Pensions, also known as retirement plans, are an important aspect of financial planning and security in Singapore. As the cost of living continues to rise and life expectancy increases, having a reliable source of income during retirement has become crucial. In this guide, we will break down everything you need to know about pensions in Singapore, from the different types available to the eligibility requirements and the payout options.

There are several types of pensions available in Singapore, with the most common ones being the Central Provident Fund (CPF) and Supplementary Retirement Scheme (SRS). The CPF is a mandatory savings scheme for working Singaporeans, while the SRS is a voluntary retirement savings program for individuals who wish to contribute more towards their retirement. Both schemes offer tax incentives and a decent return on investment, making them popular choices for retirement planning. Singapore also has the ElderShield and MediShield Life schemes, which provide coverage for long-term care and medical expenses respectively.

To be eligible for pensions in Singapore, individuals must meet certain criteria such as being a citizen or permanent resident, and meeting the age and employment requirements. The payouts from pensions can be received in various forms, such as monthly income streams or lump sum withdrawals. It is important to carefully consider the different options and understand their implications before making a decision. Furthermore, it is recommended to regularly review and adjust your pension plans according to your changing financial goals