The Singaporean guide to money – by age

“What should I be doing with my money right now?”

If you’ve ever asked yourself this question, you’re not alone.

This guide breaks down the most important money goals by age, so you can take control of your financial future, step by step.

In your 20s: Build habits, not just savings

Your 20s are all about laying the groundwork. Think financial hygiene, not flashy gains.

✅ Key Priorities:

• Build good financial habits
• Save aggressively
• Avoid lifestyle inflation

🎯 Milestones/ Goals:

1. Track your expenses and build a budget

Use your banking app or a dedicated budgeting app, or even a simple spreadsheet. Knowing your cashflow is step one.

2. Save 3–6 months of expenses for emergency

Park this in a high-interest savings or money market account.

3. Start CPF planning early

Voluntary top-ups to your Special Account (SA) at this age can grow significantly thanks to compound interest. Just $1,000 in your SA at age 25 can grow to ~$4,300 by 65 at 4% interest.

4. Get your insurance basics in place

Essentials: Hospitalisation (Integrated Shield), term life (if you have dependents), and disability income protection.

5. Learn to invest. Start small, start early

Even small amounts into ETFs, robo-advisors, or a  savings plan can go a long way.

Read more: 4 ways to start your financial planning journey

Read more: How young adults can budget and deal with higher costs

Read more: 5 effective ways to build an emergency fund

In your 30s: Grow assets, build your future

This is typically your highest-spending decade – with marriage, housing, maybe kids. But it’s also the most important time to build wealth.

✅ Key Priorities:

• Grow wealth
• Plan for family
• Buy your home wisely

🎯 Milestones/ Goals:

1. Own your first property (with care)

Don’t max out your mortgage just because your bank or HDB allows it. The general tip is to try and keep your monthly repayments to be less than 30% of your income.

2. Have at least 1x your annual income saved by age 30

This should be a mix of cash savings, investments, and CPF. Target 2x–3x by age 35.

3. Start saving for children (if any)

Open a Child Development Account (CDA) and consider endowment plans or education funds.

4. Boost your CPF savings

Consider transferring OA to SA if your home is already secured.

5. Get a will and LPA in place (yes, already!)

Especially if you have dependents.

6. Maximise tax reliefs

Use CPF top-ups, SRS contributions, and insurance reliefs to lower your taxable income.

7. Set up a family protection plan

Make sure your dependents are covered, especially if you’re the sole breadwinner.

8. Make or update your CPF and insurance nominations

Don’t let the default distribution decide your legacy.

Read more: From financial stability to financial abundance

Read more: Why financial planning isn’t just for the rich

Read more: 5 tips to save up for your child’s education fund

In your 40s: Consolidating and planning ahead

Your career is stabilising, but so are your financial responsibilities. Use this decade to consolidate your wealth and get future-ready.

✅ Key Priorities:

• Accelerate savings and investments
• Reassess goals
• Plan for retirement

🎯 Milestones/ Goals:

1. Save at least 4x–6x your annual income by age 45

This includes CPF balances, investments, and emergency reserves. If you’re behind, now is the time to catch up.

2. Have a diversified investment portfolio

Include equities, REITs, CPF, and possibly property. Ensure you’re beating inflation.

3. Review your insurance coverage

Adjust as your liabilities decrease and your dependents grow more independent. You may need less protection if your kids are older and your mortgage is smaller.

4. Begin retirement modelling

Estimate your ideal retirement age, desired monthly income, and how to get there.

5. Clear all unsecured debt

Credit card debt, personal loans – these should be gone.

6. Start estate planning more seriously

From trusts to CPF nominations and insurance nominations, get clear on who inherits what.

7. Build passive income streams

Consider dividends, REITs, or part-time consulting opportunities.

8.  Top up your CPF SA or Retirement Account

Use your bonus or Annual Wage Supplement (AWS) for this if possible.

Read more: How much does a family need to survive in Singapore?

Read more: How to preserve your wealth over three generations

In your 50s and beyond: Preparing for decumulation

Now it’s time to prepare for retirement and income drawdown. Avoid lifestyle creep and use this period to tighten up loose ends.

✅ Key Priorities:

• Protect assets
• Generate retirement income
• Transition to “draw-down” mode

🎯 Milestones/Goals:

1. Save at least 8x–10x your annual income by age 55

This is a common benchmark for modest retirement readiness. It is typically enough to support 20–25 years of retirement at modest comfort.

2. Ensure your CPF Retirement Account is well-funded

Aim for at least the Full Retirement Sum (FRS) or higher.

3. Plan for CPF LIFE payouts

Decide when you want to start receiving monthly income. The earliest is age 65.

4. Shift from growth to income investments

Think dividend stocks, REITs, or annuities for steady cash flow.

5. Have a healthcare plan in place

Consider long-term care costs (e.g. Eldershield/CareShield Life) and private supplements if desired.

6. Review and communicate your estate plan

This include wills, CPF nominations, Lasting Power of Attorney (LPA), and insurance nominations. Ensure that your family knows your intentions, and documents are updated.

Read more: How to inflation-proof your retirement savings

Read more: How to save for retirement while you still have debt

Bonus: The cross-decades essentials

No matter your age, these habits apply at every stage:

• Spend below your means
• Review your finances at least once a year
• Invest in your skills and earning ability
• Avoid “get-rich-quick” schemes. Don’t chase fads; build consistency.
• Talk to a licensed financial representative when in doubt
• Talk openly about money with your family

Final thoughts

In a fast-paced city like Singapore, it’s easy to get caught up in short-term goals, whether it be promotions, vacations or the latest gadgets or luxury goods. But it’s the long-term discipline that builds true financial security.

The good news? You don’t need to hit every milestone perfectly. Financial planning isn’t about perfection, it’s about progress. By knowing what to focus on at each stage, you’ll stay ahead of life’s big changes and build a strong financial foundation