Anonymous

12 May 2019

∙

Do I have enough SA to hit FRS at age 55?

I am 30 yrs old.

I understand from Seedly to quickly estimate FRS when I'm 55 will be ($5k x 25) + $176k which is $301k.

Now, I calculate the Future Value of my 103k in my SA (if it exist!). I keep $20k in my OA for housing loan payments.

25 years, 5% int, first $40k will grow to ~$135k
25 years, 4% int, the remaining $63k will grow to ~$168k
In total, the future value is $303k at age 55.

Is this the correct method to find out whether I have enough at this present time to hit the est. FRS?

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Hariz Arthur Maloy

12 May 2019

Independent Financial Advisor at Promiseland Independent

Yes. But subject to changes of increasing FRS figure of more than 5k per year (black and white says to expect 3%), interest rate of SA, and if 55 would even matter (this could also change in 25 years).

Note that you'll still have CPF contributions as well.

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