Retire in SG at 30YO?!! (Im)possible or not? 🙀
Last year, there was an article on Rice Media featuring a 31 years old retiree! 🤯 It is a bold and unconventional move in SG, rarely heard of.
The question is - can you replicate it?
Well it is possible… if you have similar thinking and intentions as him.
If you are -
👉 single with no intentions to start a family
👉 lives with parents
👉 no car (no intention to buy)
👉 no house (no intention to buy)
👉 no debt
👉 monthly expense around $1k
It is actually doable. By keeping your expenses low, you do not need to have crazy high returns from your investments.
In fact, if you have $400k in savings, and manage to get a return of 3% on them, you can earn $12k annually, which is sufficient.
With inflation and prices of things in general increasing, the question is - is it sustainable?
Regardless, this is a fun calculation to do, and opens up the thinking of whether we really have to work till our 60s.
Read more about the calculations in our blog ➡️ https://sharehook.com
#lemon8singapore #lemon8finance #retirementplan #moneytalk #sgfinance
Retiring at 30 in Singapore sounds like a dream, but with careful planning and realistic budgeting, it can be achievable for some. From personal experience and reading similar stories, the key is to drastically reduce monthly expenses and avoid lifestyle inflation. Living with parents can help save on rent, while avoiding owning a car or house cuts down huge costs and debts, allowing your savings to last longer. I found that budgeting a strict $1,000 monthly expense is tough but doable if you prioritize essentials like food, transport, and insurance, and limit discretionary spending. High-yield savings accounts and Singapore Savings Bonds are reliable options to generate a steady passive income, even if returns are modest around 3%. This steady income can cover daily costs without depleting principal savings rapidly. It’s important to prepare for inflation and unexpected expenses by maintaining an emergency fund and occasionally adjusting your budget. Retiring early without additional income sources requires discipline but also flexibility to adapt your lifestyle. For anyone fascinated by the idea of retiring young, it helps to keep revisiting your financial goals and refine your investment strategy over time. Ultimately, early retirement in Singapore depends on your unique priorities and willingness to live simply. I encourage readers to calculate their own expenses carefully and explore sustainable investment avenues to make this bold goal a reality.