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Securing Your Finances for Retirement

Achieve financial security and peace of mind in your golden years

Which stage are you in now?

Starting Strong in your 20s to 30s

Prepare early for a smooth transition

Building Momentum in your 40s to 50s 

Strengthening your finances for a secure retirement

Golden Years from your 60s onwards

Enjoy a fulfilling retirement with peace of mind

Starting Strong Checklist

Explore the personalised checklist to help you navigate this chapter of your life with ease.

Do These Now
Take these essential steps to get started on your journey.

10 minutes

1. Find out about the “3 Must-Haves” in Retirement

What’s needed for a secure retirement
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.
READ MORE

2. Learn How SRS work and Whether You Should Contribute

Optimize your tax savings and grow your SRS retirement fund

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 | MoneyOwl

  • Use IRAS’s calculator to see how much you can save if you were to contribute to SRS.
    IRAS Calculators
READ MORE

3. Consider Topping up CPF Special Account Annually

Top up to enjoy tax reliefs and a risk-free interest of up to 5% p.a.
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.
  • Understand 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

READ MORE

Take Additional Steps

Ready for more? Consider these additional steps for further peace of mind.

30 minutes

4. Build Your Nest Egg for Additional Income Stream

Save and invest your cash for additional retirement income

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. 

READ MORE

5. Check what Medical Insurance You Have

Coverage of hospital bills in public/private hospitals

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

READ MORE

6. Find out about CareShield Life

Long-term care insurance for severe disability

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 | MoneyOwl

  • For more information about Careshield Life, you can go to CareShield Life website by clicking on the button below
REFER TO CARESHIELD LIFE

7. Getting Your Will Done

For a peace of mind in event of your untimely demise

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.

Craft your Will using MoneyOwl’s Digital Will-Writing service

READ MORE

Building Momentum Checklist

Explore the personalised checklist to help you navigate this chapter of your life with ease.
Do These Now
Take these essential steps to get started on your journey.

10 minutes

1. Find out about the “3 Must-Haves” in Retirement

What’s needed for a secure retirement
When planning for retirement, these three essentials can provide peace of mind and financial stability:
  1. A Home to Live In:
    Ideally, entering retirement with a fully-paid home reduces monthly expenses and provides a stable living environment without the burden of a mortgage or rent.

  2. Medical Insurance and Savings for Healthcare Expenses:
    Comprehensive medical coverage and a dedicated healthcare savings plan ensure you’re prepared for unexpected medical needs or expenses that may not be otherwise covered by your integrated shield plans.

  3. Lifelong Income for Living Expenses:
    Building a reliable income stream, such as through CPF LIFE, annuities, or other retirement savings plans, supports daily living expenses throughout retirement, helping you maintain your desired lifestyle.
For more detailed guidance, click below to read the full article.
READ MORE

2. Check Your Mortgage

Find out when you will finish paying for your mortgage – one of the three “must-have”

Understanding your mortgage status is important factor while planning for your retirement. Knowing exactly when you’ll complete your mortgage payments can give you a clearer picture to plan ahead.

To review your housing loan information, follow these steps based on the type of loan you have:

  1. HDB Loan:  
    If you financed your home with an HDB loan, you can easily check your mortgage details online. Simply log in to the HDB website to access information about your outstanding balance, loan term, and estimated completion date.

  2. Bank Loan: 
    For mortgages obtained through a bank, the process varies slightly. You’ll need to reach out directly to your bank, to get the most up-to-date information on your loan status. 
GO TO HDB

3. Check what medical insurance you have

The hospital ward class you are covered for

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 Medi