Singapore retirement age: What you need to know

The retirement age in Singapore is a topic that has been in the news a lot lately. With the government raising the retirement age from 62 to 65 in 2019, and then to 67 in 2028, many people are wondering what this means for them.

In this article, we will take a closer look at the Singapore retirement age, and what it means for you.

What is the retirement age in Singapore?

The retirement age in Singapore is currently 62 years old. However, this is set to increase to 65 years old in 2019, and 67 years old in 2028.

The reason for this increase is to ensure that Singaporeans have enough time to save for their retirement, and to reduce the strain on the CPF system.

What does this mean for me?

If you are approaching retirement age, or are already retired, the increase in the retirement age may have a significant impact on your plans.

If you are approaching retirement age:

You may need to work longer than you originally planned. This could mean delaying your retirement date, or finding a part-time job to supplement your income.

If you are already retired:

You may need to reduce your spending or find ways to increase your income. This could mean downsizing your home, or taking on a part-time job.

What can I do to prepare for the increase in the retirement age?

There are a number of things you can do to prepare for the increase in the retirement age.

Start saving early:

The earlier you start saving for retirement, the more time your money has to grow. This will give you a larger nest egg to draw on when you retire.

Increase your contributions to your CPF:

Your CPF savings are a key part of your retirement planning. By increasing your contributions to your CPF, you can increase the amount of money you have available when you retire.

Invest wisely:

Investing your money wisely can help you grow your wealth over time. This will give you a larger nest egg to draw on when you retire.

Plan for your healthcare needs:

Healthcare costs can be a significant expense in retirement. By planning for your healthcare needs, you can reduce the financial burden on yourself and your family.

The increase in the retirement age in Singapore is a significant change. However, by planning ahead, you can prepare yourself for the change and ensure that you have a comfortable retirement.