Can You Retire by Age 65

Can you retire by age 65? This is the age that most Singa­por­ean, 62% of them, can afford, accord­ing to The Straits TImes pub­lished on 20 Dec 07. About 22% of them don’t even know when they can retire! So do you want to be one of t hose 62% or the 22%?

To be sure that you can retire as planned, it is nev­er too early to start plan­ning when you have just star­ted work. The Power of Com­pound Interest is amaz­ing. The young­er you start your reg­u­lar sav­ings in an invest­ment, the less money you need to set aside monthly to achieve your goal. A $200 sav­ings per month in your early 20s is able to gen­er­ate near to a mil­lion dol­lar retire­ment fund in 40 years’ time at a 9% annu­al interest. You will need about $500 per month sav­ings to achieve the same goal if you have 30 years to save. And it becomes $1400 with 20 years to save and increase phe­nom­en­ally to $4800 if you only have 10 years left. So start now. It is good to start late than nev­er and you can­not retire at all!

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