Rattled by a retirement budget dry run. But it was a fruitful exercise

The writer tried to stick to a fake budget, and the experience turned out to be an emotional roller coaster

- Denise Chong

In the middle of a busy supermarket, I stood hesitating in front of the gorgeous grapes that I like – an expensive type costing more than $20 a box. I usually think of the sweet treat as being worth the splurge as it will help keep me full, healthy and happy. However, that day was different as I was hanging on for dear life to an emotional roller coaster of a retirement budget dry run. I felt guilty, then glum, as I wondered if the realistic question should be whether I could even afford to buy $6 or $3 grapes whenever I wanted as a retiree in the future.

What I was experimenting with was essentially this: I projected the sort of budget I may have as a retiree and was trying to stick to it.

WHAT DOES 'OH, LIVE SIMPLY' MEAN?

I was surprised by how strongly I reacted to the fake budgetary restrictions, but getting the disturbing feedback made it worth doing the dry run as it brought the budget home more realistically than thinking vaguely: "Oh, I will just live more simply when I retire."

I have had a vague savings plan for decades, but as for consistently tracking my expenses in detail, I am coming late to the budgeting party.

A survey commissioned by the Ministry of Manpower found that 51 per cent of those polled in 2023 had developed a retirement savings plan. About 40 per cent of those aged 18 to 35 had planned for retirement.

Other findings indicate that about 80 per cent of Singapore residents kept track of their daily spending.

Better late than never to look at my spending in detail.

So what does "oh, live simply" mean in real, fill-my-stomach terms?