Have you or your single friends ever bemoaned, “I’ll just die alone”? My own sister jokes all the time about her future as a crazy cat lady living her best life, unapologetically, in her own apartment. But let’s be real: being single in Singapore is far more common (and less lonely) than you might think.
According to the Singapore Department of Statistics, as of 2024, nearly 1 in 5 women aged 35 to 39 (19.6%), 14.7% of those aged 40 to 44, and 14.6% of those aged 45 to 49 are never-married. While these numbers only directly describe women, we can guess that there’s a sizeable group of us navigating adulthood—and retirement—solo.
The upside? There’s plenty of happiness and freedom to be found in single living here. But it does come with unique financial challenges. There’s no one to split bills with, no shared income, and every decision—from housing to healthcare—rests squarely on your shoulders. Yet, you’re also fully in control: you get to decide what your future looks like, and how to shape it.
So, if you’re single and thinking ahead, this guide is for you. Here’s a Singapore-centric roadmap for planning your retirement, designed with the realities (and opportunities) of solo living in mind.
TL;DR – Your solo retirement roadmap
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Why retirement planning is uniquely challenging for singles in Singapore
Planning for retirement is a big deal for everyone, but singles in Singapore face some added hurdles that couples simply don’t. Many of these challenges aren’t just about lifestyle—they’re built into our policies and systems. Here are 3 big reasons why singles in Singapore need to plan differently.
1) HDB rules make it harder to own a home early
If you’re single, you can’t apply for a new HDB flat until you turn 35 (under the Singles Schemes), and even then, your options are limited—usually just a 2-room Flexi flat or a resale unit. Singles also receive smaller government housing grants compared to couples and families. For example, the Enhanced CPF Housing Grant offers higher payouts for families (up to $120,000) than singles ($60,000). This means you may end up paying more for rent while you’re younger or buying on the resale market at a premium, all while shouldering the full cost of the mortgage yourself. Couples, on the other hand, can buy BTO flats together from age 21, enjoy more choices, bigger grants, and share the financial load.
3) Family-focused policies and social support
Many government benefits are designed for those with family ties. Take the Home Caregiving Grant, for example: to qualify, you must be a Singapore Citizen or Permanent Resident and have a parent, child, or spouse who is a Singapore Citizen. This means that singles who don’t have close family in Singapore—such as those who are unmarried with no children or living parents—are not eligible, even if they have genuine caregiving needs.
In other words, singles may have to bear the full cost of hiring help or arranging for care on their own, whereas those with eligible family members can offset these expenses with government support. This is just one way that social support policies can leave singles with a bigger financial responsibility as they plan for retirement and potential eldercare.
3) No shared CPF or retirement safety net
In Singapore, CPF is the cornerstone of retirement savings—but singles can only rely on their own CPF contributions and balances. Unlike couples, who may coordinate withdrawals, top-ups, or even pool resources for retirement, singles have no partner to share CPF payouts or provide a financial backup if their own savings fall short. This means singles need to be extra proactive in building their CPF balances, supplementing with private savings, and ensuring their retirement plans are robust enough to handle unexpected expenses alone.
Of course, there is an upside to living in Singapore. The world-class safety, accessible healthcare, and excellent transport network here make solo living easier than in many places. But the structural realities mean that singles need to be more deliberate and strategic in planning for a comfortable retirement, especially when it comes to housing and long-term financial security. Here’s a 5-step guide to help you.
Step 1: Work out how much you’ll need to retire alone
Before you start saving, you need to know your target. While it’s never too late—or too early—to plan for retirement, about 7 in 10 Gen Zs in Singapore (aged 16 to 28) say they don’t have any plan at all. You don’t want to be part of that statistic, so for starters, here’s how to figure out your number:
- Estimate your monthly retirement expenses.
- Include everything: housing (HDB loan, rent, or resale flat), food (think hawker centres, groceries, occasional restaurant splurges), transport (MRT, buses, or even owning a car if you dream big), healthcare (including MediShield Life premiums and out-of-pocket costs), hobbies, local staycations or short trips to Malaysia, and “just in case” extras (like home repairs or new tech).
- Singles should factor in that you’ll shoulder all costs yourself, with no one to split utilities, conservancy charges, or Grab rides.
