InterestGuru.sg retirement income calculator takes into account your current age, retirement age, inflation rates and period of income needed to calculate how much savings you need for your ideal retirement lifestyle.
After you are done with the retirement income calculator, use our Retirement Income Plan Comparison Portal to find your perfect retirement plan!
Ready to start planning for your retirement now?
Retirement Income Calculator
Your current profile
By filling up this section, the retirement calculator can take into account future inflation and the affordability towards your retirement goals.
Your retirement income needs
By filling up this section, the retirement income calculator will be able to find how much savings you need to last you over your retirement.
Retirement Analysis - Income/ Payout Needed
- Taking an inflation rate of % in account, you will need a monthly retirement income of N/A starting at the age of N/A.
Retirement Analysis - Savings Needed
- If you start planning for retirement now - You will need to set aside N/A on a monthly basis until your desired retirement age. This factors in a % rate of investment return.
- If your retirement planning starts later - By delaying your retirement planning for a period of years from now, you will have to set aside N/A on a monthly basis until your desired retirement age.
How does the retirement income calculate work?
Your profile and retirement needs allow the calculator to take into account inflation when calculating your retirement needs. The retirement income presented will be based on the retirement income (in today’s value) that you have selected.
The amount of monthly savings you need to accumulate until your selected retirement age factors a default 5% rate of investment which can be adjusted to the risk level that you are willing to undertake.
Feel free to adjust the inflation rates and investment returns on your savings, or find out how you have to set aside if you choose to start saving at a later date.
Understanding your retirement needs
Once you have an idea of how much savings you need to fund your retirement lifestyle, consider the following:
- Do you really need your savings in a lump sum upon hitting your retirement age?
- Do you prefer a regular monthly payout that increases over the years?
- Will a higher non-guaranteed payout or a lower stable payout be more attractive to you?
- Will old age disability results in an additional financial burden for you and your family members?
- What options does your retirement plan offers, if you need a sudden withdrawal or meet with disabilities?
Work with an experienced financial planner that can address your personal concerns and savings budget. This will ensure that your retirement goals can proceed without over-committed on your finances.
Read about: The Complete Guide to Retirement Planning (Singapore Edition)
Knowing your retirement savings options
Taking on higher risk may not equal to higher financial returns, but you are taking the highest risk if the returns on your savings are lower than the rate of inflation.
As such, a balanced portfolio of investment products such as ETFs, Unit Trust, Dividend yield stock and long-term annuity may be required to fit your investment risk appetite.
You may also choose to have some savings invested in insurance products that allow you to withdraw without financial penalty on your principle. This allows you potentially unlimited upsides while capping your risk with a 100% guaranteed of your invested amount.
Read about: ETF or Unit Trust (Which is better for you)
Read about: 5 Reasons to Invest in a Retirement Annuity Plan (Singapore Edition)
Learn about outstanding retirement plans across Singapore!
Now that you know how much savings is needed with our retirement income calculator, learn more about the retirement savings plan that works best for you.
Choose an in-depth review based on the following categories of retirement plans:
- The 3 Best Retirement Plans for Highest Guaranteed Income (2020 Edition)
- The 3 Best Retirement Plans for Inflation Proofed Payout (2020 Edition)
- The 3 Best Retirement Plans for Guaranteed Principle Withdrawal (2020 Edition)
- The 3 Best Retirement Plans for Lifetime Income (2020 Edition)
- The 5 Best Insurance Plans for Retirement Income (2020 Edition)
Alternatively, use your SRS account funds to plan for your retirement goals with the follow SRS approved retirement savings plans.
Note: All reviews opens in a new window.
Still not sold on the idea of saving for your retirement? Check out the following articles on why you should be investing in your retirement.
Read about: 5 Excellent Reasons to Invest in a Retirement Annuity Plan
Read about: How to Choose your Ideal Retirement Income Plan (Singapore Edition)
Getting the best retirement plans
If long-term financial stability is a pressing concern, consider retirement annuity plan that pays out a regular monthly income consisting of a guaranteed and non guaranteed payout.
Start exploring your retirement needs with some pre-set options to get a better understanding of how much you need to save with the retirement plan selector:
Or simply go to our Retirement Plans Comparison Portal to compare retirement plans across multiple insurance companies.
Have a question regarding the calculation of your retirement savings needs?
Drop us a message and have someone reach out to you within the same business day.
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