S$550K is way too little. I recall the figure floating around has been S$1million for a long time. So, S$550K comes as a surprise.
I think 3K per month is ideal. This would help to account for basic expenses, hobbies to spend time meaningfully with and also for travelling. This is also to account for the scary inflation.
I save/ invest at least 30% of my salary to try to beat inflation. I think I am currently on track with my savings and investment to reach my target amount.
Importantly, I try to ensure that while I try to have a good quality of life, I do not have overt lifestyle inflation and steward my money to have the maximal sum for retirement. It is always better to have more than less but also important to have a certain quality of life. Balance is the key!
@Success88 @Kaixiang @Wayneqq @Fenger1188 @HelenJanet @DiAngel @SPOT_ON @LuckyPiggie @Universe宇宙 come join
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Good on you.. keep it up!!