As a fresh grad, how do I choose between building an emergency fund and building up retirement fund (e.g. $1m by 55y.o.)? ?

which 1 come 1st, emergency or retirement?

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thank me later when you got your answer

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cheers!

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:)

First priority is emergency fund. Because it can protect you from any downside.

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After that focus on retirement fund.

With the age you given is safe to say u should focus on CPF and aim to withdraw $1mil by age 55yr olds.

Focus on contributions that give u tax reduction and use the power of compounding to your favour.

If u are successful in ur planning, you can also do the same for ur spouse and at least withdraw another 6 figures amount after she see u have done it and she will be convince.

Hope my reply helps.

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Thank you.

You can do both at the same time, but prioritise on building on your emergency fund first while investing slowly. Those monthly investment plans by Maybank KE come to mind. Or stashaway, where there is no minimum you can contribute to.

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Once emergency funds are in place, you can up your investment amount, or diversify into other investment schemes.

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Hope this helps