Starting Strong in your 20s to 30s
Prepare early for a smooth transition
The 3 must-haves when you start retirement are:
A home to live in – preferably one which is fully-paid off
Medical insurance and savings for healthcare expenses
Lifelong income for living expenses
Click below to read the article for more information.
SRS (Supplementary Retirement Scheme) is a voluntary scheme to encourage us to save for retirement, over and above our CPF Savings. Contributing to it helps you enjoy a certain amount of tax savings, in terms of Tax Relief.
Understand how SRS works
Click below to view an easy-to-understand visual guide on SRS account.
Visual Guide to the SRS | MoneyOwlUse IRAS’s calculator to see how much you can save if you were to contribute to SRS.
IRAS Calculators
Your CPF savings will provide you with a lifelong stream of monthly income from age 65. The more CPF savings you have, the higher your monthly retirement payouts will be.
Read our article for the benefits and considerations in topping-up your CPF
Have You Topped Up Your CPF Yet? | MoneyOwlUnderstand how CPF top-up works and how to make a transfer
Click on the button below to visit CPF’s website for more information on cash top-ups.
Review your financial situation and goals before making the top-up
Optional Steps
While CPF LIFE payouts form the foundation of your retirement income, you can build additional income. Assess various options based on Certainty, Probability, Flexibility and Accessibility (“CPFA”).
Invest in suitable low-cost, globally diversified market-based portfolios
Refer to our investment page here.
Park additional cash into low-risk instruments that are easily redeemable such as Singapore Savings Bonds (SSBs)
For those who do not prefer investments due to risks, can consider Retirement Income products to supplement their CPF LIFE Payout
Click below to download our Retirement Philosophy eBook which describes our “CPFA” framework.
Having adequate hospitalisation insurance helps ensure that your savings will not be prematurely depleted from large medical bills.
All Singaporeans and PRs are covered under MediShield Life, and over 7 in 10 also have Integrated Shield Plans that pay for private care in hospitals.
Depending on your healthcare expectations, buy an Integrated Shield Plan when you are young, healthy and insurable.
Click on the button below to read more about Integrated Shield Plans
If you are born in 1980 or later, you will be covered under CareShield Life when you turn 30 years old. CareShield Life is a long-term care insurance scheme that provides basic financial support when you develop severe disability.
Read our article to find on the differences between CareShield Life compared to the other national insurance schemes.
CareShield Life – What you Need to Know | MoneyOwlFor more information about Careshield Life, you can go to CareShield Life website by clicking on the button below
In event of your untimely demise, the distribution of your assets will be determined by Singapore’s intestacy laws. This means that your estate may not be distributed according to your wishes.
Writing a will ensures that your wishes are clearly stated and provides protection for your loved ones.
Click below to download MoneyOwl’s End‑of‑Life and Estate Planning e-book to learn the essentials of estate planning and how to ensure your assets are distributed according to your wishes.
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