Planning for Retirement

Planning for Retirement

Learn about retirement planning

What do non-retirees
(aged 25-59) really think?

What do retirees
(aged 60-69) really think?

Tips for a successful retirement

The best time to plan for your retirement is when you start working.

Saving and investing from a young age will provide more time for your investments to grow. More importantly, it also helps in riding out the volatility of the market. If you are still in your late 20s or early 30s, do yourself a favour and start your retirement planning immediately.

A good retirement plan should always include precautionary measures against unforeseen events. Preparing for emergencies with insurance gives you a greater sense of control and helps you make better decisions in the event emergencies occur.

As part of your retirement plan, you should get financial protection against emergencies with hospitalisation, home and term insurance plans. This would protect you and your loved ones against sudden bill shocks which could quickly eat away your retirement funds and savings.

Debts are one of the biggest threats to your retirement plan. These can be housing loans, car loans or simply credit card debts. The more you spend on repaying your debts, the less you have to save up for retirement.

Our advice: clear them as fast as you can or if possible, avoid debts altogether.

It may be a good idea to explore private retirement or annuity plans as alternatives to supplement your CPF LIFE Scheme. Private plans typically offer more flexibility in terms of liquidity, letting you withdraw your money for urgent needs. Payouts also come at an earlier age, with additional perks like annual bonuses and insurance coverage for disabilities and illnesses.

With the CPF LIFE Scheme, you have more flexibility in deciding how much to set aside in your retirement account. However this is also dependent on factors like the status of your home ownership.

Find out what you are eligible for and learn to maximise your financial potential with your respective retirement sums.

Understanding your desired retirement lifestyle helps in assessing the amount needed to fund it. You should first begin by defining what retirement means to you. What are the paths you want to take towards a happy and fulfilling retirement lifestyle? What are the financial resources you require?

Planning for retirement safeguards you from unforeseen circumstances and guides you to possible solutions, so you can be mentally and financially prepared to accomplish your retirement goals.

Also, learn as much as you can about financial matters so you can make better decisions and remember to plan for your retirement with the support of your spouse or loved ones.

If you are unfamiliar with complicated investment vehicles like options trading, currency hedging or buying on the margin, our advice to you is to leave them alone. Instead, you should focus on investments that you can better understand, like the many investment plans we offer here at Income.

If you need more information on our investment plans, our experienced team of financial advisors are always at hand to give you the information you need, to help you grow your investments wisely.

Whole life insurance for retirement

Lifetime insurance coverage that provides yearly cash payouts whilst protecting against death and total and permanent disability.

Savings plans for retirement

Flexible regular savings plan with monthly cash payouts during your retirement and additional peace of mind in the event of disability.

Flexible savings plan with cash benefits and insurance coverage.

A savings plan with a wide selection of policy terms and premium payment terms that allows you to save and enjoy guaranteed yearly cash benefits after 2 years while protecting you.

Regular savings plan that grows your money while providing insurance coverage.

Regular savings plan with a range of policy terms and premium payment terms to suit your unique needs.

Investment-linked plans for retirement

Build your wealth and stay insured with a versatile investment-linked plan that prepares you for your golden years.

Retirement calculator

Find out how much you’ll need to maintain your desired standard of living when you retire with our simple step-by-step retirement calculator.

Begin your retirement planning

Get financial advice

Our qualified Financial Advisers offer valuable financial planning guidance. Get in touch with an adviser online or walk into any of our branches to help you reach your future goals.

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