I am a 35-year-old single male. I wanna plan my retirement at this stage.

How should I plan for retirement, considering that I do not plan to be married and start any family in the near future?

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Ace

19 Dec 2022

https://www.cpf.gov.sg/eSvc/Web/Schemes/Retirem... - CPF Retirement Calculator - complete this honestly (verifying to bank statements for actual savings+spendings, investment statements, CPF statements, payslips) - it helps to find out how much you need and is currently lacking/have enough.

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Ryan Yap

Edited 08 Dec 2022

Retirement Specialist at AIA

For you to know you can retire, you must ensure that your monthly income monthly expenses.

hence, I will suggest learning about the different investment assets that can give you a lifetime income. this overcomes the risk of outliving your financial resources. especially since we know that life expectancy of Singaporeans is increasing with advancements in healthcare (latest reported was average life expectancy of 85).

the first thing you should definitely do is getting your CPF RA to the ERS by age 55. By topping up to the ERS, CPF Life will give you the maximum possible monthly payment for the rest of your life from age 65 onwards.

after you learnt how to make use of CPF Life for your retirement, you can learn more advanced tricks like SA/OA shielding to help boost the interest you can receive during your retirement.

CPF Life's maximum payout is currently about $2,000/month, which may not be enough if you will like to live a more luxurious lifestyle in your retirement years.

that's when you can have other sources of lifetime income such as annuities (CPF Life works like an annuity).

you can also have other income such as dividends/coupons from dividend stocks/reits/bonds/T-bills/fixed deposits. However, do note that unlike CPF Life and annuities, such income is non-guaranteed and this means the income you receive from these sources is likely to fluctuate every month.

if you'd want to learn more about retirement planning, do check out my socials where I post easy-to-understand infographics about retirement!

FB: https://www.facebook.com/profile.php?id=1000784...

IG: https://www.instagram.com/ryanplansfinances

or alternatively, feel free to reach out to me on any questions you might have!

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