Retirement Calculator

 

How much do you need to retire?

When you’re busy trying to take care of the present, retirement may be the last thing on your mind. But thinking about it early and taking small steps can do a lot to change your financial future. Start with a quick look at how much you’ll need for retirement and how ready you are, by using our calculator below.

 

Calculate your retirement readiness

  • Retirement Goals
  • Retirement Spend
  • Existing Funds
  • Results

In 4 easy steps, find out if you'll be able to afford the retirement lifestyle you want.

Let's start with your gender.

Tell us your retirement goals



years old 16 120

years old 16 120

years old 16 120


Tell us your preferred retirement lifestyle

We'll help you estimate how much it will cost to sustain it.

When you retire, how will you get around? Choose 1

How did we get these numbers?
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How we estimate our costs

We're using a mix of data from Singstat Report on the Household Expenditure Survey 2017/18 and our own estimations.

Public transport
SGD 175 is what the average household spent on land transport services. (Source: Singstat)

Grab/Taxi
SGD 900 is an estimate based on two SGD 15 trips per day, 7 days a week for 4 weeks.

Private car
SGD 1,450 is an estimate for ownership of an entry-level Japanese car, with running costs of road tax, insurance, parking, ERP, petrol and servicing.

Amounts rounded to the nearest dollar.

When you retire, where will you mostly eat? Choose 1

How did we get these numbers?
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How we estimate our costs

We're taking reference from the Singstat Report on the Household Expenditure Survey 2017/18.

Cooking at home
The average household spent SGD 389 on food (eg. rice, chilled meat and fish) and non-alcoholic beverages.

Food court and hawker
The average household spent SGD 437 on hawker centres, food courts, coffee shops, canteens, kiosks and street vendors.

Cafes and restaurants
The average household spent SGD 810 on food serving services, of which 37% went to restaurants, cafes, and pubs.

Amounts rounded to the nearest dollar.

When you retire, how will you travel on holiday? Choose 1

How did we get these numbers?
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How we estimate our costs

We're using rough estimates for one 3-day trip and one 7-day trip per year, costing in return flights, accomodation, food and transport for one person.

When you retire, how will you spend on healthcare, utilities, insurance and other living essentials? Choose 1

How did we get these numbers?
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How we estimate our costs

We derive a base cost for essentials with these categories from the Singstat Report on the Household Expenditure Survey 2017/18:

  • Utilities
  • Household appliances
  • Communication
  • General, vocational and higher education
  • Health excluding specialist, paramedical, insurance and private acute hospital services
  • Recreational and cultural services

This adds up to SGD 1,154 and forms our Balanced view.

Prudent households would spend a little less, so we apply a multiplier of 0.4–0.5 to some costs, and remove items such as recreational and cultural services.

Luxury spend includes more items such as private specialist care, private tuition, car insurance, domestic help, spa and other services. We also apply a multiplier of 2-3 to some of the items.

Estimated spend
S$ - /mth

Here's what you'll need for retirement

Based on your selections.

We've broken it down into basic and lifestyle spend.
Basic spend

We calculate basic spend by taking a sum of the lowest-cost options in the 4 categories.
Lifestyle spend

If you've selected anything above the lowest-cost option in the 4 categories, it's considered a top-up, so we count it under lifestyle spend.
We also recommend setting aside 12 months of basic spend for emergencies or unexpected expenses.
Emergency funds

We calculate how much basic spend will be at your retirement age once inflation is added, then multiply it by 12.
Basic spend

We calculate basic spend by taking a sum of the lowest-cost options in the 4 categories.

 $1,395/mth
Lifestyle spend
chec

If you've selected anything above the lowest-cost option in the 4 categories, it's considered a top-up, so we count it under lifestyle spend.

 $2,000/mth
We also recommend setting aside 12 months of basic spend for emergencies or unexpected expenses.
Emergency funds

We calculate how much basic spend will be at your retirement age once inflation is added, then multiply it by 12.

 $33,000

Estimated spend
S$ - /mth

Now, let's see how much you'll have by retirement age

Let's project your current finances.

Cash and deposits

Investments
at an average
return of

Rate of returns for investments are defaulted to the bank's projected growth rate for Unit Trust of 4.45% p.a.

Monthly savings

Total funds today
S$ -

→

Projected funds at 65
S$ -

your desired retirement spend of S$0/mth till you're 85 .

S$0

Projected funds at 65 (retirement age)

S$-

For your funds to last till you're 85

How is this derived?



(Upward trend accounts for inflation)

Basic spend


Lifestyle spend

Edit your retirement goals

16 - 120

years old

16 - 120

years old

16 - 120

years old


Edit your lifestyle

e.g. food, necessities

$

/mth

e.g. travel, luxury items

$

/mth

e.g. medical, emergency

$


Edit your funds

e.g bank balance

$

e.g. stocks, bonds, SRS

$

e.g

$

/mth

Facing a shortfall?

Don't be daunted by what's ahead! A little planning goes a long way, and we're here to help you with that.

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What's on your mind? Ask our friendly Wealth Planning Managers.
We're online from 9am to 6pm, Mon to Fri excluding public holidays.

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Speak to a financial planning expert


Get a detailed assessment and precise plan, with a retirement toolkit on hand.

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See what retirement looks like once you factor in your CPF and assets such as property.

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How is this derived?

Note: Upward trend accounts for inflation

1. Meet basic spend first

After setting aside an emergency fund, we'll channel your funds into meeting your basic spend till life expectancy.

Next

Note: Upward trend accounts for inflation

2. Meet lifestyle spend with remaining funds

Any excess is then distributed to meet your lifestyle spend.

Next

Previous

Note: Upward trend accounts for inflation

3. Understand your shortfall

You can see where you start to run out of funds for your total spend.

Close

Previous

×
Desired retirement age should not be larger than life expectancy, please try again!
 

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Frequently Asked Questions

We first work out the amount you’ll need for retirement based on your lifestyle selections. Then we project your current savings and investments up to retirement age and see if that’s enough to meet your required basic spend, plus anything else on top for all your retirement years.

Our assumptions:

  • Cash & deposits – 0.05% p.a. growth
  • Investments – 4.45% p.a. returns
  • Inflation – 3% p.a.

This calculator simply gives you a broad first look at retirement. You can get a detailed projection of your actual finances in DBS NAV Planner. It’s our advanced financial planning tool where you can link and project your other bank and investment accounts, and even your CPF.

A big shortfall may be daunting, but planning early can really help! Speak with your trusted financial advisor. They can help do an in-depth analysis of your finances and suggest ways to plug the gaps. If you don’t have an advisor, DBS Wealth Planning Managers are happy to chat. Get in touch anytime.

Glad you asked! Your CPF is an important part of your retirement plan. We have an advanced planning tool in DBS NAV Planner where you can project your CPF OA, SA, MA savings, and even calculate your CPF Life payouts.

Important Information

This retirement calculator is designed to be an educational tool for your general information only and is not meant to provide investment advice. We make some assumptions when building the calculator, which you can read about above, and the results presented may not reflect the actual growth of your holdings. You should not rely on this calculator to make any decision and we are not responsible for any consequences of you choosing to do so. Speak to a representative if you need professional advice.

This is a tool to determine your retirement gap based on data you provided. We do not provide any recommendation or financial advice. The information, assumptions and simulation are obtained from sources believed to be reliable, but DBS makes no representation or warranty as to its adequacy, completeness, accuracy or timeliness for any particular purpose.

DBS does not assume liability for any illustration provided here or for your reliance on these illustrations.