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How Much Savings Should I Have at 30 Singapore? Netizens Debate Over S$71K Average Savings Figure

The online user asked Singaporeans if they think these calculations are accurate, adding, “For me, I find it quite close”. Another netizen responded with “Don’t create anxiety, please. I’ve only got two dollars in the bank”.

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Amidst growing discussions about how much savings should I have at 30 Singapore, an online calculator has suggested a ballpark figure of S$71,000. This number, while striking a chord with some, has ignited varied responses from netizens, especially when they compared it to their actual savings.

“There’s an article that calculates savings one should have by age based on median salary,” a netizen wrote early in the week, “It says most people save around 30% of disposable income.” The financial question was posted on an online forum called Ask Singapore.

The online user then asked Singaporeans if they think these calculations are accurate, adding, “For me, I find it quite close.”

According to the financial website, there are several assumptions that were made when making the calculations, including that wages don’t increase over time, the personal savings rate remains constant, and the CPF is not included in savings.

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“Even then,” the site wrote, “This feels like the estimate is going to be sketchy – so take the numbers with a pinch of salt.”

Netizens seemed to have mixed responses to the calculations. While some said that it was pretty accurate for them, a few others thought of bringing up certain factors such as family size and expenses such as vacations.

Still, another netizen wrote, “Don’t create anxiety, please. I’ve only got two dollars in the bank.”

Read also:

Secure Your Child’s Financial Future in Singapore: A Comprehensive Guide on Investment and Savings 

Interest Rates and Returns for Singapore Savings Bonds (SSB) in August 2023 

Interest Rates and Returns for Singapore Savings Bonds (SSB) in September 2023 

 

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