Planning Your Finances Well

Are Your Planning Your Finances

With so many tips on financial planning out there, it can be hard to ascertain if you are on the right track, especially if you do not have a financial adviser.

To help Singaporeans identify and plug gaps in their finances, the Monetary Authority of Singapore and MoneySense, together with the CPF Board, Association of Banks in Singapore, Association of Financial Advisers (Singapore) and Life Insurance Association, have developed a Basic Financial Planning Guide. It contains rules of thumb to support individuals taking proactive steps to address their savings, insurance, and investment needs at different life stages.

Check out the Guides below that could be more tailored to your needs (also available in Chinese, Malay, and Tamil)!

Basic Financial Planning Guide

For those new to the workforce

  • Young working adult (19 - 29 years old)

For those supporting dependants

  • Starting a family (25 - 34 years old)

  • Supporting aged parents (35 - 59 years old)

  • Have kids and supporting aged parents (35 - 59 years old)

For those approaching retirement

  • Pre-retirees (55 - 64 years old)

  • Retired (65 years and above)

Have questions? Learn more here

More resources on financial planning

Emergency Funds:

Set aside at least three to six months’ worth of expenses

(Read more: Managing your finances)

Protection: Obtain insurance protection for:

  • Death & Total Permanent Disability: 9x annual income

  • Critical illness: 4x annual income

  • Spend at most 15% of income on insurance protection

(Read more: Insurance)

Investments:

  • Invest at least 10% of income for retirement and other financial goals

(Read more: Investments)

Make your will and CPF nomination, and appoint trusted persons

(Read more: Legacy planning)