I don’t want to retire. Does that mean I can save less?

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We like your drive. Here’s what you need to do in order to focus on your passion, not just the job. A well-planned retirement with Manulife Singapore means you get to do what you want to do, not what you have to do.

Brandan Chen

Financial Planner

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In truth, it is unusual even for retirees to stop working completely. Most people keep working in order to maintain a healthy mind and body, as well as ensure a healthy social circle. And, yes, for some income. Singapore is as expensive place to retire — there’s no denying that. However, it’s still important to plan your savings and investment as if you will actually stop working in your later years. Here are three reasons why.

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You can’t count on receiving the same pay, even with the same job

While employers are required to offer re-employment up to the age of 65, there is no guarantee that they will not reduce your pay. It’s not ideal, we know. It’s best to brace for a pay cut of 20 to 30 per cent, as most people earn less as they get older.

You can’t count on being able to keep doing your job.

This is the most unpleasant of the lot. In the event of an accident or disability, continuing to work may be out of the question. Even without such occurrences, some lines of work are unforgiving to the elderly. You need to be realistic about how long you can keep working because of the hours, skills that keep you relevant, and the fact that your body isn’t going to be young forever.

You need to decide how much you want to leave your children

You need to decide how much you want to leave your children Or grandchildren. If you have aspirations to pay for their university fees, for example, you may need more than a paycheck provides — even if you work past retirement. You might not have grand plans on how you’ll provide for kids or grandkids at this point, but it’s always good to know there’s an option to do so if you choose to later in life.

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For these reasons, it is important to save even if you plan to keep working. An old saying about money is that it's "better to have it and not need it, than to need it and not have it". It’s just a life truth.

A simple insurance policy of a few hundred dollars a month can provide you a much more comfortable retirement. And the earlier you get yourself started, the less you’ll actually need to put away each time. More importantly, if you wake up one morning at age 65 and decide you actually don't feel like working anymore, you'll have the option to do just that.


This advertisement has not been reviewed by the Monetary Authority of Singapore. The information in this article does not necessarily reflect the views of Manulife (Singapore) Pte. Ltd. All stated information, including external links, are general information and does not constitute or form any recommendation of insurance plan. Certain information in this article may be taken from external sources, which we consider reliable. We do not represent that this information is accurate or complete and should not be relied upon as such.

This article is for your information only and does not consider your specific investment objectives, financial situation or needs. We recommend that you seek advice from a Manulife Financial Consultant before making a commitment to purchase a policy.