When someone says the word ‘retiree’, the image that comes to mind is a person with greying hair, perhaps wrinkling skin, and is ready to spend the rest of their days lounging at the kopitiam in the middle of the day with a newspaper and a hot cup of kopi. One would reasonably expect such a person to be in their sixties, well past the definition of a young person. But in the past two weeks, not one but two young men, clearly still in prime of their youth, announced their retirement. One is the venerated Joseph Schooling, the only Olympic Gold Medallist Singapore has ever had, and the other, A ..read more

Investments which have higher risk also have the potential to bring higher long-term growth. While the markets may have corrections and sometimes recessions, an investor who can stay invested can wait for the right time to liquidate their investments to realise a profit. Liquidating an investment during a drawdown may mean realising losses on the investment, resulting in a shrinking portfolio. A retiree relying on periodic withdrawals from their portfolio may find themselves in a bind if they have to liquidate stocks to pay for living expenses during periods where the markets are down. Yet, a ..read more

Turning 55 is a major milestone in Singapore. With retirement on the cusp, CPF does a marvellous job of reminding us by creating a new Retirement Account (RA). When our Retirement Account is opened, money from our Ordinary Account (OA) and Special Account (SA) – up to our Full Retirement Sum (FRS) – will be transferred into it. For many of us, turning 55 will also be the first time we get to withdraw cash from our CPF accounts. The question is, just how much can we withdraw? Everyone Can Withdraw At Least $5,000 From Their CPF Once They Turn 55 Regardless of how much we have accumul ..read more

Retirement is often heralded as the golden era of tranquillity and leisure. However, the retirement journey is not without its complexities and demands strategic navigation. Drawing parallels to the meticulous preparations of a seasoned sailor, the transition into retirement requires a similar level of foresight and planning. A Clear Destination The first step is setting a clear destination, much like plotting a course on open waters. This involves defining specific retirement goals, akin to a sailor identifying the ports of call. It’s about understanding the lifestyle one desires post ..read more

By the year 2030, the number of Singaporeans aged 65 years and above will make up one quarter of the total population in Singapore, according to the Ministry of Culture, Community and Youth (MCCY). As an aging population, we will have more elderly seniors in our midst. Besides striving for a healthy body, mental health is also of importance to retirees as they transition from spending most of their time working to now being left independently to spend their time. This could introduce issues such as an increased sense of loneliness, depression, self-isolation and more. One way some retirees ca ..read more

This article was written in collaboration with CPF. All views expressed in this article are the independent opinion of DollarsAndSense.sg based on our research. DollarsAndSense.sg is not liable for any financial losses that may arise from any transactions and readers are encouraged to do their own due diligence. You can view our full editorial policy here. Over the past year, rising inflation has been a worrying concern for many. As the general level of prices for goods and services increases, it erodes the purchasing power of consumers. Higher inflation can have adverse effect ..read more

The Supplementary Retirement Scheme (SRS) encourages us to save more for our retirement. While we already have CPF savings – which we can grow through both mandatory contributions from our salary and optional top-ups – the SRS is a purely voluntary scheme. There are two main benefits of contributing to our SRS account. Firstly, we receive annual dollar-for-dollar tax relief on up to $15,300 for Singaporeans and PRs, and up to $35,700 for foreigners working in Singapore. This is also the maximum we can contribute to our SRS each year. The SRS scheme is also flexible in that we c ..read more

Retirement planning in Singapore can be quite daunting to think about. Being one of the world’s most expensive countries to live in, it’s important for Singaporeans to start planning for their retirement early. As of 2022, the official retirement age in Singapore is 63. However, CPF LIFE payout only commences from age 65 onwards. This means if you wish to retire earlier, say at age 55, you will need to find other sources of income to cover your living expenses. But how much exactly would you need to save and invest to retire at 55? Read Also: What Is The Difference Between Retirement Age And ..read more

The importance and value of making a will are widely accepted and well-documented. We all understand that it makes sense to express your wishes when you’re still of sound mind and not under duress, so that your intent can be carried out when you’re no longer around. However, what happens in the event something unfortunate were to befall you, but you’re not quite dead? Surely you would still want all your assets to be managed by a trusted party, who can also take steps to protect your portfolio’s value. Your assets can then be used to sustain your treatment, or ensure your existing l ..read more

Buying a HDB flat is one of the biggest financial commitments that many Singaporeans will make in their lives. This means it is also a decision that we should not take likely. A Build-To-Order (BTO) flat is a popular choice for couples looking to get their first home. For applicants who prefer a larger living space, a 5-room flat may be more appealing compared to a 4-room flat. However, what some first-time homeowners may not realise is that the difference in pricing between flats of different sizes can be significant, and will inevitably affect how much you and your spouse can save ..read more