Many Singaporeans rely on the Central Provident Fund as their main source of savings for retirement.
Many have found it to be inadequate. In 1999, only one-third of people reaching age 55 had sufficient savings to meet the Minimum Sum of $60,000. The Minimum Sum has now been raised to $99,600. This is only sufficient to meet the very basic cost of living in Singapore.
For a more comfortable standard of living, you need at least two times of this Minimum Sum.
Let me share eight tips with you on how you can get adequate savings for your retirement.
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