The salary needed to live comfortably in Singapore can vary depending on individual lifestyle choices, preferences, and family circumstances. Singapore is known for its relatively high cost of living, including housing, transportation, education, healthcare, and other expenses.
To provide a general guideline, the Singaporean government has introduced a concept called the “Basic Retirement Sum” (BRS). The BRS represents the amount of savings that a person should ideally have by the time they reach their retirement age to support a basic standard of living in Singapore. As of 2021, the BRS was set at S$93,000.
To achieve a comfortable lifestyle beyond the basic standard, individuals and families generally aim for higher income levels. While there is no specific salary that guarantees a comfortable living in Singapore, a commonly mentioned benchmark is an annual income of at least S$80,000 to S$100,000 for a single person.
It’s important to note that this figure is a general estimate and may vary depending on individual circumstances, such as the number of dependents, housing choices, and personal spending habits. Additionally, Singapore offers a range of government assistance schemes and subsidies that can help mitigate the cost of living, especially for low-income households.
To make informed financial decisions and plan for a comfortable lifestyle in Singapore, it is advisable to consider factors such as housing costs, healthcare expenses, transportation, education, and personal preferences.