Singapore Retirement Planning Calculator
Retirement Savings: $1,850,000
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| At Retirement | Monthly Income | |
| Retirement Projection | Balance (SGD) | Income (SGD) |
| CPF Retirement Account | $850,000 | $3,400 |
| CPF LIFE Payout | $200,000 | $1,200 |
| SRS Account | $350,000 | $1,750 |
| Other Investments | $450,000 | $2,250 |
| Total Retirement Savings | $1,850,000 | $8,600 |
| Income Analysis | Amount | |
| Current Monthly Income | $6,000 | |
| Desired Retirement Income | $4,200 | |
| Projected Monthly Income | $8,600 | |
| Income Replacement Ratio | 143% | |
| Monthly Surplus/(Shortfall) | $4,400 | |
| Savings Summary | Details | |
| Years to Retirement | 30 | |
| Years in Retirement | 20 | |
| Total Contributions | $540,000 | |
| Investment Growth | $1,175,000 | |
| Inflation Impact | -35% | |
Retirement Savings Growth Over Time
| CPF Account | Current Balance | At Age 55 | At Retirement |
|---|---|---|---|
| Ordinary Account | $50,000 | $320,000 | $520,000 |
| Special Account | $30,000 | $180,000 | $330,000 |
| Medisave Account | $20,000 | $65,000 | $85,000 |
| Retirement Account | $0 | $500,000 | $850,000 |
| Total CPF | $100,000 | $565,000 | $935,000 |
The Singapore Retirement Planning Calculator helps individuals plan for retirement by projecting CPF savings, SRS contributions, and other investments. This comprehensive calculator considers inflation, investment returns, and Singapore's retirement schemes to provide realistic retirement income projections.
Singapore Retirement Planning Overview
Retirement planning in Singapore involves multiple pillars including CPF, SRS, and personal savings. Understanding how these components work together is essential for achieving retirement income goals and maintaining lifestyle in retirement.
CPF Retirement Scheme
CPF Accounts and Interest Rates
| Account Type | Interest Rate | Purpose | Withdrawal Age |
|---|---|---|---|
| Ordinary Account (OA) | 2.5% | Housing, education, investment | 55 (partial) |
| Special Account (SA) | 4.0% | Retirement, investment | 55 (transfer to RA) |
| Medisave Account (MA) | 4.0% | Healthcare expenses | 65 (excess above BRS) |
| Retirement Account (RA) | 4.0% | Monthly payouts | 65 (CPF LIFE) |
CPF Retirement Sums (2024)
| Retirement Sum | Amount | Monthly Payout | Description |
|---|---|---|---|
| Basic Retirement Sum (BRS) | $99,400 | $770-$870 | Minimum sum with property pledge |
| Full Retirement Sum (FRS) | $198,800 | $1,540-$1,740 | Standard retirement sum |
| Enhanced Retirement Sum (ERS) | $298,200 | $2,310-$2,610 | Enhanced retirement benefits |
CPF LIFE Scheme
CPF LIFE Plans
- CPF LIFE Standard Plan—Balanced monthly payouts with bequest
- CPF LIFE Basic Plan—Lower monthly payouts, higher bequest
- CPF LIFE Escalating Plan—Increasing payouts to counter inflation
Monthly Payout Estimates (FRS)
| Plan Type | Age 65 | Age 70 | Age 75 | Bequest |
|---|---|---|---|---|
| Standard Plan | $1,540 | $1,540 | $1,540 | Medium |
| Basic Plan | $1,280 | $1,280 | $1,280 | High |
| Escalating Plan | $1,330 | $1,460 | $1,610 | Low |
Supplementary Retirement Scheme (SRS)
SRS Contribution Limits (2024)
| Contributor Type | Annual Limit | Tax Relief | Withdrawal Age |
|---|---|---|---|
| Singapore Citizens | $15,300 | 100% | 62 |
| Permanent Residents | $15,300 | 100% | 62 |
| Foreigners | $35,700 | 100% | 62 |
SRS Investment Options
- Bank Deposits—Fixed deposits and savings accounts
- Unit Trusts—Diversified investment funds
- Shares—Listed stocks and ETFs
- Bonds—Government and corporate bonds
- Insurance Products—Investment-linked policies
SRS Withdrawal Rules
- Statutory Retirement Age—Penalty-free withdrawal from age 62
- Tax Treatment—50% of withdrawal amount is taxable
- 10-Year Rule—Withdraw over 10 years for optimal tax treatment
