With the rising life expectancy, an average Singaporean will expect to live till their 80s.

With a retirement age of 62, a greying Singapore also implies that there is a change in the way we support ourselves after retirement.

Therefore, it is important to plan that your retirement funds are sufficient to support the following:

 Sufficient savings to see you through retirement

Your CPF funds at age of 55 will offer you the basis needs that you need for your old age. Thus, you are encouraged to supplement your retirement income with your personal savings. Alternatively, you can invest your CPF savings under the CPF Investment Scheme.

 A property that is fully paid when you retire

It is important to buy a home that you can afford and fully paid the house when you retire.

 Sufficient savings to cover for your medical expenses when you grow old

As one grows older, your medical care needs increases significantly. Thus, having sufficient savings to cover for unexpected serious illness is important. Use your Medisave wisely by staying in affordable hospital wards and buying medical insurances such as MediShield.

 CPF – Central Provident Fund
The Central Provident Fund (CPF) is a comprehensive social security savings plan that has provided many working Singaporeans with a sense of security and confidence in their old age. The overall scope and benefits of the CPF encompass the following:

* Retirement
* Asset Enhancement
* Home Ownership
* Healthcare
* Family Protection

To enhance your retirement savings, you can invest your Ordinary and Special Accounts savings under the CPF Investment Schemes. The CPF investment scheme allows you to invest in Unit Trust, Exchange Traded Funds, Shares, Insurance and more.

Click here to see CPFIS-OA Approved Funds
Click here to see CPFIS-SA Approved Funds 
Click here to read the benefit of investing CPF money through eUnitTrust

 SRS - Supplementary Retirement Scheme
The Supplementary Retirement Scheme (SRS) is part of the Singapore government’s multi-pronged strategy to address the financial needs of our population.

The earlier you start with the SRS contributions, the more you will be able to save. SRS
acts as a form of additional savings which can better prepare you for the future. You can contribute a varying amount to SRS (subject to a cap) at your own discretion which may be used to purchase various investments products. You can also enjoy attractive tax benefits on your SRS contributions.

Click here to see SRS Approved Funds 
Click here to read the benefit of investing CPF money through eUnitTrust

Before investing any of your hard-earn money, it is important to equip yourself with the knowledge for the suite of investment products available and the risks involved.