- Add a buffer for inflation and unexpected expenses.
- Inflation in Singapore has hit as high as 7.5% in recent years, so consider adding 15–20% on top of your base amount to be safe.
- Annualise your spending:
- Multiply your monthly number by 12.
- Multiply by years in retirement. For example, if you retire at 65, plan for 25–30 years (till age 90–95), since Singaporeans have one of the world’s longest life expectancies.
- Example: $2,000/month × 12 = $24,000/year × 25 = $600,000.
- Use CPF calculators
- Tap on the CPF Retirement Calculator for a tailored projection based on your actual CPF balances. This is especially important for singles as there is no option to coordinate withdrawals, top-ups, or pool resources for retirement with a partner.
Example: If you expect to need $2,200/month (including your HDB mortgage, MediShield Life premiums, and daily kopi at the hawker centre), that’s $2,200 × 12 = $26,400/year × 25 years = $660,000.
Step 2: Maximise your CPF—it matters even more when you’re single
Singapore’s Central Provident Fund (CPF) is the backbone of retirement income for everyone—but if you’re single, it’s your primary (and sometimes only) guaranteed safety net in old age without a partner’s CPF to fall back on. And with only about 1 in 3 Singaporeans believing their CPF savings will be enough for retirement, it really pays to get proactive with CPF planning.
How CPF provides retirement income
When you turn 55, your Ordinary and Special Account savings are combined into a Retirement Account. At age 65, your Retirement Account funds go into CPF LIFE—a government scheme that gives you a monthly payout for life. The higher your balance, the more you’ll receive every month.
How much should singles receive each month in CPF LIFE payouts?
Your CPF LIFE payouts need to stretch to cover 100% of your needs—from housing, healthcare, daily living, and emergencies. It’s vital to aim for CPF LIFE payouts that account for the possibility of outliving peers or not having informal care at home.
Coupled persons might be able to get by with a basic CPF LIFE payout of $930 (based on the current Basic Retirement Sum), supplemented by other investments and financial support from their spouse and children. However, for singles without partners or children to support them, aiming for the Full Retirement Sum (FRS) payout ($1,730) up to the Enhanced Retirement Sum (ERS) payout ($3,330) is a safer option. That means you need between $213,000 to $426,000 in your Retirement Account by age 55.
Couple (per household) | Single | |
CPF LIFE payout | $930 (Basic Retirement Sum) × 2 = $1,860/month | $1,730/month (Full Retirement Sum) |
Other sources | Support from 2 adult children (e.g., $300 each) = $600/month | Usually none (no children/partner) |
Total monthly income | $2,460/month ($1,860 CPF + $600 family support) | $1,730/month (all self-funded) |
Costs shared? | Yes—housing, utilities, food, healthcare split between two | No—must pay all expenses alone |
Tip: Not sure how much you’ll get? Use the CPF monthly payout estimator—and remember, if you’re single, plan for your CPF LIFE payout to cover all your monthly essentials, not just “your half.” Aim for greater financial peace of mind in your golden years.
What should singles do to boost their CPF?
- Voluntary top-ups: Add extra to your Special Account (under 55) or Retirement Account (55+). These top-ups earn a solid interest rate (up to 4% per year) and contribute to you hitting your FRS or ERS.
- Matched Retirement Savings Scheme: If you have less than the Basic Retirement Sum and are 55–70, the government matches top-ups dollar-for-dollar (up to $600/year). If you’re single with lower CPF balances (e.g., after buying your flat solo), this is free money you shouldn’t leave on the table.
- Update your CPF nominations: Singles should ensure CPF nominations are up to date so savings go directly to chosen beneficiaries, not to distant relatives by default.
Step 3: Supplement CPF with other savings and investments
Relying on CPF alone might not give you the retirement lifestyle you want—especially if you’re single, with no partner’s income or investments to fall back on. In Singapore, tools like the Supplementary Retirement Scheme (SRS), along with a well-diversified investment portfolio, can help you grow your savings, reduce your tax bill, and create the kind of retirement you truly want.
Start with SRS and tax-advantaged savings
The Supplementary Retirement Scheme (SRS) lets you put aside up to $15,300 a year (for Singaporeans/PRs) on top of CPF, and enjoy immediate tax relief. Your SRS funds aren’t just for saving—you can invest them in fixed deposits, bonds, unit trusts, and more, allowing your money to grow faster over time. This can be especially useful for singles who want to maximise every dollar and give themselves more options down the road.
