Private annuity plans and schemes such as a housing lease buyback programme can help supplement income.
By 2050, 34.2% of the Singapore population will be 65 years old or older, according to the World Social Report 2023 from the United Nations.
Ageing is gathering pace in Singapore. By 2050, it will join Japan, Hong Kong and South Korea as economies in Asia with a large share of people aged 65 or older, according to the World Social Report 2023 from the United Nations. At the same time, the proportion of citizens aged 65 and above rose to 19.1 per cent as at June 2023, from 11.7 per cent in 2013.
Singaporeans have some safety nets to ensure a basic standard of living post-retirement, said Mr Christopher Gee, deputy director and senior research fellow at the Institute of Policy Studies in the Lee Kuan Yew School of Public Policy at NUS. An individual can also use his MediSave for family members, including his spouse, children, parents and grandparents.
Dr Joelle Fong, an assistant professor at the Lee Kuan Yew School of Public Policy, said there are private annuity plans from the insurers to increase one’s monthly income in retirement. Under the scheme, Housing Board home owners who are 65 years old or older can sell part of their flat’s lease to HDB, with the proceeds going first towards topping up their CPF Retirement Accounts to the Basic or Full Retirement Sum.
Said Mr Gee: “The CPF retirement financing scheme is too tied up with housing finance. We use our CPF to pay for housing and that, at the moment, is probably too much of a diversion.”
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