Member-only story
How investing $10 a month can change your life ….
I am 53 years old and I have not saved up for my retirement. Like most Singaporeans, I have been complacent and ignored retirement planning as I had assumed my CPF payouts would be enough. If you have not realized it by now, I have news for you, your CPF is not enough.
Cost of Living
According to data from Singstats, the average cost of living per person in Singapore (based on the 2017/18 census) is about $1,200.50 per month — not including the cost of accommodation:
- Food and Non-Alcoholic Beverages: $132.40
- Alcoholic Beverages and Tobacco: $26.10
- Clothing and Footwear: $59.50
- Utilities: $189.60
- Furnishings, Household Equipment, and Routine Household Maintenance: $102.90
- Health: $133.20
- Transport: $266.90
- Communication: $105.70
- Recreation and Culture: $184.20
Money no enough
Taking an inflation rate of 2% per year, in 2022, the average cost of living per person per month in Singapore is $1,299.45. This will increase to $1,584.05 when I reach my retirement age of 63 in 2032 (and will continue to increase each year I live).
