💰 “Earn like a boss, save like a pro, invest like a queen, and retire like a tai-tai.” 💰
When it comes to financial planning, women in Singapore face unique challenges and opportunities.
Longer Life Expectancy – Women tend to outlive men, meaning they need more savings to sustain a longer retirement. Without proper planning, they risk outliving their wealth.
Career Breaks & Income Gaps – Many women take time off for caregiving, leading to lower CPF contributions and lost career opportunities. This can impact long-term financial stability.
Rising Cost of Living – Inflation and increasing expenses require smart financial strategies to ensure savings keep pace with future needs.
Whether you’re single, married, juggling a career, or planning for retirement, taking charge of your financial future is crucial.
1. Know Your Financial Position (Don’t Just Agar-Agar!)
Start by understanding your income, expenses, savings, and investments. It’s like knowing your credit card balance before tapping for that bubble tea—better to plan ahead than to get a shock when the bill arrives!
2. Insurance: Your Financial Umbrella for Rainy Days
Singapore’s unpredictable weather is a great analogy for life—one moment it's sunny, the next moment a heavy downpour! Just like carrying an umbrella, insurance is a must-have to protect against unexpected events. Make sure you have:
• Health Insurance: Covers medical bills (Medishield Life is a must, but consider private integrated shield plans too!)
• Critical Illness Insurance: Provides a lump sum if you’re diagnosed with major illnesses
• Personal Accident Insurance: Covers you in case of unexpected injuries
• Life Insurance: Ensures your loved ones won’t struggle financially if something happens to you
3. Emergency Fund: Your ‘Boh Bian’ Money
Life is unpredictable—just like when your credit card transaction gets declined due to insufficient funds! Set aside 3 to 6 months' worth of expenses in an easily accessible savings account. This fund will be your safety net if you lose your job, have a medical emergency, or need urgent repairs (like when your aircon dies in the middle of a heatwave!).
4. Retirement Planning at Different Life Stages
Women in Singapore have different financial needs at various points in life. Here's how to plan smartly:
Early Career (20s to Early 30s) – Just Starting Out!
• Budgeting and Saving: Live within your means (yes, that means controlling online shopping on 9.9 sales!)
• Emergency Fund: Save first, spend later!
• Insurance Coverage: Basic health and life insurance are must-haves
• Investing: Start small and let compound interest work its magic—think of it as planting money trees!
Mid-Career (Mid-30s to 40s) – Sandwiched Between Work & Family
• Retirement Planning: Ensure CPF and other investments are on track
• Invest Wisely: Don't just leave money in the bank—consider stocks, bonds, and property
• Balancing Responsibilities: Many women juggle work and caregiving, so financial security is key!
Pre-Retirement (50s and Beyond) – Thinking About the Golden Years
• Wealth Preservation: Shift focus to steady income sources like CPF LIFE and annuities
• Healthcare Planning: Rising medical costs? Make sure your insurance is solid!
• Estate Planning: Set up a will and CPF nomination—avoid family disputes like TV dramas!
5. Financial Security: Planning for the Expected & Unexpected
Whether you are managing household expenses, taking a career break, or building wealth for the future, financial security means:
• Continuing to save and invest, no matter the life stage
• Building passive income through dividends, rental income, or side hustles
• Staying financially literate to make informed decisions (hello, MoneySmart articles!)
6. Work with a Financial Planner (One Who Understands Women’s Needs!)
Not all planners are the same.
Look for one who understands issues like career breaks, longer life expectancy, and rising healthcare costs.
It’s like finding a good hairstylist—you want someone who gets YOU!
7. Watch Out for Retirement Pitfalls (Avoid Becoming a ‘Lobang Queen’ in Old Age!)
Some risks to watch out for:
• Inflation: Your $3 chicken rice today may cost $10 in 20 years!
• Healthcare Costs: No Medisave, no talk!
• Longevity Risk: Women live longer, so we need our money to last
8. Get Professional Guidance
If you’re unsure, engage a financial advisor who specializes in women’s financial needs. There are even retirement planning packages designed for Singaporean women, covering everything from CPF optimization to expense analysis.
Final Thoughts
Financial planning isn’t just about having money—it’s about having peace of mind. Take small steps today, and you’ll be able to enjoy retirement without worrying about whether you still want to have that kopi peng at Toast Box!
Start planning today—your future self will thank you! 😊
Disclaimer
The information provided in this article is solely for educational purposes and should not be considered as financial advice. The views, statements and opinions expressed in this article are solely the views, statements and opinions of the presenter made in his/her personal capacity and do not represent the views, statements or opinions of nor are they made on behalf of Infinity FA.
The information contained in this article has been obtained from public sources which Infinity FA has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in this presentation are based on such information and are expressions of belief only. Infinity FA has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in this presentation is subject to change, and Infinity FA shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Infinity FA be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages.
This article is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person.
You should seek advice from a financial adviser regarding the suitability of the investment products mentioned, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products.
Infinity Financial Advisory has policies and procedures in place to eliminate, avoid and manage any potential conflicts of interests that may arise in connection with the production of research reports or analysis. The information presented in this seminar may include references to financial products, securities, or investments. It is important to note that the members of Infinity FA may hold financial interests in the above mentioned investments products and/or have business relationships with any of the subjected companies covered.
This article has not been reviewed by the Monetary Authority of Singapore.
