Essential Retirement Moves to Make in Your 20s and 30s. (2017 Update)

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on May 22, 2018

Essential Retirement Moves to Make in Your 20s and 30s. (2017 Update)

KEYWORD PHRASES: Saving for retirement in your 20s 


When you are young, the tendency to spend a lot and enjoy life is quite common, and prudence tends to take a backseat. In the prime of our youth, we forget that we will not stay young for a very a long time. We won’t be in a condition to work for the rest of our lives. And at that point you will require the support of your savings, pension plans, insurance policies, and central provident fund (CPF). To be able to survive your post-retirement period, you will have to strategically start saving for retirement in your 20s and 30s.  

But do Singaporeans really care about retirement planning? Although Singaporeans have a reputation of being financially conservative, when it comes to retirement, statistics speak otherwise. According to a Nielsen survey commissioned by NTUC Income, one in three Singaporeans are not prepared for the golden years of their life. And among the surveyed group, 40 percent admitted to not doing enough for their retirement planning as they don’t know much about the options available to them.  

 So, if you have been wanting to kickstart your retirement planning, then you probably need to employ the following retirement moves in your 20s , 30s and the rest of the years till your retirement 

Contributing to retirement planning in your 20s 

The period between your 20s and 30s is usually spent graduating from college and bagging your first job. The average Singaporean already has a job by the age of 25 years. And a major part of your 20s are spent planning in repaying student loans, rent, and other expenses. Most youngsters tend to get carried away with their newfound financial freedom and end up over-spending instead of saving. But, if you intend to have a peaceful retirement, then it is imperative you get started early on. The best part of starting early is that you have the benefit of time in your hands. This helps in recovering any losses that you might make in the course of reaching your retirement.  

Here are a few things you ought to do for your retirement:

Think in terms of a fixed amount 

It is always good to start with estimating the exact amount you would require to survive post retirements. This amount will vary for different people based on their lifestyle. Only when you know the exact number can you work towards achieving your goal. There are many retirements planning calculators online that can help you estimate the exact amount you would need to save for your retirement. Some of the most popular options are: 

The CPF Retirement calculator: As per the Central Provident Fund website, the CPF Retirement Calculator is an interactive tool that helps you to determine if your retirement goal is achievable. It determines the amount of savings you need based on your desired retirement age and retirements lifestyle.  

Retirement Income CalculatorDIY Insurance, a popular website that compares all the insurance policies in Singapore, helps you decide on the right policy. This online portal also offers a retirement income calculator where you can find out if you have enough sources to fund your retirements lifestyle.  

Companies like Standard Chartered and Aviva Life Insurance have calculators to help you estimate your retirement saving goal, too. 

Don’t bankroll your 20s in credit 

The next thing to keep in mind is that your credit card is not your ticket to over indulgence. In fact if you heavily use your credit card, then all your focus will be diverted in paying the credit card bills. You will barely be left with any funds for your retirement planning. So, be sure you don’t bankroll your 20s in credit. Live within your means and avoid the temptation to misuse the spending flexibility of your credit card. Otherwise you will end up bearing the brunt of mishandling your finances in your 30s. If you start saving for your retirement in your 20s. Then the amount you will have to save to reach your end goal will be lesser. But the more you delay, the higher the amount you will have to save to reach your retirement planning goals.  

Major retirement planning moves in your 30s 

Childproof your finances 

It’s highly likely that by the time you are in your mid 30s. You are already married and planning to have a child. The birth of a baby will increase your overall annual expenses by at least $10,000. These expenses will only increase in the coming years as your child will progress in her educational path from school, to high school, and college.  

Transfer any unused Ordinary Account (OA) savings to your Special Account (SA)  

One of the best ways to grow your retirement savings is by making a cash top. And all this up to your own special account (SA). According to the website Are you ready by the Central Provident Fund (CPF) fund, savings in your OA can earn up to 3.5% interest p.a. while that in your SA can earn up to 5%.  So, take advantage of this higher interest rate and transfer any unused savings to your SA! You’ll be surprise at the difference 1.5% makes over time. 

Keep these tips in mind, and there is a good chance that you would be able to survive your post-retirement life comfortably.  


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Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. Anything cash related, we will be able to help you. Our well train loan consultants will be able to come up with a good loan package to help you clear off all your outstanding bills or debts. In doing so, you will help you keep better track of all your expenses and money. We have been a licensed money lender since 2002.

We have the skills, knowledge and people to assist you through the entire loan process while providing you with excellent advice.

In addition, we have one of the highest positive moneylender reviews among money lenders in Singapore. Furthermore, Quick Credit is also one of the few moneylender open on Sunday!

Interested in knowing more about how you can get a loan from us? You can drop us an email at Our manager will get back to you as soon as possible. Or you can drop us a message here and our manager will get back to you soon.

Alternatively you can call us at +65 6899 6188. Or visit our office at 2 Jurong East Street 21 #04-01A/B IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.


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