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Retirement planning pension nest egg personal finance and savings

Are you a novice, moderate or experienced retirement planner? Take this quiz and find out

So, you think you are planning well for your retirement?

Retirement planning: How well prepared are you?

When it comes to planning for retirement, you are never too young to start. The sooner you have a retirement plan in place, the more likely you are to achieve the post-retirement lifestyle you deserve. Take our quiz to find out how prepared you may be for the retirement lifestyle you aspire to have.

1. How much money do you think you’ll need for retirement?

A: $200,000

B: $400,000

C: $600,000

Expert tip! Retirement age in Singapore is 62 and life expectancy is 83.1 years. That means, on average, you’ll need enough money to fund 21 years of living expenses. You do the math!

2. What is your investment risk profile?

A: Aggressive – You seek to achieve significant capital growth on your investments and you are willing to take significantly high levels of investment risks.
B: Moderate – You seek to achieve moderate level of capital growth on your investments and you are willing to accept moderate levels of investment risk over the medium and long term (up to 3 years).
C: Conservative – You seek to achieve above deposit rate returns and protect your capital against inflation. You are willing to accept very low levels of investment risk over the medium term (up to 2 years).

Expert tip! When you’re young, you may want to consider taking an aggressive investment approach. This comes with greater risk but offers better returns, and you have plenty of time to recover from market downturns. However, as you move closer to retirement age, consider switching to a more conservative approach.

  1. What percentage of your gross salary do you contribute to your CPF account, over and above the mandatory contribution?

A: 0-5%

B: 5-10%

C: More than 10%

Expert tip! Personal  contributions to your retirement savings under the Retirement Sum Topping-up (RSTU) scheme are  eligible for tax relief of up to S$7,000 per calendar year.

  1. How much money do you currently have in your Ordinary Account (OA) and Special Account (SA)?

A: I don’t know

B: Less than S$20,000 in OA; less than S$40,000 in SA

C: More than S$20,000 in OA; more than S$40,000 in SA

Expert tip! If you have more than S$20,000 in your OA and/or more than S$40,000 in your SA, you can choose to invest your savings via the CPF Investment Scheme (CPFIS) to enhance your retirement portfolio.

  1. What percentage of your gross salary do you set aside for the Supplementary Retirement Scheme (SRS)?

A: 0-5%

B: 5-10%

C: More than 10%

Expert tip! Contributions made to your SRS are eligible for tax relief and investment returns from SRS are tax-free before withdrawal. Also, only 50% of the withdrawals from your SRS at retirement are taxable.

  1. What types of long-term savings plan or investments do you have in place outside of your CPF and SRS?

A: None

B: A term deposit or savings account

C: A diversified investment portfolio

Expert tip! Diversification is key to building a strong investment portfolio. You can choose to have a portfolio comprising a range of asset classes, including cash, bonds, stocks and property.

Mostly As – The Novice Planner

Okay, maybe you’ve been too busy enjoying life to start thinking about retirement. But it’s never too soon, or too late, to start planning for your future financially. Start making personal contributions to your CPF and consider participating in the CPFIS when you have the necessary funds in your OA and SA. Also, get your investment portfolio started so you can take advantage of compounding interest. Speak to one of Standard Chartered’s expert advisors about your retirement planning options.  

*Remember, this quiz is just for fun. If you would like to have a better understanding of your retirement planning options, we can help to arrange a session with our financial advisor, who will help you identify your investment profile and recommend the types of retirement planning options available. Chat with us now

Mostly Bs – The Moderate Planner

You understand how much money you’ll need for retirement and have some solid plans in place to achieve your goals. You’re likely already making contributions to your CPF and may also be participating in the CPFIS. However, there’s still room to grow your money. Consider diverting some funds into the SRS, and focus on diversifying your investment portfolio to supplement your CPF savings. To find out how to optimise your retirement plan, speak to a member of our team today.

*Remember, this quiz is just for fun. Chat with us now to connect to a financial advisor, who can advise you on your retirement planning options.

Mostly Cs – The Experienced Planner

Congratulations! You’re on track to enjoy a secure and comfortable retirement. Keep your CPF and SRS contributions high as you approach retirement age and keep a close eye on your diversified investment portfolio to ensure you’re limiting your risk. If you’re looking for fresh ideas to maximise your savings and investment portfolio, speak to a member of our team today.

*Remember, this quiz is just for fun. Chat with us now to connect to a financial advisor who can advise you on your retirement planning options.

This quiz is brought to you by Standard Chartered Bank (Singapore) Limited. All information provided is for informational purposes only.

Disclaimer:

This article is for general information only and it does not constitute an offer, recommendation or solicitation to enter into any transaction. This article has not been prepared for any particular person or class of persons and it has been prepared without regard to the specific investment or insurance objectives, financial situation or particular needs of any person. You should seek advice from a licensed or an exempt financial adviser on the suitability of a product for you, taking into account these factors before making a commitment to purchase any product. In the event that you choose not to seek advice from a licensed or an exempt financial adviser, you should carefully consider whether the product is suitable for you. You are fully responsible for your investment decision, including whether the Online Equities Trading service is suitable for you. The products/services involved are not principal-protected and you may lose all or part of your original investment amount.

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