How to Live on $2,000 a Month in Singapore? 3 Retirees Share Their Stories

Introduction

Singapore, the prosperous city-state known for its high standard of living, presents a unique environment for retirees. But what does retirement on a modest budget in Singapore look like? We sought the insights of three retirees, living on $1,000-$2,000 a month, to reveal how they navigate this fascinating world.

​Living on a Budget in Singapore: Mr. Tan's Story

​Mr. Tan, a 65-year-old retiree, had a previous career as an engineer. Opting for early retirement at 60, he planned to spend more time with his mother. Mr. Tan and his wife live in a three-room flat in Singapore's eastern part. They run their household on approximately $2,000 a month, covering basic expenses such as food, utilities, transport, and medical bills.

Careful planning and discipline are central to living on a reduced income. For instance, Mr. Tan uses an app to track his spending and refrain from unnecessary purchases. Despite living on a budget, he enjoys a rich and fulfilling life. His secret? Engaging in cost-effective activities that bring joy.

​An Active Retirement: Fitness, Travel, and Learning

​A keen traveller, Mr. Tan and his wife have visited exotic destinations like Siberia, Mongolia, Nepal, and Vietnam. The strategy is to spend less by doing research online instead of hiring a tour guide, and booking flights and accommodations early to get the best deals.

Besides travelling, staying active and learning keep him young at heart. Regular exercises such as jogging, swimming, and playing badminton help Mr. Tan maintain his health. Meanwhile, reading books, watching movies, and playing games on his tablet keeps his mind sharp and entertained.

​Ms. Lee: An Active Lifestyle and Volunteering in Retirement

​Another retiree living an active lifestyle is Ms. Lee, a 68-year-old former airport firefighter. With a monthly pension of about $1,500, Ms. Lee enjoys her retirement, participating in physical activities like hiking, cycling, and kayaking.

One of her favorite retirement activities is volunteering at organizations that aid the elderly, disabled, or underprivileged. She advises that retirees should strive to balance work and play, maintain an active lifestyle, and prioritize both physical and mental health.

​Retirement on a Budget: Mr. Lim's Story

​Mr. Lim, a 70-year-old former taxi driver, lives with his wife in a four-room flat in the northern part of Singapore. His monthly income of $2,000 comes from his Central Provident Fund, investments, and his part-time job as a security guard. Despite the humble means, he finds fulfillment in his retired life.

He enjoys spending time with his grandchildren, going on walks in the park, watching TV shows, and playing mahjong with his friends. Once or twice a year, he travels to nearby countries like Malaysia or Indonesia, funding these trips with savings or contributions from his children.

Mr. Lim advises future retirees to start saving and investing early, diversify income sources, and live within their means. His mantra is that retirement is not about how much money you have, but how well you manage it.

​Conclusion: Retirement in Singapore on a Budget is Possible

​These stories from Mr. Tan, Ms. Lee, and Mr. Lim illustrate that a fulfilling retirement on a modest budget is achievable in Singapore. All it requires is careful planning, wise saving, and prudent living. A happy retirement is not about how much money you have, but rather, how you use it to live a fulfilling life.