How insurance and investing can better prepare you for retirement

Many people worry about their retirement. A recent survey by insurance firm Prudential found that 20 per cent of Singaporeans foresee a delay in their retirement age to 64 years old. Out of 1,000 respondents, close to half in the 25 to 34 age group felt unprepared.

While it is natural to rely heavily on your Central Provident Fund (CPF) to fund your golden years, it’s also crucial to consider other sources of income. For context, CPF Life, a scheme that pays out a regular income, pays out around S$790 to S$850 per month if you set aside close to S$150,000 in your retirement account at age 65.

But with the escalating cost of living due to the highest core inflation in 13 years, you’ll need to tap alternative sources of income once you stop working.