Overview
Retirement income
According to the Department of Statistics Singapore, life expectancy for Singaporeans is 83.9 years (2022).1 What if you live longer than average? Have you set aside enough for your lifestyle of choice in your retirement years?
Retire with the lifestyle of your choice.
Start planning for your retirement as early as possible so you have more time to prepare for the lifestyle you want in your golden years.
The Life Insurance Association (LIA) of Singapore recommends2:-
- Setting aside 50 to 70 percent of your last drawn annual income for your retirement
- Setting aside additional savings for your hobbies, travel & lifestyle plans
- Starting as early as possible to save for retirement because the longer you wait, the more you must save to achieve your retirement goals
- Proper planning so that you can enjoy a more extended period of accumulation assisted by compounding interest
- Supplementing your CPF Life retirement income payouts as they may not be sufficient for your lifestyle and the rising cost of living.
Some ways to supplement your CPF Life payouts are:-
- Annuity Plans
Pay a monthly or single premium for a fixed period. Receive monthly payouts over a fixed number of years, depending on your chosen plan. - Insurance Savings Plans
Set aside your savings over a fixed period and grow your money substantially more than the bank's interest rate - Investment Dividends, Rental Income & Cash Savings
Enjoyadditional streams of income from investment dividends, rental income, and cash savings
Medical coverage throughout your retirement
Medical coverage is even more critical in our retirement years, and the rising cost of healthcare could affect your retirement plans.
Old age often increases the risk for certain illnesses such as osteoporosis, a stroke, heart attack, diabetes, and cancer.
Having a comprehensive medical insurance cover is a must in your retirement years as medical cost can be a financial strain for many elderlies. Without worrying about medical costs, you can live comfortably,stress-free in your golden years without burdening your loved ones.
You should consider enhancing your MediShield Life with an Integrated Shield Plan to ensure sufficient medical coverage in your retirement years.
Features of Integrated Shield Plan:
Covers pre- and post-hospitalisation expenses
Includes as-charged coverage for eligible inpatient and outpatient hospital treatment expenses
Allows you to upgrade your ward and 
Secure Long Term Care arrangements for peace of mind
Being ready for the unexpected is priceless. Acquiring Long Term Care minimizes the financial risks of becoming a burden when you are severely disabled.
Long Term Care Insurance provides you with financial support should you lose your physical capabilities to perform stipulated activities of daily living (ADLs). These activities include washing, toileting, feeding, dressing, moving around, and transferring from your bed to a wheelchair. Enhancing Long Term Care provides greater financial assurance in the unfortunate event that you become severely disabled.
All Singaporeans and PRs born in 19803 or later are automatically enrolled into CareShield Life as their long-term care insurance scheme. However, enhancing the basic CareShield Life is recommended to receive additional benefits.
Features of Long Term Care Plan Supplements:
This post has not been reviewed by the Monetary Authority of Singapore. Do note that investments are subject to investment risks including the possible loss of the principal amount invested.
Buying a life insurance plan is a long-term commitment on your part. If you cancel your plan prematurely, the cash value you receive may be zero or less than the premiums you have paid for the plan.
1Department of Statistics, Singapore. (2022, February 1). Death and Life Expectancy. DOS | SingStat Website. Retrieved July 15, 2022, from here.
2Life Insurance Association (LIA) Singapore. (n.d.). RETIREMENT. Life Insurance Association (LIA). Retrieved July 15, 2022, from here.
3Ministry of Health, Singapore. (2022, June 30). CareShieldLife. CareShieldLife. Retrieved July 15, 2022, from here.
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