SJP Retirement calculator

Did you know that Hong Kong has one of the highest life expectancies in the world?

Importance of early retirement planning

In order to enjoy a long retirement life, you need an adequate amount of retirement savings.

However, everyone’s retirement goals are different, and numbers vary wildly between individuals. Retirement savings should be seen as a necessary expense: not an afterthought. It is an integral part of household budgeting, just like grocery and lighting bills. Whatever the amount, early retirement planning is the first step.

Use our retirement calculator below to calculate how big your retirement fund needs to be from the age you plan to retire.

Retirement calculator

Use our retirement calculator below to calculate how big your retirement fund needs to be from the age you plan to retire.

  • Features of the Retirement Calculator

    Our retirement planning calculator is designed with user-friendly features to assist in crafting a simple yet detailed retirement plan. Key features include: 

    • Adjustable retirement age: Customise your retirement planning based on the age you intend to retire. 
    • Inflation consideration: Ensures your savings grow enough to match or exceed inflation rates, protecting your retirement income in the long term. 

    These features make it easier for anyone to start planning for their golden years, whether you're aiming for early retirement in Singapore or re-strategising plans with your retirement planner or financial adviser as you approach retirement age.

  • How to use the retirement calculator

    Using our retirement calculator is simple and intuitive, ensuring that you can easily estimate your future needs. Here’s how you can get started: 

    • Input your current age and the age you plan to retire: This will help you see how long your savings need to last. 
    • Select your currency: SGD, HKD, AUD, EUR, USD, GBP 
    • Monthly income requirement: Use a slider scale or key in to define the monthly income you will need during retirement, adjusted for today's cost of living. 
    • Total savings input: Include the total amount you've already saved or invested towards your retirement fund. 
    • Get results: The calculator will estimate your required retirement pot in today's money and how much you need to save monthly. You can also save this calculation in PDF for future reference.

Our retirement planning calculator is designed with user-friendly features to assist in crafting a simple yet detailed retirement plan. Key features include: 

  • Adjustable retirement age: Customise your retirement planning based on the age you intend to retire. 
  • Inflation consideration: Ensures your savings grow enough to match or exceed inflation rates, protecting your retirement income in the long term. 

These features make it easier for anyone to start planning for their golden years, whether you're aiming for early retirement in Singapore or re-strategising plans with your retirement planner or financial adviser as you approach retirement age.

Using our retirement calculator is simple and intuitive, ensuring that you can easily estimate your future needs. Here’s how you can get started: 

  • Input your current age and the age you plan to retire: This will help you see how long your savings need to last. 
  • Select your currency: SGD, HKD, AUD, EUR, USD, GBP 
  • Monthly income requirement: Use a slider scale or key in to define the monthly income you will need during retirement, adjusted for today's cost of living. 
  • Total savings input: Include the total amount you've already saved or invested towards your retirement fund. 
  • Get results: The calculator will estimate your required retirement pot in today's money and how much you need to save monthly. You can also save this calculation in PDF for future reference.

Definitions

Current age: Your age as of today.

Retirement age: The age you plan to stop working and begin your retirement.

Currency: The currency you'd like to use for the calculations (e.g. USD, SGD, EUR, AUD).

Desired monthly retirement income: The estimated monthly income you'll need to cover your expenses and maintain your desired lifestyle during retirement, based on today's cost of living.

Current retirement savings: The total amount you've already saved or invested specifically for retirement, including all relevant accounts and assets.


 

How the retirement calculator works

Our retirement calculator is a simple yet powerful tool designed to give you a clearer picture of how much you need to save now for your retirement in the future. It takes into account your current savings, estimated contributions, and projected retirement age, then estimates how your savings will grow and last throughout your retirement years.

How the retirement calculator works

Our retirement calculator is designed for simplicity and ease of use, allowing you to easily estimate your future financial needs. Here's a quick guide to get started: 

  • Input your current age and the age at which you plan to retire: This will help you see how long your savings need to last. 
  • Select your currency: HKD, SGD, AUD, EUR, USD, or GBP. Adjust the calculator to your locality. 
  • Monthly income requirement: Use a slider scale or manual input to define the monthly income you need during retirement, adjusted for today's cost of living. 
  • Total savings input: Include the total amount you've already saved or invested towards your retirement fund. 
  • Get results: The calculator will estimate your required retirement fund in today's value and the monthly savings needed to reach that goal.

Beware the cost of delay

We have a choice of what we can do in retirement and when our retirement can start.

The key decision is when we start to make worthwhile investments. The sooner we start, the more choices we have later. If an investment of $10,000 pa to a retirement scheme commenced at age 30, a projected fund of $534,000 could be available at age 60, based on the assumptions shown below.

Look at what could happen if the start of the regular annual contribution was delayed by 5, 10 or 15 years.

 Fund valueReduction in fund% reduction in fundIncrease in annual contribution needed to provide a fund of $534,000
5-year delay405,000129,00024%$3,174
10-year delay296,000238,00045%$8,042
15-year delay203,000331,00062%$16,298

This example makes a number of assumptions:

  • the average annual investment growth is 5% per annum, without inflation
  • investment charges of 1.69%
  • contributions are invested on the same day each year in a pension and are shown before charges are taken into account
  • the example is only an illustration and actual investment returns may be more or less that those assumed in the illustration
  • the individual has sufficient relevant Asia earnings to support the contribution amount paid

To put it another way, delay makes a big impact on your retirement provisions:

Making the commitment

Delay costs money, but making significant contributions need not be that difficult:

  • Retirement savings could be seen as a necessary expense: they should not be an afterthought.
  • They could be considered as an integral part of business or household budgeting, just like the heating and lighting bills.
  • If cash flow is the problem, monthly contributions are a solution and the rest of the budget will adapt.
  • Remember that making annual or single contributions has the possibility of buying into the market at the "wrong time". Monthly contributions help to smooth out the effect of fluctuations in unit prices.

Please note that inflation will affect the future purchasing power of a pension.

The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and can fall as well as rise. You may get back less than you invested.

Frequently asked questions about retirement planning

Why is it important to start planning for retirement early?
What information do I need to use the calculator?
What should I do if my retirement savings goal seems unreachable?
Can I include multiple income sources in my retirement plan using the calculator?
How does retirement planning change as I get closer to retirement age?
What’s next?

Planning for your retirement can seem quite complicated and even a bit daunting, but don’t worry, we have advice on how you can start planning and budgeting for your retirement.

Speak to a St. James’s Place adviser