Published by Autumn on 4 February, 2021 Have you ever wondered if you have sufficient money to last your lifetime? Or the magic number seems so elusive? Thanks to healthcare advancement and access to quality medical care, the average life expectancy in Singapore has been increasing over the years. As of 2019, the average life expectancy at birth in Singapore was 83.6. While a longer expected lifespan is never bad news, it also comes with major implications for our retirement plans. After all, if you are living longer lives, it’s logical that you will need more in your
Published by Autumn on November 03, 2020 Planning for retirement isn’t fun. Nor will it give you any near-term gratification. This is why many people prefer to prioritise other, more satisfying, goals such as saving up for a holiday and buying a new car, or more urgent needs such as buying health insurance and saving up for their home down payment. This mindset is underscored by the OCBC Financial Wellness Index, which found that 65% of its respondents claim to be behind in accumulating enough funds to maintain their lifestyle after retirement. Should CPF be your only retirement plan?
Published by Autumn on 4 March 2021 Your golden years also have the potential to be your most vulnerable years. At this stage of your life, you have given up your monthly paycheque but still need to pay for daily expenses. Relying on CPF LIFE for a part of your retirement expenses This is where the benefit of all your regular contributions to CPF over the years kick in. You can lean on CPF LIFE, Singapore’s mandatory life annuity scheme, that will pay you a monthly income for as long as you live. This is passive income that