How can I be prepared for retirement?


Silver Support - For all seniors?

Silver Support for Seniors

Most seniors in Singapore are able to retire with a combination of their CPF savings and financial support from their family. However, some other seniors may not be  as fortunate. They seniors may not have earned much money, and have little or no family support.

To help these seniors manage better in their old age, the Silver Support Scheme gives quarterly cash payouts to help them with their living expenses during their retirement.

Now you might wonder, who is eligible for the Silver Support Scheme? Find out more below:

1. Seniors who had earned low wages throughout their lives

This group of seniors had earned little throughout their lives – just enough to meet their daily needs, but not enough to plan ahead for what was meant to be their golden years. These seniors also may not have received sufficient CPF contributions, thus preventing them from growing their overall retirement savings.

This will be a problem for them as they age and need to depend more heavily on their savings. The quarterly payouts help relieve some of their burdens of daily life.

Seniors at work

2. Lack of Family Support

Family is the first line of support. However, some seniors may not have children, or have children who might be unable to support them.

With little or no family support, some of these seniors resort to casual work. The transient nature of such work could add to their worries and inability to have a stress-free retirement.

3. Why Them?

The Silver Support Scheme is meant for seniors in the bottom 20% of elderly Singaporeans, and to ease their burden and help them live more comfortable lives. It will complement other financial assistance programmes available, such as Workfare, CHAS and GST Vouchers
Financial assistance programmes for seniors

Eligible seniors will be enrolled automatically in the Silver Support scheme, so that they receive this quarterly cash supplement to help them in their retirement years. Enrolment is automatic to ensure that eligible seniors do not miss out because they are (1) vulnerable and do not know about the scheme, (2) do not know how to apply or are (3) physically unable to apply.

Head over here to meet some of these seniors who have benefitted from this scheme and learn about their stories.