Singapore's Retirement and Re-employment Act (RRA), introduced in 2012, requires employers to offer re-employment to eligible workers until age 65. This study found that the RRA effectively raised senior employment, reducing retirement rates by 8.3 percentage points among covered workers. However, the policy's impact varied significantly across occupations, with workers in routine and analytical jobs benefiting most. Those in physically demanding roles saw smaller gains, highlighting the need for targeted support and reskilling opportunities for older workers.

When estimating future retirement expenses, some may assume that their spending does not change much over the course of retirement, while others may believe that they may spend more in the early years of retirement and less as they age. However, the study found that retirees’ expenses increased with age due to higher needs in aged care and inflation. Those living in smaller flats and those with lower wealth saw greater increases in expenditure.

This study examined the channels through which ageing influenced individuals’ labour market outcomes. There were four key findings. First, older workers likely accumulated human capital and could command higher wages as they aged, especially within the same firm. Second, deteriorating health could have negatively affected employment and wage levels, possibly due to reduced productivity. Third, flexible work arrangements and partial retirement options enabled older workers to adjust hours without reducing wages. Finally, the re-employment age may have encouraged older individuals to continue working beyond the retirement age.

In Singapore, family is one of the key pillars of social support. About seven in 10 elderly Singapore residents received regular cash allowances from their loved ones. This was higher among those who were above 75 years old, female, and widowed. The most common source of cash allowances was from children.

Under the Retirement and Re-employment Act (RRA), employers are required to offer re-employment to eligible workers until the re-employment age (age 65 as at Dec 2021). This study found that the RRA delayed retirement, especially for workers in higher routine and lower manual jobs. The study also found that retirement raised healthcare utilisation, especially among men.

Upon turning 55 years old, CPF members have the option of withdrawing part of their CPF savings in a lump sum. Around four in 10 CPF members aged 55 to 70 reported that they did not make any cash withdrawals after turning 55 years old, even though they had the option of doing so. Of those who made withdrawals, most deposited their funds in the banks, or used them to pay for near-term expenditure needs or big-ticket items.