Diversify for flexibility and peace of mind
As a single, your investments need to work harder and stay more resilient, since you don’t have a partner’s portfolio to balance out market dips. Prioritise broad diversification—Exchange Traded Funds (ETFs), income funds, and low-cost index strategies—so that one bad call doesn’t derail your entire plan.
Take calculated risks, but build a bigger emergency fund
Singles may have the freedom to pursue higher-risk, growth investments when younger, but should balance this with a larger emergency fund—6 to 12 months’ expenses, not just 3 to 6. With no partner to fall back on, your portfolio and cash reserves need to cover job loss, health setbacks, and long-term care entirely on your own.
Step 4: Plan your housing strategy
Your home is likely your biggest asset—and expense. As a single in Singapore, your housing choices can shape your retirement readiness for decades, and your housing journey comes with unique challenges.
For one thing, you can’t buy a new HDB flat until age 35, and then only under the Singles Scheme (mostly 2-room Flexi or resale flats). For another, every cost—from mortgage to maintenance to property tax—comes out of your pocket alone. You’ve got to be realistic about what’s affordable on a single income. Here are 2 big factors to consider.
ALSO READ: How to Apply for an HDB Flat as a Single (and Tips to Get It Right)
Plan if and when you should buy, rent, or right-size
Whether you’re eyeing your first flat, considering renting for flexibility, or thinking about downsizing later in life, weigh your options carefully.
- Owning a home means stability and the house itself becomes a financial asset, but it also comes with big commitments: mortgage repayments, maintenance, and property taxes.
- Renting offers flexibility, but you’ll need a reliable income stream for the long term, and the rental you pay is not going towards property ownership for you.
If you have limited income or are below the age of 35 now, you could always rent and work towards being able to afford buying a home later on. However, if you can afford it and are eligible, buy a home as early as possible to give yourself the opportunity to have more property cycles of buying and selling.
With each iteration of buying and selling, you can upgrade your home—this is a pro tip that a realtor told me once. Even if you don’t need a big home in your golden years, owning one gives you the option to sell it and use the money on your own needs and wants during your retirement.
Map out how your property affects your retirement savings
Using CPF for your home leaves less for retirement. With no partner’s CPF to supplement yours, the trade-off is sharper. Decide how much CPF you can use for housing and still feel secure about your retirement payouts, plus how you’ll top up your retirement savings along the way. Use CPF’s Home Purchase Planner to give you an idea of how much you can afford to spend on a house and how much you’ll have left for retirement.
Pro tip: Future-proof your home for solo living—think accessibility, proximity to amenities, and lower maintenance needs as you age.
Step 5: Protect yourself with insurance and estate planning
When you’re single, protecting yourself goes beyond just saving money—you need a robust backup plan for life’s “what ifs,” especially when there’s no spouse or children to rely on.
What insurance should singles consider?
Look into retirement insurance like CareShield Life, which provides monthly payouts if you’re severely disabled and need help with daily activities. As a single, this can be essential for covering caregiving or medical costs if you don’t have family support. Private disability or critical illness coverage is also wise—without someone to share expenses or care duties, you’ll want the peace of mind and financial security these policies offer.
Why is estate planning so important for singles?
With or without a spouse or children, it’s vital to spell out your wishes clearly.
- Will: Decide who inherits your assets and how they’re distributed.
- CPF nomination: Make sure your CPF savings go directly to your chosen loved ones.
- Lasting Power of Attorney (LPA): Appoint someone you trust—whether a friend, relative, or professional—to make decisions on your behalf if you’re unable to. With no “default” next of kin, this is crucial for singles.
Taking these steps means you—and the people you care about—are protected, whatever happens. Read more about estate planning.
Conclusion
Planning for retirement as a single in Singapore means you’re fully in the driver’s seat. By working out your numbers, making the most of CPF, building up your own investments, being strategic about housing, and protecting yourself with the right insurance and paperwork, you’re not just reacting to circumstances—you’re shaping your own future.
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This article was first drafted with the help of AI and later reviewed and refined by the author.
