Present needs and financial commitments such as purchasing a home, getting married and having children take precedence and people often defer planning for retirement.
Many Singaporeans depend on their CPF savings to meet their retirement expenses. However, Central Provident Fund (CPF) savings alone may not be sufficient to provide for you in your senior years.
Growing your nest egg
To retire with sufficient savings, start planning and saving sooner rather than later. You can benefit from compounding interest and a longer period for accumulation.
Life insurance is a vehicle for long term savings and investment.
How much do you need?
One general rule of thumb would suggest that you need 50% to 70% of last drawn annual income to maintain your current standard of living during retirement.
Determining how much retirement income you need requires technical calculations. Hence, it is advisable that you consult a financial adviser and go through a fact-find process.
Contact any one of our member companies to put you in touch with a financial adviser.
For more information on retirement funding, refer to FAQs.