3 ways to make an extra $1,500 a month
When you retire When it comes to financial planning, small and specific goals are best. Aspiring to make $15,000 or $25,000 a month without working is all well and good, but don’t forget to take concrete steps to secure a realistic amount. With some discipline and prudence, it’s not unrealistic to aim for an extra $1,500 a month (on top of CPF payouts) after retirement. First of all, why an extra $1,500 a month? An extra $1,500 a month may not seem dramatic but its effects on retirement can be life changing. Consider that the average Singaporean, who retires with the Full Retirement Sum of $166,000 in CPF, will only get around $1,280 to $1,380 per month (estimated payout via CPF LIFE). That comes to about $44 per day. If that seems enough to you, you’re forgetting to account for the effect of inflation. Let’s assume an inflation rate of 3% per annum and look ahead 25 years. At that rate, something that costs a dollar today will, by rough estimate, cost around $2.09 by the year