5 Signs You’re Not Saving Enough For Retirement (And What To Do About It)

Most people I meet don’t think they have a retirement problem.

They’re working, they’re saving a little, CPF is running in the background — it feels like things are on track. But when we actually sit down and look at the numbers together, the picture is often very different.

Here are five signs that your retirement savings might not be where they need to be.

1. You don’t have a retirement number

Do you know how much you need to retire comfortably? Not a rough guess — an actual number, based on your lifestyle, your expected expenses, and how long you might live.

Most people don’t. And you can’t hit a target you haven’t set.

A simple starting point: take your current monthly expenses and multiply by 12, then by 25. That’s roughly how much you’d need saved to sustain your lifestyle for 25 years without working.

2. You’re relying entirely on CPF

CPF is a great foundation — but it was never designed to be your whole retirement plan. CPF LIFE payouts typically range from $700 to $2,300 per month depending on your cohort and balance. Is that enough for the life you want?

For most people, the answer is no.

3. Your savings are just sitting in cash

If your “savings” are mostly in a bank account earning less than 1%, inflation is eroding them every year. Money that isn’t growing is quietly shrinking in real terms.

Retirement planning isn’t just about saving — it’s about making sure your money is working as hard as you are.

4. You haven’t thought about healthcare costs

Healthcare is one of the biggest retirement expenses, and one of the most underestimated. As we age, medical needs increase — and costs can be significant even with MediShield Life in place.

Have you factored in hospitalisation, long-term care, or critical illness coverage into your retirement plan? If not, there’s a gap worth addressing.

5. You keep saying “I’ll start next year”

This one is the most common — and the most costly. Every year you delay is a year of compounding growth you can’t get back.

Starting at 35 versus 45 can mean the difference of hundreds of thousands of dollars at retirement. Time is genuinely your most valuable financial asset.

What now?

If you recognised yourself in any of these, don’t panic — but do act. The best time to sort out your retirement plan was yesterday. The second best time is today.

I offer complimentary financial reviews for anyone who wants to take stock of where they stand. No obligation, just clarity.

Reach out and let’s talk.

— Hui Mei