Retirement is a major milestone in life, and proper financial planning is crucial to ensure a comfortable and worry-free future. In Singapore, with its high cost of living and rapidly ageing population, it is especially important to start planning early for retirement. Here are some essential financial planning tips for retirement in Singapore:

1. Start Early: The earlier you start planning and saving for retirement, the better. This gives you more time to accumulate funds and allows the power of compound interest to work its magic. Even small amounts saved in your 20s or 30s can grow significantly over the years. So, don’t wait until it’s too late – start planning for retirement as soon as possible.2. Understand Your CPF: The Central Provident Fund (CPF) is a retirement savings plan in Singapore, and it is mandatory for all citizens and permanent residents. It is important to understand the different schemes under CPF and how you can make the most of it for your retirement. Make regular contributions to your CPF and take advantage of the various schemes such as the CPF Life which provides a monthly payout for life.3. Diversify Your Investments: Don’t put all your eggs in one basket when it comes to your retirement savings. Consider diversifying your investments to reduce risk and potentially increase returns. This could include a mix of stocks, bonds, and other assets. However, be sure to do your research