Retirement should be a time to enjoy life without financial stress. However, many retirees find that increasing their pension income is necessary to keep up with rising costs or to support a desired lifestyle. Whether you’re looking to supplement your existing pension or explore ways to make the most of your savings, OldSG is here to provide practical, effective guidance on how to increase the pension.
Here are several practical strategies for how to increase the pension, each tailored to help you boost your retirement income in sustainable ways. OldSG’s advisors can help you explore each option based on your financial needs, goals, and risk tolerance.
The longer you wait to start receiving CPF Life payouts (up to
the maximum allowed age), the higher your monthly income will
be. This strategy works well for those who have other income
sources and can afford to delay.
Top-Up Your CPF Retirement Account: Making voluntary top-ups to your CPF Retirement Account can
increase the funds available in CPF Life, leading to higher
monthly payouts. Top-ups also come with potential tax benefits,
making this a smart way to grow your retirement income.
Consider offering consulting services or mentoring in your
field. This can be a flexible way to earn additional income
while sharing your expertise.
Pursue Your Passions: Many retirees enjoy freelancing in creative fields, such as
writing, photography, or crafting. These activities can be both
rewarding and profitable.
Remote and online job opportunities, from virtual assistance to tutoring, offer flexible ways to earn income without leaving your home.
If you own property, renting it out can provide a substantial income stream in retirement. Whether you have a spare room, an entire property, or plan to downsize and rent out your home, rental income can be an effective way to increase your pension.
Invest in a Retirement Annuity
A retirement annuity provides guaranteed income for a specified
period or for life, making it a stable option for retirees who
want predictable payouts. Annuities can complement CPF Life
payouts,
providing extra income and security.