Retirement in Singapore

The CPF Minimum Sum is currently set at $92,000 from July 1, 2006 and will be raised gradually until it reaches $120,000 in 1 July, 2013. (Source: www.cpf.gov.sg)

The Minimum Sum is supposed to last 20 years from the statutory retirement age of 62.

TWO potential problems may arise from this:

1. How many Singaporeans are able to hit the Miniumum Sum? Especially after paying for their kids' education & HDB loans.
   
   Which is perhaps why there are so many retirees still working at fastfood restuarants, food courts, as cleaners, etc. I doubt that most of them are working to kill time. Given a choice, I believe most of them would rather go for a holiday, look after their grandchilds, or do any leisure stuff, after working for at least half their lifetime.
   
   
2. For those who are able to meet the Minimum Sum of $120,000* when they retired in 2013.
   

A huge question mark looms over their heads - Is it enough for retirement? To last for 20 years? For simplicity, if you do a calculation without inflation and interest accrued on the $120,000, you will realise this:

$120,000 for 20 years
--> $6,000 for 1 year
--> $500 for 1 month

Is $500/month enough for a retiree? Would this $500 be able to cover for medical care, expenses, food, utilities, transport costs? What kind of lifestlye will he be leading?

What kind of lifestyle do you want?