Lower monthly payouts Based on the type of retirement income you wish to have, you can then choose the type of plan that suits your needs. Other important things to consider would be: 1. How much retirement income do you wish to receive? 2. How much retirement savings should you set aside in order to receive this income every month in retirement? 3. What should you do if the retirement savings you currently have do not meet the above sum? But before that, let’s look at the retirement lifestyles you could be envisioning and estimate how much that would cost. What are some desired retirement lifestyles in Singapore?