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[SINGAPORE] The retirement age in Singapore will rise to 65 by 2030. Raising it makes sense as life expectancy increases.

Indeed, I hope I never retire and continue to be gainfully employed – perhaps on a part-time basis way past the official retirement age.

Still, many people who have toiled for decades in the workforce may welcome retirement. A new chapter opens where one is free from meeting work deadlines and can devote more time to family, travel, hobbies, religion, serving the community, fitness and so forth.

Certainly, financial adequacy is essential to a fulfilling life in retirement. But how much is enough? Is a kitty of S$720,000 for S$3,000 of monthly expenditure from age 65 for 20 years sufficient? How about aiming for a higher standard of living – S$1.2 million for S$5,000 of monthly expenses over 20 years?

Finding the magic number