Thursday, November 20, 2014

Estimated cost of basic living in Singapore for a retiree

Below is my estimated cost of basic living per month for a retired couple (no frails) as of now:
* Food (cook at home, with occasional eat out) = $400.00
* Transport (bus and trains only, should be much less for retirees) = $150.00
* Utilities (electricity, water, gas, sewage) = $100.00
Communications (mobile phones subscriptions & internet) = $98.00
* Clothings and footwear = $200.00
* Medical insurance & expenses (assume the rest covered by insurance) = $400.00
* Some frails and luxury = $0.00
* Rental costs = $0.00       
Total per month per couple = $1,348.00
Or: $674 per person.
Note: Rental costs is $0 because I assume the couple has a fully paid property.                            

So, it seems that the basic cost of living in Singapore for an old retired couple is indeed very close to the CPF Life payout of just 1 single individual (as of now)!

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