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Retirement Sum


QWhy does the Retirement Sum keep increasing?
A

Future cohorts of Singaporeans will need to set aside more for retirement because of inflation, increasing standard of living and longer life expectancy. The Retirement Sum therefore has to increase for each cohort.

Did you know? Today, more than 1 in 2 Singaporeans aged 65 can expect to live beyond 85, and about 1 in 3 can expect to live beyond 90.

If the Full Retirement Sum had remained unchanged from $30,000, when it was first introduced in 1987 (as the Minimum Sum), it would only provide a monthly payout of about $300 today. This would be insufficient to meet day-to-day living expenses and pay for rent.
 
In comparison, the Full Retirement Sum of $181,000 in 2020 will provide a monthly payout of about $1,440 for life.

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