For most Singaporeans, CPF funds account for a large portion of our retirement sum. This naturally points to the importance of truly understanding how the funds work if you are serious about retirement planning in Singapore. In this article, we will discuss two essential elements — the CPF Life and Retirement Sum Scheme (RSS). We will take a closer look at the differences between these schemes and how they can impact your CPF monthly payouts in Singapore when you turn 65 years old. Related: What Is Retirement Like for You in Singapore? Differences Between CPF Life and Retirement Sum Scheme (R ..read more

Many Singaporeans think that their CPF savings are enough to tide them through retirement but the reality could not be further from the truth. Especially if your ageing parents are self-employed or homemakers who do not regularly contribute to their CPF Ordinary Account, chances are, they may not have a nest egg to ensure a comfortable retirement. If your parents are not on top of their retirement planning, perhaps it is time for you to help them build up stronger reserves that allow them to feel more secure during their golden years. Here are some methods to help your parents build sufficien ..read more

Planning for retirement in your 20s or 30s may sound early, but if you consider the soaring inflation in Singapore, starting your legacy planning in advance is no longer good to have but a must. Based on July’s inflation rate of 3.8 percent, which is a conservative figure, a bowl of fishball noodle priced at S$5 now can easily cost you a whopping S$15 in 30 years. This means the amount you perceive as a nest egg enough for retirement may have to multiply by a few times in 30 years. If this is not a red alert to nudge you to start saving early for retirement, what is? A quick look at Singapore ..read more

With the many financial obligations that we have, many of us put off planning for retirement, thinking that it is very far away in the future. Yet, retirement planning is crucial to a healthy retirement, especially considering that the rising average life expectancy of Singaporeans will mean that the vast majority of us will have a longer retirement period than previous generations. Before you get started on your retirement planning journey, here are six mistakes to be aware of so that you can set yourself up to be in the best position to enjoy the lifestyle you desire in your golden years. M ..read more

Retirement planning is one of the most important things in our lives and loved ones’ lives as well. It is never too late or too early for you to start planning for retirement. There are a number of different retirement options and plans available to you. So whether you are just starting out on your retirement planning journey or nearing retirement, this guide has something for everyone! The Importance of Retirement Planning When you are planning for retirement, it is then when you decide to continue working or retire once you have reached retirement age. There are a few factors that you need ..read more

OCBC Bank released their findings from their 2022 Financial Wellness report on 22 November. In one section of the report, they conducted a survey with 2,182 participating working adults, ages ranging from 21 to 65 years old, on their preferred retirement lifestyle. Surveyees were presented with three different retirement lifestyles to choose from with three different price tags. These retirement lifestyles ranged from basic and essential to luxurious. Participants were then asked what their preferred retirement lifestyle was. Source: OCBC Retirement Lifestyle A, the most basic retirement li ..read more

A recent survey by OCBC turned up an interesting finding. Younger Singaporeans desire to live it up during retirement with a lifestyle that would cost a cool S$6,000 a month. Of course, there’s nothing wrong with aspiring to a luxurious (some would say excessive) retirement. However, is this sum practical for the average Singaporean? How much would you have to earn today in order to have a retirement budget of S$6,000 every month? Let’s do some number crunching to find out. How Much Retirement Sum Would You Need? Let’s assume the following: Retirement age: 65 Retirement savings: 25 years (t ..read more