What should my next step in investment be?

Congrats on being successful enough to earn a living.

Maybe we tackle 1 by 1 first. When you say you lack CPF contribution, that can be easily done by contributing to it under Vountary contribution to Medisave Account (MA) only (to fulfill the yearly Medisave contribution). Doing this allows some Leeway when you hit 55 years old.

(1) this allows you to overflow your Medisave Account to Special Account, whereby not losing any interest of 4-5% compared to voluntary contribution to 3 accounts.

(2) Your tax relief is still deductible (until you hit Basic Healthcare Sum). Then you have to change your strategy to do Voluntary contribution to 3 accounts instead.

(3) This is better than RSTU (retirement sum topping up scheme) because you cannot opt for BRS (basic retirement sum) if you done RSTU instead.

For investment, seeing that you are investing in your business already (high risk), you seem to gravitate towards more safe instruments which provide income (and may be a form of increasing your cashflow). From a business owner, this is prudent because you want liquidity, or at least some gauranteed cashflow so that your business can stay afloat in any event. Once its stable, you may gravitate towards riskier investment. But i think this is up to you since you know your situation best.

You should definitely look at contributing to your CPF. You can target contributing to your Special Account through the Retirement Sum Topping Up Scheme which would grant you tax relief as well as help to compound your retirement savings. This assumes you are comfortable with having your monies locked in CPF for a long time as it is largely a one way traffic. This forms the core of your guaranteed retirement funds and you can supplement it with annuities at the same time.

Your allocation is largely on fixed income and it would be definitely advantageous to have a little more equity exposure, hence I can see why you have thought about investing in REITs. However you might want to keep your funds liquid first as equity investing will require a fair bit of research into the company, to see if you are OK with the risks as well as the business. Even if you find a company/REIT to invest in, the price might be too high and I don't recommend overpaying for a stock. Patience does get rewarded but it is the waiting game that really tests you, as it is never easy to sit on money and do nothing.

Ultimately the best investment you can make is in yourself and your business. The returns will be more tangible and can grow faster than the average stock. With more funds available from a thriving business, you will have more bullets to fire when opportunities present themselves.

If you are looking at reits, I will highly recommend that you read the book building wealth through reits. Reits are great to have in one’s portfolio in my opinion.

If you are not contributing to your OA and SA, You may want to consider contributing it. The returns are very decent and you don’t have to worry about management; just got to be aware to the changes in regulations regarding it.

Also consider your desired returns, etc. This will help you to create your portfolio and investment strategy.
Right now looking at your portfolio allocation, bonds are taking a huge part of your portfolio, if that
Is your desired portfolio stick with that, if not you may want to look at it and rebalance accordingly

Hi there, before giving any advice and suggestions, can understand what you mean by covering the shortfall?