[SINGAPORE] As Singapore's senior population continues to grow, the government has introduced several initiatives to support older citizens in maintaining financial stability and quality of life. For seniors aged 55 and above, understanding and utilising these schemes can significantly enhance financial security in retirement.
Enhance Your CPF Retirement Savings
The Central Provident Fund (CPF) remains a cornerstone of retirement planning in Singapore. In 2025, the Enhanced Retirement Sum (ERS) has increased to four times the Basic Retirement Sum (BRS), raising the ERS to S$426,000. Seniors can transfer savings from their Ordinary Account (OA) to their Retirement Account (RA) to benefit from higher interest rates and secure higher monthly payouts through CPF LIFE.
The CPF system has undergone several adjustments over the years to accommodate the increasing life expectancy and evolving needs of the ageing population. According to the Department of Statistics, life expectancy at age 65 in Singapore has reached nearly 21 years for men and 24 years for women. These demographic shifts underscore the importance of building robust retirement savings early and exploring ways to optimise CPF balances well into retirement.
Maximise the Matched Retirement Savings Scheme
The Matched Retirement Savings Scheme (MRSS) assists seniors with lower CPF balances. In 2025, the annual matching grant has been increased from S$600 to S$2,000, with a lifetime cap of S$20,000. Additionally, the upper age limit has been removed, allowing seniors aged 55 and above to benefit from this scheme.
Since its launch, MRSS has proven especially helpful for seniors who had irregular employment or lower wages in their earlier years and may not have accumulated sufficient savings in their CPF accounts. Government data reveals that about 435,000 members were eligible for the scheme in 2023, with participation rates improving annually. Financial literacy workshops by organisations such as MoneySense and the Institute for Financial Literacy are also helping more seniors understand how to take advantage of such schemes.
Utilise the Matched MediSave Scheme
To alleviate healthcare costs, the Matched MediSave Scheme offers a dollar-for-dollar match for voluntary top-ups to MediSave accounts, up to S$1,000 per year. Eligibility criteria include being aged 55 to 70, having a monthly income not exceeding S$4,000, and owning no more than one property with an annual value below S$21,000. This initiative is expected to benefit approximately 184,000 seniors.
Healthcare remains one of the largest expenses for seniors in Singapore. A 2024 Ministry of Health report highlighted that over 70% of seniors experience at least one chronic condition, making the MediSave scheme a vital financial tool. The increased government matching not only boosts medical savings but also empowers seniors to make proactive choices in managing their health and medical needs without straining their cash reserves.
Leverage the SG60 Vouchers
Seniors aged 60 and above in 2025 will receive S$800 in SG60 vouchers, which can be used at hawker centres, supermarkets, and clinics. These vouchers aim to ease daily expenses and are valid until 31 December 2026.
The SG60 initiative is part of a broader national effort to celebrate the contributions of seniors and provide tangible support amidst rising living costs. In tandem with the Community Development Council (CDC) voucher programmes, the SG60 vouchers help alleviate inflationary pressures on everyday items such as groceries and meals. Social service offices are also working closely with grassroots organisations to ensure that all eligible seniors are aware of and able to utilise their entitlements effectively.
Apply for the Enhanced Home Improvement Programme (EASE)
The EASE programme offers subsidised senior-friendly home modifications, such as grab bars, ramps, and slip-resistant flooring. In 2025, the programme has been expanded to include private properties. Eligible seniors can benefit from these enhancements, which are co-funded by the government, ensuring safer and more comfortable living environments.
Explore Employment Support and Tax Reliefs
For seniors aged 60 and above, the Senior Employment Credit (SEC) provides wage offsets of up to 7% for employers hiring eligible seniors. This initiative encourages continued employment, supplementing household income. Additionally, seniors can benefit from various tax reliefs, including those for caregiving and medical expenses, which can reduce taxable income.
In addition to wage support, initiatives such as the Workfare Income Supplement (WIS) continue to offer cash and CPF top-ups to lower-wage senior workers. As the retirement and re-employment age gradually increase to 64 and 69 respectively by 2026, these schemes aim to promote productive ageing. Many seniors are now seeking flexible work arrangements, with community job fairs and training programmes facilitated by Workforce Singapore (WSG) to match older workers with suitable roles.
Singapore's government has introduced a comprehensive suite of initiatives to support seniors in achieving financial independence and security. By actively engaging with these programmes, seniors can enhance their financial well-being and enjoy a more comfortable retirement. It is advisable for seniors and their families to consult with financial advisors or relevant government agencies to fully understand and maximise the benefits available.
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