Many in S'pore don't know the costs of retirement

One in every two people underestimates the monthly expenses needed, according to survey by Invest and OCBC Bank

If you are retiring at 65 and there is a chance you will live to 85 or beyond, you need to have enough savings to last 20 more years, or 240 months. ST FILE PHOTO
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You are treating the family to a dinner at a new restaurant near your home. Before walking there, you stuff two $50 notes into your pocket as you assume it would be enough. Imagine the embarrassment when the waiter shows you a bill for $120 later.

If you think being caught in public without enough money is bad, imagine the horror of having a bank account that has only a little left at old age because you have underestimated the expenses that you have to pay all these years.

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