How much a year (absolute amount) do you think a family with two kids need, to live and save/invest for retirement? - Seedly

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Asked by Anonymous

Asked on 17 Feb 2019

How much a year (absolute amount) do you think a family with two kids need, to live and save/invest for retirement?


Answers (3)

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Bryant Tan
Bryant Tan
Level 4. Prodigy
Answered on 28 Mar 2019

I think it would depends on your family life style.

Generally, if we were to follow Singapore family "standard"

2 kids with a helper

tuition classes, extra enrichment classes

I would say around $12K min anyting extra will be bonus saving..

All the best


Brandan Chen
Brandan Chen, Financial Planner at Manulife Singapore
Level 7. Grand Master
Answered on 18 Feb 2019

I've seen families that are able to cope well with S$3k/mth household income, and also families that are 'struggling' even though their household income is above S$10k/mth.

All in all, each family is different. Rather than talking about absolute amount, it is more important to first address a couple of things:

1) How much do you spend a month on Mandatory stuff? (House instalment, Phone bills, Utilities, Food, Insurance etc)

2) How much do you spend on Non-mandatory stuff? (Tuition, Overseas Trip, Entertainment, Visits to Cafes/Restaurants, Car)

3) Are you able to reduce certain expenditure?

A good benchmark would be able to set aside around 20% of your income for your retirement, and slightly less than 10% of your income on Insurance. With the remaining 70%, are you able to meet your Mandatory needs?

If Yes, perhaps you can look at increasing the amount that you save. If No, perhaps its good to consider if you are living above your means, or perhaps take up additional jobs to have more income.

My apologies that the answers above are pretty generic, but it would be tough for anyone to provide any recommendation/suggestion based on your question due to the lack of information. As mentioned above, every family has their individual needs and priorities. If you would like to, feel free to reach out to me via the link below and we can have a deeper discussion on this topic.


Victor Chng
Victor Chng, Co-Founder at Fifth Person Pte Ltd
Level 6. Master
Updated on 07 Jun 2019


I am married without kids so I don;t have a figure on the expense of a family of four.

My suggestion is that if possible you may want to consider to save at least $500 a month for future invesment.

1 comment

Brandan Chen
Brandan Chen

22 Feb 2019

May i know why S$500? Have you considered the family's situation before providing such a number of at least S$500??