Do you know that though CPF members’ total balance has increased from roughly S$125 billion in 2006 to S$474 billion in March 2021, only 63.6% of active CPF members who turned 55 could set aside their Full Retirement Sum (FRS) or Basic Retirement Sum last year? Hence, to better understand Singaporeans’ attitudes towards retirement, Endowus has worked with YouGov Singapore to develop the Endowus Singapore Retirement Report 2021. The survey took place in May this year with a sample size
Whether you’re young or old, it’s never too early to start thinking about saving up for retirement. After all, it’s the best way to guarantee a comfortable life after you cross that critical stage. However, you must start planning to make sure everything gets taken care of. Even though it might seem scary at first, have no fear. By reading this article alone, you’re already making that crucial first step. It takes dedication and discipline to get where you want
Time is of the essence. Crippled with all the uncertainties brought by the pandemic, having reserved funds can help cushion the blow of unforeseen events such as pay cuts and layoffs. Saving money is important, especially when your finances are limited. Consider saving money to grow your emergency and retirement fund. Retirement may seem like a long walk ahead for someone in his or her 20s or 30s. However, it is best to start saving for retirement before you hit
Despite the economic headwinds, the retirement age will begin to shoot up in 2022. Manpower Minister Josephine Teo highlighted they “did not arrive at this date lightly even though towards the later part of our deliberations, it was clear to us that the economic conditions have changed quite considerably.” All that is left for us to do is to adapt to the recent changes in the retirement age and CPF contributions. INCREASED MOM RETIREMENT AGE Foresee a gradual increase in
One of the most significant transitions in your life is about to begin. In a blink of an eye, you have reached your 60s. Retirement may not be a pressing concern for most of your working life, but it is surely happening soon. The sense of urgency stimulates your awareness. You will begin to pay close attention to insurance commercials and to the company’s retirement benefits. You will go through your CPF savings and analyze whether it is enough. How
