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Why many people think having over $600k is enough to retire on
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Insurer Singlife’s poll is spot on in sounding the alarm that retirement planning is a long-term affair because most people usually need around three decades of working and saving to set themselves up right, says the writer.
PHOTO: LIANHE ZAOBAO FILE
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SINGAPORE - Many of us would be pretty pleased to have $612,000 sitting in a bank account when retirement looms, but believing that will be enough to see out your golden years would be a risky leap of faith.
That precise amount wasn’t pulled out of thin air: It was the sum that came up in a poll of 3,000 people here who said they would feel financially free if they had this much cash at their disposal.
