I'm 36 this year. Is 1mil enough for retirement at 60? This is for me alone, my wife will have her plans to reach her 1mil. Both do not include cpf. Any advice?

Hey there.

If you are considering high-interest savings accounts, CIMB has recently announced today that they will be revising their interest rate for FastSaver. You might want to take a look here.

Other alternative choices that do not require spending/minimum sum include:

Singlife Account (2.5% p.a, capaital guaranteed, interest non guaranteed)

FSM Auto-Sweep Account (1.05%p.a, interest rates may be revised)

Stashaway Simple (1.9%, capital non guaranteed, interest non guaranteed)

SCB JumpStart (1%p.a, only for aged 18-26)

Crypto Earn (Depending on currency, as high as 16%p.a (CRO) without any prior staking. However, do take note of the volatility of cryptocurrencies. For higher interest rates, a fixed duration of 90 days is imposed before withdrawal can be made. Intetest is paid out every 7 days)

Crypto Exchange (20%p.a for CRO currency. Similar to Crypto Earn, just that fixed duration is set at 180 days. Interest is paid out daily)

Vivid Account (1.05% p.a for first 10k, 1.30% for 10k-20k)

Tiq 3 Year Endowment Plan (2.10%p.a, guaranteed)

Hello! I'm 36 this year too.

I'm assuming you have SGD500K cash for investments that generate 4% returns? Take care to check if your 4% is rate of returns or annualised rate of returns. I made a mistake of calculating wrongly before.

You intend to try to maintain SGD3K monthly expenses which I would need your advice on how you can do it. Will be great if you can roughly share a breakdown of your expenses. I wonder if you do drive coz my car expenses is about SGD 1200 per month and i try to reduce by going JB to pump petrol and stuff. ​​​