From BTO dreams to retirement goals: A Singapore guide to flying solo and adulting
Ever feel ‘singled out’ for being single? We feel you. Here’s a few tricks to help you win at life, finances, and your big-picture goals.
Key takeaways:
- Being single gives you tons of freedom, but you have to be strategic about managing your finances.
- While most HDB housing grants focus on families, single would-be homeowners can still tap on grants for singles or ‘team up’ with fellow singles under the Joint Singles Scheme.
- If you have dependants, look out for health coverage that lets you protect yourself and your ageing parents as well as smart ways to multiply your wealth beyond traditional savings.
- Want to maintain your sense of independence beyond retirement age? Get tricks to unlock the potential of your SRS funds and make the most of your CPF LIFE.
Being single can be freeing, especially when you are young and thriving. Weekends are your domain, you can plan a YOLO holiday, and your disposable income is yours to spend or invest as you like.
But when life priorities shift in new directions, singlehood can start to feel like playing a video game on hard mode. While your friends are teaming up and pooling their resources, singlehood prompts you to be more strategic with your finances. From managing expenses and buying a house to planning for retirement, you are your own breadwinner and back-up plan. Plus, if you have dependants, your funds have to stretch to meet their needs too.
From one single to another: yes, it can get daunting. But you know what? Singles are smart cookies, and you know how to play the financial game to your advantage. While it might be easier to find housing schemes or financial grants for couples and families, this article will help you strategise your way through life’s big milestones as a confident go-getter!
There is not single way of being single. That is why we have split our tips into three common goals of singlehood in Singapore. You might identify with one of these, or you might see yourself in multiple categories. Whatever your goal might be, these tips will help you chart your way forward. Let's go!
Super Single #1: First-Home Hunters
You are homing in on your first home
Owning your first home is literally life-changing. You can hog the TV on Sunday nights and belt a tune in the shower at top volume. The advantage of owning your own home doesn't stop at these simple comforts. Your first property is an important tool of wealth appreciation and a key component of your retirement strategy. If you aim to buy your first home, be sure to jot this down.
If you buy a 2-room Flexi flat as a single person, you can get up to S$60,000 in grants^.
^ Subject to prevailing HDB criteria
Super Single #2: Single and Sandwiched
You're a single-income earner with two generations who depend on you.
"Oh, you're still single? Lucky you!" is a common refrain. But we know being single does not always mean having fewer responsibilities — in fact, some singles are their family's financial anchor. If you are a single parent or have family members who depend on your income, these tips will come in handy.
Bundle up your subscriptions
Paying a couple of bucks per month to have your favourite streaming shows on your device or your groceries delivered for free may not seem like much, but subscription creep is real, and they can add up to hundreds of dollars in additional expenses per year. If you are staying with parents, siblings, or friends, you can take advantage of family bundle plans to streamline subscriptions like telcos, grocery delivery, streaming services, or your daily newspaper.
Don’t let inflation outpace your savings
Saving is a good start, but when it comes to providing for the next generation, multiplying your wealth is better. Here’s an example: GREAT Wealth Multiplier 3 lets you grow your funds by up to 8X or more, so you can provide for your dependants’ needs at the right time.
Organise your savings into multiple buckets
Think of these buckets as the ultimate tool to keep yourself financially organised. From your parents’ medical care and your retirement goal to your daily expenses, these buckets keep you from dipping into long-term savings to meet short-term needs.
Protect multiple generations with one plan
The cost of healthcare creeps up in old age, so look out for plans that provides optimal protection for your ageing parents (and don’t forget about yourself too). Our tip: GREAT Life Multiplier comes with a Parent Care rider, so you can give your parents coverage against common age-related illnesses like Alzheimer’s disease and Parkinson’s.
Super Single #3: The Solo Hero
You want to live on your terms, always.
For you, being single is not a temporary pit-stop until you've found 'the one'. It's a personal choice and a way of life. You want to stay independent, pursue your goals, and live fully till your silver years. That takes financial stability, and the means to sustain it well into your retirement. These tips will help you get there.
Separate your fun from your rainy-day funds
On top of keeping your emergency funds intact, this rule will keep you from feeling guilty when you’re enjoying a vacation or splurging on something you love. The common rule tells you to have at least six months of emergency savings, but 9-12 months is a more adequate cushion if you’re supporting yourself entirely.
Split your investment across different timeframes
Balance your immediate cashflow needs (like rent, mortgage, or groceries) against long-term financial goals. Divide your funds across multiple timeframes with different objectives in mind. Your short-term savings should stay liquid to provide for emergency needs, but focus on balancing capital growth and security in your long-term buckets.
In the “short-term” bucket (6-12 months), keep your money liquid, but let it grow. Our suggestion: high-yield saving accounts or local T-bills.
In the mid to long-term buckets (5-10 years, or 10-15 years), look for moderate-risk investments that focus on capital growth. Our suggestion: Broad-based ETFs, diversified funds or other instruments suited to your risk profile, needs, and time horizon. You can also consider Index Income, a risk-managed endowment plan that allow you to access index-linked returns while enjoying capital protection.
Max out your CPF LIFE contributions
If you are unfamiliar with CPF LIFE, think of it as an annuity that provides lifelong monthly payouts once you are retired, starting from age 65 or later. How much you get depends on when the payment starts and the amount in your CPF account. To get the highest possible payout, aim to max out your CPF LIFE contribution up to the sum specified as the Enhanced Retirement Sum (ERS) for your age band.
As of 2026, the Enhance Retirement Sum is S$440, 800. That will give a CPF member aged 55 in 2026 approximately S$3,200 — S$3,400 in lifelong monthly payout, starting from age 65*.
^As a benchmark, a single elderly person in Singapore is expected to need S$1,379 per month to meet basic living standards.
*Based on the CPF LIFE Standard Plan
Harness your SRS to get potential tax savings
Over the course of your earning years, tax savings can add up to a huge amount. The main advantage of putting your funds in an SRS account is maximising these tax savings: every dollar contributed lowers your taxable income, while your capital gains and dividends stay tax-free. You can invest the funds in Singapore Savings Bonds (SSBs), fixed deposits, or select investment-linked plans. Our pick: GREAT Invest Advantage lets you choose from three expertly curated portfolios and gives you full cashflow control with no lock-in, all from just S$100 a month.
Go for regular health screenings
Being diligent about health screenings lets you spot a critical illness or major health problems at the earliest stages, potentially saving you tons of money on medical care, treatment, and recovery in the long run. If you are a Singapore citizen or Permanent Resident, you can check out your eligibility for subsidised Healthier SG screenings here.
Stay in control of your choices as you get older
As you weather the infirmities of old age, you may find yourself needing physical assistance with daily needs like walking or toileting. Still, you don’t have to sacrifice your sense of agency and independence. With monthly disability payouts from GREAT CareShield, you will have more choices to meet your mobility needs — for example, by hiring part-time home care services while staying at home.
The first rule of singlehood? Always be diligent about knowing your stuff, whether you’re gearing up to purchase a starter home or laying the foundations to your solo retirement. The more prepared you are, the less likely you will be caught by unwanted surprises. Plus, you might spot the opportunities that other people miss.
For more pointers on single homeownership in Singapore, check out this guideline for single home-buyers from the CPF Board. To supercharge your retirement journey, learn all about your CPF LIFE.
Need a quick recap of the policies we have recommended in this article? We have it covered for you.
This article is for general information only and does not constitute financial advice. It does not take into account the specific investment objectives, financial situation or needs of any individual. Investments involve risks, and the value of investments may rise or fall. Please refer to the relevant product documents and speak with a qualified financial adviser before making any financial decisions.
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