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How do I plan for my retirement?

Everyone’s retirement goals are different. For some, it means exploring new hobbies or travelling; for others, it’s about financial peace of mind. With longer life expectancies, it is crucial that savings last through the years. Starting your retirement planning early helps build funds that support your lifestyle while protecting your health and income needs later in life.

Thinking about retirement? Here’s how to start planning

Understand what you need

Begin your retirement planning by estimating the amount you need to maintain your lifestyle after retirement. Factor in daily living costs, medical expenses, and future goals such as travel or family support.

Estimate how much to retire

Tools like Income’s Retirement Calculator can help you see how much you need to retire in Singapore. A common guideline is to aim for approximately 60 to 70 percent of your current income to maintain your current lifestyle.

Account for inflation

Prices tend to increase over time. Building inflation into your calculations helps ensure that your income and savings can continue to comfortably meet future expenses.

Start saving early

The earlier retirement savings begin, the more time they have to grow. Building your savings during your working years also provides greater flexibility later on. To support your planning, tools such as Income’s Savings Calculator can help estimate how much to set aside each month to work towards your retirement goals

Review your healthcare coverage

As life expectancy rises, healthcare and critical illness needs often increase. Strengthening coverage for medical and recovery costs can help prevent these expenses from reducing your retirement savings

Explore additional income streams

Beyond CPF, an annuity or insurance savings plan can offer regular payouts that supplement income and provide stability in retirement.

Adjust as life changes

Financial goals and responsibilities may shift over time. Revisiting your retirement plan ensures that your savings, protection, and health coverage remain aligned with your current needs.

Speak with an Income advisor

Planning for retirement can feel complex. Talking to an Income advisor can help you set clear goals and tailor a plan that balances savings, healthcare, and long-term financial confidence.