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Scheduled maintenance: Long-term care insurance information on Healthcare Dashboard is unavailable from 26 April 2024, 8pm to 28 April 2024, 11.30pm for upgrades.

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More members are able to set aside their retirement sums at age 55

Members who set aside the Required Retirement Sum (RRS) refers to those who either set aside the Full Retirement Sum in cash, or set aside the Basic Retirement Sum (BRS) and owned a property

Year 2020 2021 2022
Active members who set aside BRS 66% 67% 69%
All members who set aside BRS 54% 56% 58%
Active members who set aside FRS 46% 47% 49%
All members who set aside FRS 36% 37% 40%
Active members who set aside RRS 64% 65% 67%
All members who set aside RRS 51% 53% 55%

Population of active and all CPF members (age 55)

Year

2020

2021

 2022

No. of active CPF members at age 55

40,000

40,500

 40,200

Total no. of CPF members at age 55

62,000

61,700

 59,500

Notes: 

  1. CPF member: A person with positive CPF balance.
  2. Active CPF member: A person with at least one CPF contribution paid for the current or any of the preceding three months. Excludes self-employed who are not employees concurrently.

Why are more active members able to set aside the retirement sum, compared to all members?

Among all CPF members who did not set aside the retirement sums, some are self-employed and not required to contribute beyond MediSave. 

 

The remaining may have been economically inactive (e.g. home makers) or not in regular employment before age 55 and thus not able to accumulate CPF savings consistently. These members are likely to have other means outside of CPF to fund their retirement such as private savings, family support and housing asset. 

 

Members are encouraged to continue to save actively for their retirement via the Retirement Sum Topping-Up Scheme. The Matched Retirement Savings Scheme will also help senior Singaporeans who have yet to meet the retirement sums save more for retirement.

 

In addition to CPF savings, about 250,000 seniors who are in need received Silver Support payouts in 2022 to supplement their retirement income.

Find out more about the Retirement Sum Topping-Up Scheme Find out more about the Matched Retirement Savings Scheme

Strengthened support for seniors who are in need through Silver Support

Silver Support provides quarterly payouts to seniors aged 65 and above who had low incomes during their working years and now have less in retirement. This includes full-time caregivers who were not able to work much when they were younger.

Silver Support disbursed

Amount of Silver Support disbursed
Silver Support enhancements

With the enhancements in 2021, more seniors received Silver Support, with higher payouts per senior.

 

We expect to disburse $600 million in Silver Support payouts to about 250,000 seniors in 2023.

Find out more about Silver Support

Majority live in 1- 3 room HDB flats

2020-2022 Silver Support recipients by housing type

Proportion of Silver Support recipients by housing type

2 in 3 Silver Support recipients are women

Number of Silver Support recipients, breakdown by gender

Number of Silver Support recipients by gender
Resources

Need more information?

Statistics on retirement sums and Silver Support

View data in Excel (XLSX, 17KB)