Retirement Planning Services
Planning your retirement is one of the most important financial decisions you can make. As we all live longer and healthier lives, it has become increasingly important to adequately plan for our retirement, ensuring we are able to enjoy our later years.
Planning Your Retirement
At Progeny we provide comprehensive retirement and financial planning services tailored to the unique needs of individuals living in Singapore.
Retirement can be a thrilling new chapter in life, filled with opportunities to travel, pursue hobbies, and create new moments with family and friends. However, if you postpone planning until later in life, you might find that your retirement savings fall short of the amount that would enable you to live the retirement you desire.
It’s essential to strike a balance between enjoying the present and securing your financial future. By consulting a financial planner, you can create a solid strategy that ensures you can enjoy today while confidently preparing for tomorrow’s adventures.
A retirement planner in Singapore will work with you to create a tailored retirement plan. They will guide you on your path to your ideal retirement.
This involves cash flow modelling, and careful planning, especially surrounding taxation. Careful consideration will be given to issues like income tax limits and double taxation for people with assets in different countries.
Combining guidance and support from Progeny’s Corporate Legal team, Private Legal team and Wealth Management team, we are able to provide truly holistic support.
With teams across the UK and overseas we can help support you at any stage of your planning process.
Preparing your retirement plan
Planning for retirement is a personal process. It is important to think about your own situation, finances and long-term goals. Talking with a qualified expert will help you create a retirement plan that fits your needs.
Our team of retirement advisers will carefully look at key factors that affect your future. We will consider your current age, the age you want to retire, your average earnings and any expected changes in your income. Your health status is also important because it can greatly impact your retirement plans and expenses.
We will discuss your lifestyle choices and dreams for retirement, so whether you want to travel, take up new hobbies, or spend more time with family, our advisers will work with you to include these goals in your financial plan.
Our objective is to create a robust plan that matches your vision of retirement and prepares you for any challenges the future may bring. By taking a comprehensive approach, we help ensure you are ready to enjoy the retirement you want.
Saving for retirement
Regardless of whether you’re just starting your career or approaching retirement, there are effective ways to maximize your pension potential and increase the value of your retirement accounts. However, the best time to start is always now.
Increasing your workplace or personal pension contributions can offer a substantial boost to your retirement savings. Singapore citizens and permanent residents are eligible for tax relief on contributions made to the Central Provident Fund (CPF) or an approved pension/provident fund such as a The Supplementary Retirement Scheme (SRS).
Retiring In Singapore
One of the first steps to your retirement plan will be deciding on where you would like to live during retirement, whether that be in Singapore or elsewhere. Either way, we can help you to develop a comprehensive plan with a long-term financial strategy behind it which is matched to your financial goals.
Retirement Planning For Expats
Living and working overseas adds an extra layer of complexity to anyone’s life. To help expats make the most of their time abroad, our team of expert planners in Singapore can help guide you through your options, making sure your plans are on track no matter when, or if, you decide to return home.
Preparing for retirement
The most important factor to consider is how you want your retirement to look, both financially and personally. As with all decisions regarding retirement planning, it is important to seek professional advice, to ensure that you make the correct decisions for your circumstances.
Please Note
Tax rules, levels and regulations are subject to change and the availability of tax reliefs will depend upon individual circumstances.
This communication is not investment advice. The value of investments and income from them is not guaranteed, can fall, and you may get back less than you invested. Your capital is therefore always at risk. Past performance is not a guide to future performance. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying.
Frequently Asked Questions
Singapore doesn’t have a specific retirement visa to enable overseas workers to retire there. However, if you have achieved Permanent Residence (PR) or Citizenship status in Singapore, you can make it your home during retirement.
With many people now living longer, you need to ensure that your retirement years are sufficiently financed. If you plan to retire at or around the traditionally ‘expected’ retirement age, the impact on your pensions and savings could be significant. Although a shift in attitudes may come as UK State Pension ages extend, it’s a fact that longer life expectancy will certainly need to be considered when it comes to any planning. And it’s no surprise that for many, the State Pension will barely be adequate.
In Singapore the current retirement age is 63, however this due to be increased to 64 in 2026.
A retirement abroad has been popular among British retirees – with a return home to the UK after time in a sunnier, warmer climate such as one of the Mediterranean hotspots. With global travel more accessible and technology providing a reliable link home, other more contemporary, further afield destinations are now also an option.
No matter where you choose to retire, it is important to take advice from international experts to ensure that your tax and financial affairs are properly structured. This will then leave you free to enjoy the exciting lifestyle on offer.
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