Is Retirement Possible in Singapore Today?
It looks as if the cost of living in Singapore is high as it’s ever been. Retirement should be something you'll expect to. However, the question is: will you even be able to retire here in Singapore once you reach retirement age?
Here are a number of the challenges related to retirement today and the way you'll be able to make sure you have enough funds to retire in today’s world.
Why Is It Challenging to Retire Today?
There are loads of challenges people face when looking to retire today. Not only has the value of goods and the cost of living increased, but we’re also setting out to live longer. Age expectancy in Singapore is 83 years!
On one hand, living longer is awesome. You get to spend longer with the people you like, exploring the globe around you. On the opposite hand, it also implies that you would like to seek out extra money to fund your longer lifespan. This makes retiring at the quality age far more difficult for the younger generation.
It is very difficult to save lots of towards retirement in today’s economy especially in Singapore which is one of the most expensive city to live in. If you’re struggling to make money now and finding it difficult to save lots of, it’s understandable to be worried about your ability to fund your retirement.