Retirement age is an important milestone in one’s life, especially in Singapore where the retirement age is steadily increasing. It is a time when individuals can finally enjoy their golden years and reap the rewards of their years of hard work. However, navigating the retirement age, especially when it comes to receiving pension benefits, can be overwhelming and confusing. But fear not, we have gathered all the information you need to know to help you navigate this process with ease.
The retirement age in Singapore is currently set at 62 and is expected to increase to 65 by 2030. But with the rising cost of living and longer life expectancy, many individuals are choosing to retire later in life. This can lead to a dilemma – when is the best time to start receiving your pension benefits?
The answer to this question depends on individual circumstances and retirement goals. Generally, the longer you delay receiving your pension, the higher the payout will be. However, if you have other sources of income and want to enjoy your retirement earlier, you may choose to start receiving your pension benefits as soon as you are eligible.
In addition to knowing when to start receiving your pension benefits, it is also important to understand how to do so. In Singapore, the Central Provident Fund (CPF) is the main source of retirement income for most
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