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For me, CPF is considered a backup for basic retirement. Might have to do more if you want more.
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Start by estimating how you need in retirement (based on ur expenses) and see how long u think you need it for.
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There are a million and one different approaches to retirement planning. I follow this five-step plan to retirement planning:
Family and inheritance
Paying off your house mortgage
Financing your ideal retirement lifestyle
Having an emergency reserve
Travel
Charitable giving
Hobbies such as landscaping
Realising a new business
Pursuing a different career path
Anticipate your retirement spending needs.
Knowing your retirement age and goals, you can then do some guesswork to quantify the required savings involved. Since we’re thinking decades ahead, you will also need to adjust for inflation. I used this retirement calculator which already accounts for inflation.
Start saving smart and investing early
Central Provident Fund (CPF)
Supplementary Retirement Scheme (SRS)
Diversify your investment portfolio
Consider your decumulation strategy
CPF Life is a national annuity scheme that provides you with monthly payout for as long as you live, starting from age 65. The monthly payouts are withdrawn from your CPF RA (Retirement Account) balance, while the exact amount depends on which plan you choose – Basic, Standard, or Escalating. CPF Life alone however, often isn’t enough for most Singaporeans’ retirement lifestyles. You can however, also opt for private annuity plans to help bolster your retirement income.
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If your taxes are in the xx% bracket, definitely consider topping up your CPF SA and even SRS, since...
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Know how much u need during retirement by estimating the amt based on ur lifestyle