FINANCIAL HEALTH (1) from Living a Full Life by MMP, Oogachaga

Retirement Fund

Financial planning for retirement is often neglected by younger gay men.  Studies have shown that most gay men, whether or not they are in a relationship, will most likely rely on their own savings without family’s financial support once they are retired.

If you are a Singaporean or Permanent Resident and contributing regularly to your Central Provident Fund (CPF)* account, you might be planning to fall back on it once you retire.  You can talk to your financial adviser on how your CPF can be better utilized in private investment schemes or term life insurances that can supplement your income.  Other secondary income options are room rental income or the ownership of small businesses.  Also, as a rule of thumb, it is wise to clear your mortgage loan** before you hit the age of 55.

Do not worry if you have not started your retirement plan; it is never too late to start one.  Even if you are less financially well off, you can start your retirement plan by saving whatever amount of money you can and cut down on non-essential expenses.  Consult a financial planner or use the retirement calculator on CPF Board website# to get an idea on how much money you need for retirement.  Always get a good assessment on the investment risk you are prepared for.  You could also consider extending your career life or taking up less stressful part time employment to help in your planning.

*The Central Provident Fund (CPF) is a compulsory comprehensive savings plan for working Singaporeans and permanent residents primarily to fund their retirement, healthcare, and housing needs.  It is administered by the Central Provident Fund Board, a statutory board under the Ministry of Manpower, Singapore (as defined on

** Refers to the loan(s) many Singaporean incurred to pay for their housing properties


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