Retirement Calculator (Singapore)

Estimate the savings you'll need for retirement, your current shortfall, and how much to set aside each month — with CPF LIFE income taken into account.

What you'll need

• Current age and target retirement age
• Expected monthly spending in retirement
• Years of retirement income to plan for
• Current savings/investments
• Return and inflation assumptions

How it works

A simple starting estimate is monthly spending × 12 × retirement years, expressed in today's dollars. CPF LIFE provides lifelong monthly payouts from your payout-eligibility age; the rest is the gap you fund through savings and investments.

Three moving parts drive the estimate. First, the target: expected monthly spending over your planned retirement years. Second, lifelong income: CPF LIFE annuity payouts, from the payout-eligibility age of 65 for life — deferrable to as late as 70 for a higher monthly payout. Third, the gap: whatever CPF LIFE and other income does not cover comes from savings, investments or SRS withdrawals.

The size of a CPF LIFE payout depends mainly on how much is set aside in the Retirement Account at 55. For members turning 55 in 2026, the Basic Retirement Sum is $110,200, the Full Retirement Sum is $220,400 (2 × BRS) and the Enhanced Retirement Sum is $440,800 (4 × BRS). Retirement Account savings earn an interest floor of 4%, and members aged 55 and above earn extra interest of an additional 2% on the first $30,000 of combined balances and 1% on the next $30,000. Since 19 January 2025, the Special Account is closed for members aged 55 and above. From age 55, CPF savings above the applicable retirement sum may be withdrawn.

Those balances are built by monthly contributions while you work. For Singapore Citizens and third-year-plus PRs aged 55 and below, the combined rate is 37% of wages (20% employee + 17% employer), up to the $8,000/month Ordinary Wage ceiling (from 1 January 2026) and a $102,000 annual salary ceiling. The rate steps down with age — 34% for 55–60, 25% for 60–65, 16.5% for 65–70, 12.5% above 70 — so balances compound fastest earlier in a career. OA savings earn 2.5%; Special, MediSave and Retirement Account savings earn a 4% floor.

Outside CPF, the Supplementary Retirement Scheme (SRS) is capped at $15,300 a year for Singaporeans and PRs ($35,700 for foreigners), within the $80,000 overall personal relief cap. Withdrawals at or after the prescribed retirement age are only 50% taxable and can be spread over up to 10 years; early withdrawals are 100% taxable plus a 5% penalty — so SRS behaves differently from ordinary savings in a retirement plan.

Current Singapore rules

Worked example

Spending $3,000/month for 25 years ≈ $900,000 in today's dollars (before inflation and investment growth). If CPF LIFE covers ~$1,780/month, the income you must fund yourself drops accordingly.

Step by step, with the Full Retirement Sum set aside:

1. Target: $3,000 × 12 = $36,000 a year; × 25 years = $900,000 in today's dollars.
2. Lifelong income: the FRS of $220,400 (2026 cohort) gives an illustrative CPF LIFE payout of ~$1,780/month from 65 on the Standard Plan.
3. Monthly gap: $3,000 − $1,780 = $1,220/month to fund yourself.
4. Gap over 25 years: $1,220 × 12 × 25 = $366,000 — far less than $900,000, which is why counting CPF LIFE before sizing a savings target matters.

This simple version nets off inflation and returns; the calculator applies both year by year.

Payout choices at a glance

Common mistakes

• Mixing today's dollars with future dollars. Many people overlook that today's $3,000/month of spending power needs a larger nominal amount decades from now.
• Ignoring CPF LIFE entirely. That overstates the gap — in the example above, by more than half.
• Assuming CPF LIFE alone is enough. The opposite error: at the FRS, the illustrative ~$1,780/month covers only part of a $3,000/month lifestyle.
• Forgetting contribution rates fall with age. CPF inflows drop from 37% of wages to 25% between 60 and 65, so late-career catch-up plans built on early-career rates can be optimistic.
• Treating SRS like a regular account. Early withdrawals are 100% taxable plus a 5% penalty.
• Planning to a fixed lifespan. CPF LIFE pays for life, but self-funded savings only last as long as the years you planned for.

How the calculator helps

The retirement calculator models exactly these mechanics: it takes your age, target retirement age, expected monthly spending and current savings, layers in a CPF LIFE payout estimate, and applies your return and inflation assumptions year by year. It then shows the total needed, your shortfall, and the monthly amount to set aside — in today's purchasing power. Change one assumption and every figure updates, making it easy to test how sensitive your plan is.

Important assumptions

• Figures in today's purchasing power unless stated
• Return, inflation and lifespan are user assumptions, not guarantees
• Withdrawals modelled level in nominal terms

Cases not fully modelled:

• Detailed tax on investment income
• Lumpy expenses (e.g. medical events)
• Property downsizing or rental income unless entered

Official sources and verification

• CPF Board — CPF LIFE monthly payouts
• CPF Board — Retirement sums (BRS / FRS / ERS)
• MoneySense (MAS) — national financial education programme

Direct links to the relevant official pages. Rules and rates change; last checked 21 July 2026. Always confirm against the official source.

Frequently asked questions

Related calculators