and smiling
Financial Support for Ageing Parents in Singapore

Learn more about how to care for your elderly parents in Singapore, including legal duties,...

25
Jun