Golden Years from your 60s onwards
Enjoy a fulfilling retirement with peace of mind
Keep track of how much you are spending each month and match it with your likely or expected retirement income, which may include your CPF payouts, retirement income insurance plan payouts and withdrawals from your savings and investments.
As you near your CPF payout start age of 65, you can better estimate your monthly payout amount and get a clearer picture of your retirement expenses.
If you plan to work beyond age 65 or have other income sources, you can delay your CPF payouts up to age 70, boosting your monthly payout by up to 7% for each deferred year. You also have three CPF LIFE plans to choose from, offering different payout structures.
For personalized advice, members who are starting their CPF payouts are eligible to book an appointment with the CPF Retirement Planning Service.
Set up an appointment with CPFUse the CPF Estimator to see if your CPF payouts meet your needs. If not, consider topping up your CPF Retirement Account for higher payouts.
For personalized advice, members who are starting their CPF payouts are eligible to book an appointment with the CPF Retirement Planning Service. Click on the button below to find out more.
Contrary to popular intuition, you can still invest in markets during your retirement years. Given that an average retirement can span 15 to 20 years today, you have the time horizon to invest at least a portion of your savings that you do not immediately need in a balanced fund (60% equities, 40% bonds).
You can then withdraw 4% from your portfolio each year, which should last over 30 years.
Stay flexible and evaluate your plan annually or when needed. For example, if the market performs poorly, you cut down on some discretionary spend. If the market does well, you may be more inclined to draw down more to spend on some “nice to haves”.
Optional Steps
If your CPF and cash savings are not enough for your retirement, you can consider monetising your home to supplement your retirement needs.
There are mainly 3 housing monetisation options to help you unlock the value of your home:
Rightsizing your home
When you sell your more expensive or larger home for a lower price or smaller home, you can optimise your living situation, reduce home-related expenses, and supplement your retirement income.
Renting out your home or spare bedroom
If you have an alternative place to stay, or if you have unused rooms in your home, you could rent it out for rental income.
HDB’s Lease Buyback Scheme
Selling back part of your remaining lease (HDB’s Lease Buyback Scheme). Click on the button below for more details.
Some types of insurance that may not be needed or can be adjusted after retirement:
Life insurance
The main purpose of life insurance is to provide financial support to your dependants should you pass away prematurely. If you have retired and your children are independent, your mortgage is paid off, and your spouse is financially secure, you may not need life insurance anymore.
Income Protection Insurance
This insurance replaces your income if you’re unable to work due to illness or injury – e.g. for Total and Permanent Disability. After retirement, since you’re no longer earning an income from work, this coverage is unnecessary.
Critical Illness Insurance
If you have substantial savings and an adequate hospitalisation plan, you might be able to self-insure against the financial impact of critical illnesses.
Downgrading your Integrated Shield Plans
As premiums increase exponentially in later years, you can consider downgrading your Integrated Shield Plan with the same insurer without additional underwriting. This can help preserve your healthcare savings especially after retirement.
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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