Retiring in Singapore: a complete guide
Find out why Singapore is a desirable retirement destination, including the pros and cons and the financial implications.
Summary
The average cost of retirement in Singapore is at least S$1,490 per month for a single person, excluding housing.
As of Q1 2024, the average price per square foot for condominiums in Singapore was S$1400.
Singapore's retirement age is 63 and is gradually set to increase to 65 by 2030.
Finding a financial advisor can help you plan for a successful retirement.
What are the pros and cons of retiring in Singapore?
An island state in southeast Asia, Singapore is a popular destination for expats, young and old. However, choosing to retire in Singapore is a major life decision, so it is important to be aware of the pros and cons.
Pros
Safety: Low crime rate and stable political environment.
Healthcare: World-class facilities and skilled professionals.
Clean environment: Meticulously clean with ample green spaces.
Efficient transport: Extensive, affordable public transportation network.
Cultural diversity: Diverse cuisine, traditions, and festivals.
Thriving economy: Opportunities for part-time work or volunteering.
English-speaking: English is widely spoken, easing communication.
Cons
High cost: Expensive housing, food, and daily expenses.
Strict laws: Singapore has a number of strict laws and regulations that its inhabitants must follow.
Limited space: Crowded areas due to high population density.
Hot and humid: Constant warm weather may be uncomfortable.
Work-oriented: The fast-paced lifestyle may be difficult to adjust to.
What are the best places to retire in Singapore?
Emigrating to Singapore affords individuals plenty of choices of where to settle.
Although the country is only half the size of Rhode Island, it has plenty of desirable yet densely populated areas.
These are the best places to retire in Singapore:
Tiong Bahru: This neighborhood has historic charm with modern amenities, trendy cafes, and boutique shops.
Holland Village: This laid-back expat enclave boasts a vibrant social scene and diverse dining options.
East Coast: This is a tranquil coastal area with scenic parks, beaches, water sports, and a variety of restaurants.
Sentosa: This island resort offers retirees beaches, golf courses, theme parks, and a luxurious lifestyle.
Bukit Timah: This upscale residential area is known for lush greenery, nature reserves, and a tranquil atmosphere.
What age can you retire in Singapore?
In Singapore, the retirement age is 63, increasing to 65 by 2030.
Re-employment is offered up to age 68, potentially rising to 70 by 2030.
Retirees can benefit from CPF LIFE payouts, Silver Support, mobility funds, healthcare packages, and senior discounts.
What is the average cost of retirement in Singapore?
The average cost of retirement in Singapore is high, requiring at least S$1,490 per month for a single person, excluding housing.
Factors like expensive property, imported goods, private healthcare, and lifestyle choices contribute to the high costs.
Despite this, Singapore remains attractive due to its quality of life, but retirees need a substantial nest egg and careful financial planning.
Do you pay taxes after retirement in Singapore?
Retirement benefits in Singapore are generally taxable, but some exemptions apply.
Foreign pensions and investment income may also be subject to tax.
What programs are there for emigrating to Singapore?
Singapore doesn't have specific retirement visas, but retirees can explore options like the Employment Pass, EntrePass, Personalised Employment Pass, Global Investor Programme, or family sponsorship.
Each pathway has specific requirements, often involving financial means or establishing a business to emigrate to Singapore successfully.
What visas do I need to retire in Singapore?
As mentioned, retirees can explore several pathways to permanent residency.
These include the Employment Pass for professionals with job offers, EntrePass for entrepreneurs, Personalised Employment Pass for high earners, Global Investor Programme for high-net-worth individuals, and family sponsorship for those with relatives who are Singaporean citizens or permanent residents.
What are my healthcare options in Singapore?
Singapore offers excellent healthcare for retirees, with both public and private options.
Public healthcare is subsidized but may have longer waiting times, while private options offer more flexibility but are more expensive.
Retirees should ensure adequate health insurance coverage.
Is it safe to retire in Singapore?
Yes, Singapore is exceptionally safe for retirees, boasting low crime rates, efficient law enforcement, well-lit streets, and safe public transportation.
What is the housing market in Singapore?
The housing market in Singapore is known for its high prices and limited land availability.
Both renting and buying property in Singapore can be a significant financial commitment.
As of Q1 2024, the overall average price per square foot for housing was around $1,400.
| Location | Average house price |
|---|---|
| Core Central Region | $2,214,000+ |
| Rest of Central Region | $1,474,000 - $2,213,999 |
| Outside Central Region | $1,106,000 - $1,473,999 |
What happens to my retirement benefits if I retire in Singapore?
Retirement benefits in Singapore are generally taxable, with potential exemptions depending on accrual time and type.
Foreign pensions and investment income may also be taxed.
Retirement savings and Social Security benefits from abroad can be used in Singapore, but it's recommended to seek financial advice on potential tax implications.
Is Singapore a good place to retire?
Singapore is appealing for retirement due to its safety, healthcare, and modern lifestyle, but high costs and strict laws are drawbacks.
It's a good fit for those who value quality of life and have substantial savings but less ideal for those seeking a more affordable and relaxed lifestyle.
Get expert financial advice
Retiring in Singapore is expensive, and the costs of living are high. However, Singapore has exceptional health services and is extremely safe, making it a very appealing option for those who are financially secure.
Unbiased can match you with a financial advisor who can offer expert retirement advice and help you set yourself up for a successful, financially stable retirement.
Writers
Our team of writers, who have decades of experience writing about personal finance, including investing and retirement, are here to help you find out what you must know about life’s biggest financial decisions.