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PODCAST: Achieve a $3,000-a-month 'retirement' income by planning early (Money Hacks, Ep 26)

Money Hacks co-hosts Ernest Luis (left) and Chris Lim (right) host Walter de Oude (second from right), the founder and CEO of new insurance provider SingaporeLife and Robert Ross, its chief technology officer (second from left), as they talk about how to plan for retirement

Money Hacks Ep 26: How to achieve a $3,000-a-month "retirement" income by planning early

9:30 mins

Synopsis: In this new podcast series for 2018, The Straits Times and The Business Times offer tips for the newcomer to the financial and investment scene.

Retirement planning can be made simpler if we start to apply simple and established formulas to calculate what we need at the age of 65, assuming a continued lifespan of 20 years or so after that age.

Market voices on:

Walter de Oude, founder and chief executive of SingaporeLife - a next-generation life insurance company licensed by the Monetary Authority of Singapore - explains two simple steps to take.

Step 1: Start by looking at existing CPF calculators online, and read up on the CPF Life scheme for a start.

With the current CPF payout eligibiity age at 65, the CPF Life scheme - introduced in 2009 - provides a monthly income for as long as you live.

Step 2: How to add other formulas like the 4% rule to do a set of mental calculations, or even the "300" formula, where you take your current monthly expense figure and multiply it by 300. 

The result is the figure you need in your kitty to keep up your lifestyle even after retirement. 

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Do note: Any financial or investment information in this podcast is for use in Singapore only and is intended to be for your general information. Any particular investment or decision should only be made after consulting with a fully qualified financial adviser.