When it comes to retirement planning, one important factor to consider is the pension system in your country. In this article, we will take a closer look at Singapore’s pension system and how it compares to other countries around the world. Singapore has a unique pension system where contributions are made by both employees and employers, with a mandatory contribution rate of 20% of an employee’s salary. This ensures that Singaporeans have a significant amount of savings when they retire. In addition, the Central Provident Fund (CPF) also provides a safety net for retirees, with a monthly payout and Medisave contributions for healthcare expenses. Singapore’s pension system has been praised for its efficiency, with a low administrative cost of only 0.4% compared to the average of 2.5% in other countries. But how does Singapore’s pension system compare to others? In countries like the United States and United Kingdom, pensions are mostly funded through taxes and rely on government intervention. This can result in uncertainty for individuals about the amount they will receive for their retirement. On the other hand, Singapore’s pension system is largely funded through personal savings, giving individuals more control over their retirement planning. Another factor to consider is the retirement age. In Singapore, the official retirement age is gradually increasing from 62 to 65, ensuring that individuals have a longer period of saving for retirement. In