What are the considerations and financial numbers to reach for people in their 20s, 30s, 40s, 50s, 60s?

 In Your 20s:

Emergency Fund: Aim to have 3-6 months' worth of living expenses in an easily accessible account.

Savings and Investments: Begin saving and investing for long-term goals. Consider contributing to the Central Provident Fund (CPF) and explore other investment options.

Debt Management: If you have student loans or other debts, work on creating a plan to manage and pay them off.

Insurance: Start considering basic insurance coverage, such as health insurance.

Top 25% Net Worth: SGD 20,000 to SGD 100,000 or more (individual net worth).

In Your 30s:

Emergency Fund: Continue building and maintaining a solid emergency fund.

Housing: Consider homeownership and start saving for a down payment.

CPF Contributions: Maximize CPF contributions and explore additional investment opportunities.

Family Planning: If starting a family, budget for related expenses and consider life insurance.

Career Development: Invest in your skills and education for career advancement.

Top 25% Net Worth: SGD 100,000 to SGD 500,000 or more (individual net worth).

In Your 40s:

Retirement Planning: Review and possibly increase contributions to your CPF for retirement planning.

Investments: Diversify investments and consider both short-term and long-term goals.

Debt Reduction: Work on becoming debt-free and reducing outstanding liabilities.

Estate Planning: Start thinking about estate planning, including wills and power of attorney.

Healthcare: Plan for potential healthcare costs in retirement.

Top 25% Net Worth: SGD 500,000 to SGD 1 million or more (individual net worth).

In Your 50s:

Retirement Evaluation: Assess your retirement savings and adjust your plan if necessary.

Catch-Up Contributions: Take advantage of catch-up contributions to CPF and other retirement accounts.

College Savings: If you have children, finalize education savings plans.

Downsizing Consideration: Evaluate housing needs and consider downsizing.

Healthcare: Ensure that your healthcare coverage is sufficient for retirement needs.

Top 25% Net Worth: SGD 1 million to SGD 3 million or more (individual net worth).

In Your 60s:

Retirement Transition: Plan for the transition into retirement, including adjusting living expenses.

CPF: Understand CPF Life options.

Healthcare: Review and update healthcare coverage for retirement.

Estate Planning: Finalize and update estate planning documents.

Legacy Planning: Consider legacy goals, including charitable giving or inheritance plans.

Top 25% Net Worth: SGD 2 million to SGD 5 million or more (individual net worth).

Remember, these are general guidelines, and individual circumstances may warrant adjustments. Regularly review and update your financial plan based on changes in income, expenses, and goals.