Grow Your Money,
Achieve Your Goals.

Suitable for age 19 - 29

Get ready, go! Starting work is an exciting time – with lots of learning opportunities and of course that nice pay cheque. This is also the best time to give your future self the best financial outcome.

Begin early by setting your financial goals – both near term as well as all the way  to retirement (everyone will get there for sure). Then work out financial plans for achieving each of these goals. Most plans will require habits like consistent savings (and having emergency funds), getting key insurance in place and putting aside a budget for regular investing. So start early. Time is your most precious asset, so use it or lose it.

Suitable for age 25 - 34

Congratulations! Having young ones brings lots of joy but will also require building some added financial resources. With many support schemes for helping young Singaporeans to start and nurture a young family, we can then look at long term plans we may have (or want) for our children to support them in areas like further education, talent enrichment and development such as building up a regular saving or endowment fund.

We should also be aware that with a family there will now be dependants relying on the household income. It is vital to start early to establish the right type of insurance – both for protection as well as healthcare needs – that fits your budget.

Suitable for age 35 - 59

They brought us through our growing years, it’s now our turn to bring them through their golden years! Take advantage of compounding interest by helping them grow their CPF savings (via top-ups) for more CPF LIFE payouts or helping them build other sources of retirement income (investing in SSBs).

While we are still young and working, we will have better capacity to support these plans as part of our monthly budget. Starting early to build plans for our aged parents directly benefits us as it means greater peace of mind for us and a lighter financial burden later.

Suitable for age 35 - 59

Chicken or tuna? Yes, there are many variations of a meal but while financial planning for intergenerational (aka sandwiched) families may be more complex, it need not put you off doing the same. Discuss, prioritise and set financial goals together for the extended household, focusing on key needs like education, healthcare, retirement income, before wants.

Start early to benefit from compounding of returns as well as longer term horizons for children’s goals while focusing on income and capital security for goals of aged parents. While there will be trade-offs and more needs to be accounted for when undertaking intergenerational financial planning, being able to pool and align intergenerational resources may also offer benefits e.g. savings built up by / for aged parents can be invested for retirement income while ensuring capital is protected for legacy plans / needs of grandchildren such as further education.

Suitable for age 55 - 64

Almost there! This milestone is so important – we even get a new CPF retirement account created when we turn 55. Take stock of your retirement plans (started earlier years) and review sources of retirement income to ensure they are able to meet expected returns and purpose when you stop formal work.

Aim to fully settle big debts like housing loans and run on as little or no debt as possible, especially on consumption assets as income streams may come down. Review healthcare insurance affordability as well as other insurance policies as your dependants may now no longer need this protection. This will enable you to channel this resource towards healthcare needs.
Consider what retirement will mean for you and set near term plans so that you can set aside savings (especially if still working) to fund these plans.

Suitable for age 65 and above

Welcome to the Golden Years! Time to realise the fruits of those plans we started earlier. Most Singaporeans will also have the option to begin CPF LIFE payouts as the bedrock source of retirement income. Planning how to decumulate and draw on your savings is as important as accumulating them.

Apart from CPF LIFE payouts, some may have investment or other sources of income. Avoid drawing down on capital in the earlier phase(s) of retirement but aim to live on their returns. Capital drawings if needed usually take place in a later phase.

Consider various government schemes to boost retirement income if needed, example schemes for HDB flats, while ensuring we look after our health by being active as well as keeping up with regular health checks.