How Much Money You Should Have In Savings (And/Or Investments) According To Your Age In Singapore

It’s impossible to have a definitive answer for how much money we should have by a certain age. We all live in different circumstances and lifestyles – which means how much we save is very personal.

While we will aim to present a logical set of numbers in this article, any figure that we arrive at should only be used as a point of reference. If we haven’t achieved it, then it can serve as a goal. If we have achieved it, there’s no reason why we cannot do even more.

Read Also: Retirement In Singapore: Here’s Why You Need To Understand The Difference Between Your Net Worth And Income

How Much Does An Average Singaporean Save?

According to the Department of Statistics Singapore, the personal saving rate was 32.3% in the second quarter of 2026, compared with 39.1% in the preceding quarter. Personal saving is calculated as the difference between personal disposable income and private consumption expenditure on goods and services.

However, this rate changes each quarter. To look at a longer horizon, we calculated the annual personal saving rates using SingStat’s latest quarterly income and saving figures. The simple average of the annual rates from 2016 to 2025 was approximately 33.5%.

Figures calculated from Department of Statistics Singapore data. Annual rates use total personal saving divided by total personal disposable income for each year.

The annual rate rose sharply in 2020 and has remained above its pre-pandemic level in subsequent years.

We should also note that this is an economy-wide measure, rather than the percentage of salary a typical worker puts into a bank account. It covers funds available for buying assets or repaying debts. For the illustrations below, we use 33.5% of estimated income after employee CPF as a savings assumption, rather than a prescribed target for everyone.

How Much Does The Average Singaporean Earn?

In the Labour Force in Singapore 2025 report, we can see the median gross monthly income of full-time employed residents within each age group. Residents include Singapore citizens and permanent residents.

The table below shows income including and excluding employer or platform operator CPF contributions, alongside an illustrative estimate after employee CPF deductions.

Source: MOM, Labour Force in Singapore 2025, Tables C3 and C4. Estimated amounts are rounded to the nearest dollar.

These are income figures, including one-twelfth of annual bonuses, rather than basic monthly salaries. The last column is an illustration before income tax and other deductions, rather than an official median take-home-pay statistic.

For simplicity, the last column applies employee CPF deductions of 20% to the groups below 55, 18% to the 55–59 group and 12.5% to the 60-and-over group. The latter two approximate the 2026 rates for employees aged above 55 to 60 and above 60 to 65. Actual deductions differ at age boundaries, for older workers, and according to employment and PR status.

Read Also: What’s The Median Salary In Singapore (At Every Age, Gender, Education and Race)

How Much Money You Should Be Saving At Each Age Group?

Using the income figures above and an assumed savings rate of 33.5%, we can calculate how much a person may save each year.

Calculations use unrounded amounts, with displayed figures rounded to the nearest dollar. Consequently, the displayed monthly savings multiplied by 12 may differ slightly from the annual figure.

Again, take these figures with a pinch of salt. The savings rate cannot realistically be uniform across different age groups. For example, those aged 15–19 may find it difficult to save 33.5% of their income because they are starting from a low base.

Similarly, younger working adults with fewer financial commitments may be able to save a higher proportion of their income than those supporting children and ageing parents.

How Much Savings You Should Have At Every Age Group

To estimate how these savings accumulate as we age, we need to make some assumptions:

• We start working at 19, with no existing savings or other income.
• We earn the income shown for each age group throughout our years in that group.
• These income figures remain fixed, without future wage increases.
• We save 33.5% of estimated income after employee CPF throughout our working lives.
• We retire at 65 for this illustration.
• We make no withdrawals from accumulated savings.
• We exclude CPF balances and property.

We assume retirement at 65 for this illustration. Singapore’s current minimum retirement age is 64, and the Government has accepted the recommendation to raise it to 65 from 1 January 2029.

For the cumulative projections, we apply the 2026 employee CPF rates to each completed age-year: 20% through age 55, 18% from ages 56 to 60, and 12.5% from ages 61 to 64. We hold these rates constant for this illustration and ignore the precise birthday-month transition. This refines the broad age-group estimates above.

Even then, these figures are broad estimates. Those who are older today may have earned considerably less earlier in their careers. Starting work later, taking career breaks or using savings for major expenses would also change the outcome.

Each figure represents savings accumulated before reaching the stated age. For example, the age-20 figure includes one working year, from age 19 to 20.

Under these assumptions, we could accumulate about $742,000 by age 65 without investment returns. Of course, we should also aim to grow our savings by investing prudently.

One option is to make eligible CPF retirement top-ups, subject to the applicable limits and withdrawal restrictions. Special and Retirement Account savings currently earn a base interest rate of 4% a year, with the 4% floor extended until 31 December 2027. Ordinary Account savings earn a different base rate of 2.5% for October to December 2026.

Our existing CPF balances are excluded from the projections above and would form a separate part of our retirement savings.

Read Also: How Much CPF Savings Should You Have At Every Age Group

How Much Money You Should Have If You Invest Your Savings

If we are able to earn a return on our savings, we can potentially see our savings pot increase substantially. This is how compounding works.

For this illustration, we assume a return of 4% a year after fees, with each year’s savings invested at the end of that year. This is a calculation assumption, rather than a guaranteed investment return or a projection of future CPF interest rates.

Actual investment returns will vary, and inflation will reduce what these amounts can buy. Holding some savings in cash for emergencies would also produce a different outcome from investing the entire amount.

Finally, we should realise that these figures are calculated using information and assumptions. Rather than dismiss them as unrealistic or become dejected if we are behind, we can use them as a starting point for our savings and investment goals.

Read Also: How To Become A Millionaire On A Regular Singapore Salary?