- Early Withdrawal—5% penalty plus full taxation before age 62
Retirement Income Planning
Income Replacement Ratios
| Lifestyle | Replacement Ratio | Monthly Income Needed | Funding Sources |
|---|---|---|---|
| Basic | 50-60% | $3,000-$3,600 | CPF LIFE + basic savings |
| Comfortable | 70-80% | $4,200-$4,800 | CPF + SRS + personal savings |
| Affluent | 90-100% | $5,400-$6,000 | Multiple income streams |
Retirement Expenses
- Housing—Property taxes, maintenance, utilities (25-30%)
- Healthcare—Medical expenses, insurance premiums (15-20%)
- Food—Groceries and dining expenses (20-25%)
- Transportation—Public transport, taxi, car expenses (10-15%)
- Lifestyle—Entertainment, travel, hobbies (15-20%)
- Others—Personal care, gifts, miscellaneous (10-15%)
Investment Strategies
Age-Based Asset Allocation
| Age Group | Stocks | Bonds | Cash | Strategy |
|---|---|---|---|---|
| 20-30 | 80-90% | 10-15% | 5-10% | Aggressive growth |
| 30-40 | 70-80% | 15-25% | 5-10% | Growth-oriented |
| 40-50 | 60-70% | 25-35% | 5-10% | Balanced growth |
| 50-60 | 40-60% | 35-50% | 10-15% | Conservative growth |
| 60+ | 20-40% | 50-70% | 10-20% | Capital preservation |
CPF Investment Scheme (CPFIS)
- CPFIS-OA—Invest OA funds in approved instruments
- CPFIS-SA—Invest SA funds in unit trusts and ETFs
- Risk Considerations—Potential for higher returns vs guaranteed CPF interest
- Investment Limits—35% of investible savings in stocks, 10% in gold
Healthcare Planning
Medisave and Healthcare Costs
| Healthcare Component | Coverage | Annual Limit | Notes |
|---|---|---|---|
| Medisave | Basic medical expenses | Withdrawal limits apply | Mandatory healthcare savings |
| MediShield Life | Catastrophic illness | $150,000 lifetime | Basic health insurance |
| Integrated Shield Plans | Enhanced coverage | Varies by plan | Private health insurance |
| ElderShield/CareShield | Long-term care | $600-$1,200/month | Disability insurance |
Estate Planning
CPF Nominations
- CPF Nomination—Designate beneficiaries for CPF savings
- Public Trustee—Default distribution if no nomination
- Regular Updates—Review nominations after major life events
- Multiple Beneficiaries—Specify percentage allocation
Will and Trust Planning
- Will Preparation—Document asset distribution wishes
- Trust Structures—Protect assets and provide for dependents
- Lasting Power of Attorney—Designate decision-makers
- Advanced Medical Directive—Healthcare preferences
How to Use the Calculator
To use the Singapore Retirement Planning Calculator:
- Enter your current age and planned retirement age
- Input your current monthly income
- Set your desired retirement income as percentage of current income
- Enter your life expectancy estimate
- Include current CPF account balances
- Add SRS and other savings balances
- Set investment return and inflation assumptions
- Include planned monthly contributions to SRS and other savings
- Click "Calculate" to see your retirement projection
The calculator will show your projected retirement savings, monthly income, and whether you're on track to meet your retirement goals.
Important Considerations
When planning for retirement in Singapore:
- Start Early—Time and compound interest are powerful allies
- Diversify—Don't rely solely on CPF for retirement income
- Regular Review—Adjust plans based on life changes and market conditions
- Healthcare Costs—Plan for increasing medical expenses in retirement
- Inflation Impact—Consider purchasing power erosion over time
This calculator provides estimates based on current Singapore retirement schemes and typical investment returns. Actual results may vary based on policy changes, market performance, and individual circumstances. Always consult with financial advisors for personalized retirement planning advice.
Related calculators: CPF Calculator, Investment Calculator, Singapore Income Tax Calculator