Having doubts about whether or not you’re setting aside enough money? Keep reading to learn a practical estimate of what you need. But keep in mind that these are just ballpark figures, as everyone’s expenses and needs are unique.

Everyone wants to know, “how much savings should I have at 40 Singapore?” when it comes to planning for retirement. Instead, I’ll offer you my straightforward response. Ultimately, that question can only be answered hypothetically. It all depends on your budget, where you’re at in life, and what you value most.

Imagine a person of your own age. There is a good chance that by the time you reach age 30, you will have bought a house and begun a family. You’re probably trying to save as much as you can as quickly as you can right now in preparation for some major purchases.

Still, there may be others your age who have no immediate plans to establish a family and are instead focusing on building up their financial security through investments. Rather than putting money away for the future, he would put it into high-return investment goods.

As you can see, everyone leads their lives with distinct priorities and priorities. Our presented figures are meant merely as a point of departure, as we are unable to provide a magic number. How you choose to see this achievement depends on your personal priorities and financial situation.

Percentage of income put away annually, on average

In case you were unaware, the Department of Statistics Singapore tracks the percentage of the population in Singapore that saves money each year. When we subtract our spending on goods and services from our take-home pay, we arrive at our personal savings.

Due to quarterly fluctuations, it may be more accurate to calculate the average savings rate for the past decade. The figures show that during the past decade, we have saved an average of 32.9% of our income.


2022 (Q1 & Q2)











10-year average savings rate

Personal Savings Rate













Statistics suggest that most Singaporeans put away roughly 33.1% of their earnings for future use. But if you’re not able to set aside this much, don’t be hard on yourself. It’s entirely acceptable if a goal of 32.9% savings seems unattainable right now.

What's the minimum amount I should put away each month?

Therefore, it is reasonable to conclude that Singaporeans are saving more than is advised. The 50/30/20 rule is a standard guideline for allocating our spending, and you should be familiar with it if you have any interest in personal finance at all.

You should allocate roughly half of your money to necessities like food, groceries, and transportation, and no more than a third to luxuries you don’t really require but would enjoy having. You should put the remaining 20% into savings.

So, let’s see how the median monthly pay of Singaporeans stacks up to the suggested amount we should be saving for various age groups.

Age group

15 – 19

20 – 24

25 – 29

30 – 34

35 – 39

40 – 44

45 – 49

50 – 54

55 – 59

Above 60

Median monthly salary (2021)











20% savings (50/30/20 rule)











32.9% average personal savings rate











To what extent should I save in my twenties?

When you’re in your 20s, you have plenty of time to figure out who you are and what kind of work you enjoy. Even if your initial salary won’t compare favorably to that of someone in their 30s, now is the time to start putting together a good emergency fund.

If you’re just starting out in the workforce, it’s natural to feel a surge of independence upon receiving your first few paychecks. However, you shouldn’t let that confidence lead you to go on an uncontrollable spending spree.

The 50/30/20 rule can be used as a guide to help you save 20% of your income every year. When starting a family or moving out aren’t high on most people’s priority lists, the early years of adulthood are prime time to put away as much money as possible for the future.

Try to stick to a strict budget and put as much money aside as possible. Modifying a few things here and there can have a major influence on your budget in the long run.

In my thirties, what is the minimum amount I should have saved?

At this point in your life, when you’re in your 30s, you may have the most financial responsibilities. During this time period, you are likely to incur significant expenses as you prepare for and undertake life’s major milestones, such as purchasing a home, getting married, or starting a family.

Some people may find it impractical to continue saving at the same rate if they experience a significant change in their financial circumstances. Nonetheless, you should never spend all of your savings on these expensive essentials. Even if you’ve set aside enough money to cover it all in the event that anything unexpected happens.

Debt isn’t always a bad thing to have. While the interest on a personal loan could add up, it would still leave you with more money to use toward other goals, such as savings or investments. In the event that you have cashflow troubles in the future, such as a layoff or a serious sickness, it is imperative that you have a healthy emergency fund to fall back on.

More: Best Savings Account Singapore

When will I know how much money to put away each month?

If you’re in your 40s, you’ve probably found your niche in your chosen field and are enjoying the highest earnings of your life. You could also be in the second group, though, if you’re thinking about switching fields after working in the same one for 20 years.

Don’t put off saving for whatever reason. You may be at the end of your mortgage payment schedule and enjoying a life of relative ease. However, you should not become lax with your savings efforts and should instead keep up with them regularly.

If you have the means to do so, you might also begin setting aside money for your kids’ college fund.

In my 50s, how much do I need saved for retirement?

Ding if you need a reminder. Your retirement years are quickly approaching. The need to put money aside for a rainy day has never been greater. Avoid putting all of your eggs in one basket when it comes to investments, especially if you’re willing to take on a significant degree of risk.

In times like these, investors should reevaluate their portfolio and shift their focus to less risky, shorter-term assets. In addition, you need to put effort into accumulating retirement funds.

Avoid getting sucked into the spiral of rising living costs.

Do not treat the 50/30/20 rule, or the average savings rate of Singaporean citizens, as if it were a mandate. Make sure your savings rate is reasonable in light of your long-term financial goals and your current financial condition.

However, this could lead to many people experiencing lifestyle inflation. Their out-of-pocket costs rise at the same rate as, or faster than, their income. It seems to reason that when your income rises, your fixed costs should remain constant.

Even while you should be able to splurge a little more now and again on nicer meals and other goods, your spending shouldn’t really be going up that much.

Think about how much more money you’ll be able to save if you keep spending in line with your previous levels. That would be a huge aid in getting you to your financial destination much more quickly.


Age shouldn’t be taken into account when determining a savings goal. A preoccupation with one’s own age is unhealthy. Instead of setting a target age, you should set a target savings amount.

If you’re saving $30,000 a year and making $5,000 a month, does your age really matter?

If you don’t already have any savings and want to start right away, you should make a concerted effort to do so in the New Year, perhaps by setting aside 50% rather than 20% of your monthly salary. You can expect to reach your objective in one year. You could be 25 or 45, it wouldn’t make a difference. Things will get better as soon as you make an effort.

Don’t worry about whether or not your current wealth is “appropriate” for your age. Consider how much you’ll need and how you’ll get it. Please don’t think that you’ve missed the boat on fiscal responsibility or that it’s “too late” to start now.

Learn more: Singapore Savings Bond (SSB)