Singapore Provides Luxurious Living in Southeast Asia
By Tan Yi Zhou- Singapore Resident
Retiring in Singapore is something that a lot of people dream of. I've been an official resident of Singapore since early 2018 and I love living here.
I chose to live in Singapore for long term because of its high level of public safety and security, efficient public transport system and it's free from catastrophic natural disasters. So, if you are looking for a city for retirement, Singapore could be the one for you!
General Info about Singapore
Singapore is country located at the southern tip of the Malay Peninsula in the Southeast Asia region. Other than Singapore main island, its land area covers as many as 64 offshore islands such as Sentosa (the largest of the offshore islands), Pulau Ubin, St John’s Island and Sisters’ Islands.
Singapore is better known as the “Little Red Dot” or “Lion City” which are often used in the media. Singapore Changi International Airport serves more than 100 airlines flying to 380 cities in around 100 countries.
Singapore is also a free market, stable economy which attracts numerous foreign talents and enterprises to contribute to local economy. There are hundreds of billions of dollars of foreign direct investment in Singapore which is attributed to its strategic location, financial and political stability, and many other positive factors.
My 6 Favorite Things about Singapore
My 3 Least Favorite Things about Singapore
While I would love to say retiring in Singapore is excellent for long-term, but there are something unfavourable which I believe most people living in Singapore will agree well with me.
Things that Surpised Me about Singapore
Singaporeans walk at a pace of almost 4 miles per hour.
Just try to keep up!
Is Singapore Dog Friendly?
Yes. Dogs are welcome in Singapore but you can't take them on public transportation and they are not accepted in restaurants. You are also required to pick up after your dog in public places.
Also, if you're planning on bringing your dog with you if you retire in Singapore, there are certain breeds that are banned from coming into the country. Also, there are breeds that have restrictions such as required muzzles and obedience training.
Banned breeds: Pit Bull, Akita, Boerboe, Dogo Argentino, Fila Brasileiro, Neopolitan Mastiff, Tosa, Perro de Prasa Canario and dogs mixed with these breeds.
Restriction on these breeds: Doberman Pinscher, Rottweiler, German Shepard and related mixes, and also Mastiffs and related mixes.
Foods You Must Try While in Singapore
The choices of local delicacies are overwhelming when you come to Singapore. So, I will recommend some of the mouth-drooling local delicacies to you. You definitely won't go hungry here!
You can be fined for not flushing a public toilet after using it and males are banned from having long hair.
Retiring in Singapore
If you ever thought of retiring in Singapore, this golden question probably has crossed your mind more than once– how much monthly income do you need to cover during your retirement? A study in 2015 showed that only 60% of the respondents started saving for retirement at age 45. This study also showed that 65% of retirees, ranging from 60 to 69 years old, are not confident that their savings will last throughout their retirement. The remaining 35% of retirees are still working to fund their retirement years.
In 2019, there were surveys conducted on retiree households in Singapore and showed that $1,005 as the minimum monthly income for a retiree is more realistic number. With an annual inflation rate of 3%, this amount will grow to a staggering $1,820 after 20 years!
Although this number is incredibly challenging for most people to meet, you can start saving for your retirement starting from today. By making use of retirement income calculator or approaching financial planner, you will know exactly how much money to save monthly and feel more confident about your retirement.
Cost of Living Chart for Singapore
Cost of Living Rank
43rd out of 534
1 Bdr Apartment in City
$2200 per month
1 Bdr Apartment Outside City
$1420 per month
Meal for Two, Mid-Range
If you aren't on a tight budget and you're looking to live in Southeast Asia, retiring in Singapore may be for you. The glitz, glamor and amazing cuisine might be calling your name. But if Singapore isn't right for you and you're looking for a cooler climate, Melbourne, Australia could be the place.
Quick Facts about Retiring in Singapore
Hot and humid all year long and often overcast. Average temps are from 76°F and 89°F
Flight time to U.S.
16 to 24 hours by plane to Los Angeles
No. Permanent Resident Investor visa available but requires a large investment of $2.5 million.
Robust subway system (MRT)