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See how this number is calculatedSee how this number is calculated

The following assumptions are used in the calculation of the retirement graph:

General disclaimer on Cost

The OCBC Retirement Planner is designed to illustrate the estimated amount required at retirement age to achieve retirement goals based on information provided by you and does not consider your specific investment objectives, financial situation and particular needs. The illustration shall not be regarded as recommendation or advice by the Bank. The amount calculated is based on the assumptions below. Actual costs / figures / rate may vary depending on economic conditions. The information and analysis provided by these tools are based on various assumptions, which are subject to change at any time without notice.

Inflation rate

Inflation rate is based on a 10-year geometric average of the Singapore CPI (Consumer Price Index).

Source: Statistics Singapore - Time series on CPI (2015 = 100) & Inflation rate (Year 1980 to 2016)

Goal amount

This is the estimated amount required at retirement age to achieve your goal. It is calculated based on inflation-adjusted expected expenses, net of expected income.

Investments

All investments (E.g. Endowments, Unit Trusts) are assumed to be liquidated at start of retirement.

Regular endowments upon maturity are invested in lump sum endowments with similar rate of return. For Unit Trust, the dividends are assumed to be re-invested.

Savings / Investment growth rate

The following growth rates have been used for each of the below savings/ investment types:

  • Lump sum cash & deposit: 0.33%
  • Monthly savings: 0.55%
  • Investments: 5%
  • Endowments: 2.5%
  • SRS: 0.05%

Projected value of savings / investments

This is the sum of the projected values of current value of savings / investments and regular savings / investments set aside for the goal using the respective growth rates.

See how this number is calculatedSee how this number is calculated

The following assumptions are used in the calculation of the child’s education graph:

General disclaimer on Cost

The OCBC Education Planner is designed to illustrate potential future education costs based on information provided by you and does not consider your specific investment objectives, financial situation and particular needs. The illustration shall not be regarded as recommendation or advice by the Bank.

The amount calculated is meant to illustrate combined tuition and living expenses based on the assumptions below. Actual cost may vary depending on economic conditions. The information and analysis provided by these tools are based on various assumptions, which are subject to change at any time without notice.

Number of years to university

The age of university studies is assumed at 19 years old for girls and boys, except for Singaporean and Permanent Resident boys for whom the age of university studies is assumed at 21 years old due to 2 years of National Service commitment.

First-year average tuition cost

First-year average tuition cost is based on the average of latest first-year General and Medicine degree costs released by three sampled universities for each country:

  • USA (Private): Stanford University, Columbia University and the University of Pennsylvania.
  • USA (State): University of Michigan, University of Wisconsin-Madison and the University of California, Berkeley (General only).
  • Canada: University of Toronto, McGill University and the University of British Columbia (General only).
  • United Kingdom: University of Oxford, University of Cambridge and the Imperial College London.
  • Australia: University of Melbourne, University of Sydney and University of Queensland.
  • New Zealand: University of Auckland, University of Otago and Victoria University of Wellington (General only).
  • Singapore: National University of Singapore, Nanyang Technological University and Singapore Management University (General only).

Annual living cost basis

For USA, Canada, United Kingdom, Australia and New Zealand, the amount is based on the figures available from Edupoll's study abroad website (www.edupoll.org).

For Singapore, this is based on the average of figures from three websites: NUS Office of Admissions (www.nus.edu.sg), NTU Undergraduate International Admissions website (admissions.ntu.edu.sg) and SMU International Students Useful Information (www.smu.edu.sg).

Inflation rate

Inflation rate for tuition and living costs is based on 10-year geometric averages published by the statistics bureau for each country:

  • USA: Bureau of Labor Statistics CPI for Education and All, from 2006 - 2016.
  • Canada: Statistics Canada CPI for Education and All, from 2006 - 2016.
  • United Kingdom: Office for National Statistics data CPI for Education and All, from 2006 - 2016.
  • Australia: Australian Bureau of Statistics CPI for Education and All, from 2006 - 2016.
  • New Zealand: Statistics New Zealand CPI for Education and All, from 2006 - 2016.
  • Singapore: Yearbook of Statistics Singapore 2016 CPI Education & Stationery, Tuition Fees for Polytechnics & Local Universities, and All from 2006 - 2016. Statistics Singapore - Time Series on CPI (2015=100) & Inflation Rate (Year 1980 - 2016).

Foreign exchange rate basis

Based on average exchange rates published by www.oanda.com using interbank +1%, from 1 Jan 2016 to 1 Nov 2017.

Goal amount

This is the estimated amount required at start of university age. It is calculated based on inflation-adjusted tuition costs and living costs.

Investments

All investments (E.g. Endowments, Unit Trusts) are assumed to be liquidated at start of university.

Regular endowments upon maturity are assumed to be invested in lump sum endowments with similar rate of return. For Unit Trust, the dividends are assumed to be re-invested.

Savings / Investment growth rate

The following growth rates have been used for each of the below savings / investment types:

  • Lump sum cash & deposit: 0.33%
  • Monthly savings: 0.55%
  • Investments: 5%
  • Endowments: 2.5%

Projected value of savings / investments

This is the sum of the projected values of current value of savings / investments and regular savings / investments set aside for the goal using the respective growth rates.

Expected monthly expenses at retirementExpected monthly expenses at retirement

This may include food, utilities, travel, transportation etc. Enter in today's value and we will factor in inflation for you.

Estimated CPF LIFE monthly payoutEstimated CPF LIFE monthly payout

The breakdown below provides you with the estimated monthly payout you will receive from age 65 onwards based on:

  • the premium you paid to join CPF LIFE; and
  • the type of CPF LIFE plan
  • types of plans:
    • Standard plan (default) – Higher level monthly payouts
    • Basic plan – Lower monthly payouts with a legacy option
    • Escalating plan – Protection against rising cost of living, monthly payouts that start lower but increase by 2% yearly

Your monthly payout for life from age 65 onwards (SGD):

Basic retirement sum (BRS) - $90,500

(Retirement account savings at age 55)

  • Standard plan (default plan):

    $750 - $800

  • Basic plan

    $710 - $730

  • Escalating plan:

    $580 - $630

Full retirement sum (FRS) - $181,000

(Retirement account savings at age 55)

  • Standard plan (default plan):

    $1,380 - $1,490

  • Basic plan

    $1,310 - $1,350

  • Escalating plan:

    $1,060 - $1,170

Enhanced retirement sum (ERS) - $271,500

(Retirement account savings at age 55)

  • Standard plan (default plan):

    $2,010 - $2,160

  • Basic plan

    $1,910 - $1,970

  • Escalating plan:

    $1,550 - $1,700

Your CPF monthly payouts would depend on factors such as your gender, age, Retirement Account (RA) Savings used to join CPF LIFE, the LIFE plan type you choose, CPF interest rates and mortality rates. The premiums and payouts are determined by an independent actuarial consultant.

The table above provides you with an estimate of the monthly payout you will receive in retirement based on the Retirement Sum set aside at age 55 and the different plan choices.

Note: These monthly payouts are estimates computed as of 2019. Payout may also be adjusted to account for long-term changes in interest rates or life expectancy. Such adjustments (if any) are expected to be small and gradual.

For more comprehensive details, visit CPF Board.

Other expected monthly income when you retireOther expected monthly income
when you retire

This may include rental income, allowance or payout from existing bonds.

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