You should start the planning now. Your children will graduate and will step into the workforce where they must take care of themselves. You need to look at your situation now and ask yourself when you would like to retire, as well as your goals and dreams you would like to achieve in retirement. Firstly, ensure that you have a basic level of guaranteed income when you retire. CPF Life is one of the best annuities around and it gives a lifetime of income. As we do not know how long we live, a lifetime annuity forms the basis of 'survival income' to ensure that you will have money for essentials. You can also contribute to RA via top ups or with CPF monies to hit the enhanced retirement sum. Do note that this is a one way traffic however, money put into SA/RA will not be able to be withdrawn. Next, ensure you have medical and Long Term Care coverage. Medical and nursing bills can be quite hefty and we want to ensure that such bills do not drain us of money for retirement. Beyond Medishield life and Eldershield, look at getting an integrated shield plan as well as Eldershield enhancement. Once those are taken care of, we can look beyond the basics. Creating lasting income from both guaranteed and variable sources will ensure diversification across various asset classes (retirement plan, equities, fixed income, etc) and a stable, low volatility portfolio. The exact composition of such a portfolio is dependent on your risk appetite and preferences, so discuss with a consultant who can help you to plan and allocate your limited resources accordingly. If you'd like, I can show you the strategies we use to plan for clients including strategies to hedge inflation and longevity through your retirement years.