According to the Department of Statistics Singapore, life expectancy for Singaporeans is 83.9 years (2022).1 What if you live longer than average? Have you set aside enough for your lifestyle of choice in your retirement years?
Start planning for your retirement as early as possible so you have more time to prepare for the lifestyle you want in your golden years.
The Life Insurance Association (LIA) of Singapore recommends2:-
Some ways to supplement your CPF Life payouts are:-
Medical coverage is even more critical in our retirement years, and the rising cost of healthcare could affect your retirement plans.
Old age often increases the risk for certain illnesses such as osteoporosis, a stroke, heart attack, diabetes, and cancer.
Having a comprehensive medical insurance cover is a must in your retirement years as medical cost can be a financial strain for many elderlies. Without worrying about medical costs, you can live comfortably,stress-free in your golden years without burdening your loved ones.
You should consider enhancing your MediShield Life with an Integrated Shield Plan to ensure sufficient medical coverage in your retirement years.
Features of Integrated Shield Plan:
Being ready for the unexpected is priceless. Acquiring Long Term Care minimizes the financial risks of becoming a burden when you are severely disabled.
Long Term Care Insurance provides you with financial support should you lose your physical capabilities to perform stipulated activities of daily living (ADLs). These activities include washing, toileting, feeding, dressing, moving around, and transferring from your bed to a wheelchair. Enhancing Long Term Care provides greater financial assurance in the unfortunate event that you become severely disabled.
All Singaporeans and PRs born in 19803 or later are automatically enrolled into CareShield Life as their long-term care insurance scheme. However, enhancing the basic CareShield Life is recommended to receive additional benefits.
Features of Long Term Care Plan Supplements:
1Department of Statistics, Singapore. (2022, February 1). Death and Life Expectancy. DOS | SingStat Website. Retrieved July 15, 2022, from here.
2Life Insurance Association (LIA) Singapore. (n.d.). RETIREMENT. Life Insurance Association (LIA). Retrieved July 15, 2022, from here.
3Ministry of Health, Singapore. (2022, June 30). CareShieldLife. CareShieldLife. Retrieved July 15, 2022, from here.
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