If you intend to rely on your Central Provident Fund (CPF) savings to last you throughout your retirement, you may face a shortfall down the road.
Current minimum retirement saving
S$99,600*
Monthly payout
S$790*
S$790 may not be sufficient for a more indulgent lifestyle.
Statistics reveal that an average household spends approximately $3,700# per month, of which basic living expenses like food, transport and communications and utility bills account for a significant portion. Without proper planning, coupled with the effect of inflation, these expenses may be more than what you anticipate after you retire.
Women should begin to take retirement planning seriously as they have longer life expectancies - women outnumber men by 20% in the 65-years old and above age band.
Source: Singapore Department of Statistics
Find out what Singaporeans think in HSBC Future of Retirement global research on attitudes towards ageing and retirement.