If you're single, chances are you've been told things like:
"You're lucky you don't have to plan for a family!"
"You have more freedom, so retirement should be easy!"
But let’s get real: being single doesn’t mean your retirement plan is on autopilot. In fact, retirement planning as a single in Singapore comes with its own set of unique challenges:
😕 No spousal CPF transfers or shared housing plans
😕 No dual income to fall back on
😕 Full financial independence—whether times are good or bad
That’s why planning early, smart, and intentionally is key. You may be flying solo, but with the right strategies, you can still land smoothly into a comfortable, secure retirement.
Know How Much You’ll Really Need for Retirement
Before we dive into tools and tactics, let's start with a simple truth: you need to know your numbers.
Checklist to Estimate Your Monthly Retirement Needs:
💼 Basic Living Expenses: Food, transport, utilities, phone bills
📈 Inflation: Add 2–3% annually to account for rising costs
The RealityIf you expect to retire at 65 and live till 85, that’s 20 years of retirement to fund. At $2,000/month, that’s nearly $500,000, and that’s without inflation!
Maximise Your CPF and Tap on Tax-Saving Schemes
CPF LIFE is your backbone for retirement income in Singapore, especially if you're single.
CPF LIFE
CPF LIFE provides a monthly payout for life once you hit payout eligibility age.
The more you top up your Special Account (SA) or Retirement Account (RA) early, the more your monthly payouts will grow.
Top ups
Start topping up your Special Account in your 30s–40s while enjoying up to $8,000 in tax relief per year.
Consider joining the Escalating Plan under CPF LIFE if you expect rising expenses.
TheSRS (Supplementary Retirement Scheme)
The SRS is a voluntary scheme that offers:
☑️ Tax relief of up to $15,300/year (for Singaporeans/PRs)
☑️ Flexibility in investment options
☑️ Partial withdrawals penalty-free from age 63
💡 Pro TipCombine CPF LIFE (for guaranteed payouts) with SRS (for tax relief and growth) for a more flexible retirement plan.
Build an Investment Portfolio That Pays You Back
Relying on CPF alone might not be enough to maintain your desired lifestyle.
When you're single, your investments play a key role in shaping your retirement lifestyle. Without a second income or shared financial responsibilities, it's even more important to ensure your money works harder for you.
Your investment strategy as a single should include 3 key elements:
Passive Income Sources That Support You for Life
Passive income is your financial safety net—money that comes in even when you stop working. Some popular options include:
✅ Dividend-paying stocks – Companies that share profits regularly with investors
✅ REITs (Real Estate Investment Trusts) – Earn rental income without owning property directly
✅ Annuities – Provide fixed monthly payouts in retirement, much like a self-made pension
The Right Investment Strategy
How you invest matters just as much as what you invest in.
Two common strategies:
📆 Dollar-Cost Averaging (DCA)
☑️ Method: Invest a fixed amount regularly (e.g. monthly), regardless of market conditions
☑️ Benefit: Smooths out short-term volatility
☑️ Who it’s suitable for: Ideal for new or cautious investors
💰 Lump Sum Investing
☑️ Method: Invest a large amount at once
☑️ Benefit: Tends to outperform DCA over the long term (if market conditions are favourable)
☑️ Who it’s suitable for: Best if you have a sizeable bonus or windfall ready to go
💡 Pro tipThere’s no one-size-fits-all. You can even combine both—lump sum for a portion, and DCA the rest to manage risk.
A Buffer
Before diving deep into investing, make sure your financial foundation is solid.
Emergencies don’t come with warning signs. Being prepared means you won’t have to sell your investments at a loss when life throws a curveball.
🛑 Emergency Fund
✅ 6–12 months of essential expenses
✅ Kept in liquid, low-risk accounts (e.g. high-interest savings or money market funds)
✅ Reserved for unexpected events—like job loss, illness, or family emergencies
🔓 Liquidity Matters
Don’t tie up all your money in long-term or locked-in investments. Ensure part of your portfolio is easily accessible without penalties, especially if you’re planning big purchases or might need flexibility.
Protect Yourself with the Right Insurance Coverage
Being single also means you're your own safety net—so insurance isn’t optional.
Without a spouse or children to rely on, your coverage ensures you maintain dignity, independence, and access to quality care if something happens.
Must-Have Coverage:
✅ Integrated Shield Plan: For hospitalisation beyond MediShield Life
✅ CareShield Life: Offers payouts if you’re unable to perform daily activities
✅ Disability Income Insurance: Replaces lost income if you can’t work due to illness/injury
✅ Critical Illness Insurance: Helps cover costs of treatment and recovery
Take Control of Your Legacy with Proper Estate Planning
Even if you don’t have dependents, your assets still need direction.
Key Documents to Put in Place:
☑️ Will: Decide who inherits your assets (friends, siblings, causes you care about)
☑️ Lasting Power of Attorney (LPA): Appoint someone you trust to make financial and medical decisions if you lose mental capacity
☑️ Advance Medical Directive (AMD): Specify your preferences on life-sustaining treatment
☑️ CPF Nomination: CPF doesn’t follow your will—be sure to submit your nomination separately
You May Be Planning Solo—But You Don’t Have to Do It Alone
Being single just means your plan needs to be customised, not complicated.
Whether it’s choosing the right insurance, building investments, or setting up your CPF top-ups, you can create a future that gives you freedom, peace of mind, and confidence.
Work with a trusted consultant who understands your situation and can help you build a plan that works for you. Start early, stay consistent, and secure the retirement you deserve—on your own terms.
The views expressed in this media do not necessarily reflect the views of PFPFA Pte Ltd (“PFPFA”). The information provided herein is intended for general circulation and not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use will be contrary to local laws or regulation. You should also note that the information presented does not have regard to the specific investment objectives, financial situation or the particular needs of any specific individuals; and therefore, may not be appropriate to your individual needs. You should seek the advice of your financial adviser representative or a professional before making any commitment to purchase or invest in any investment product.
Estate planning services is provided by PFP Legacy Singapore, a sister company of PFPFA Pte Ltd. Estate planning and/or will-writing services are non-financial advisory services and thus are not regulated under the Financial Advisers Act.
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