Dear Uncle Agony,

Recently i have been thinking about this matter. I have been working under employment pass for more than 2 yrs in singapore. I tried to apply for PR before but rejected.
I understand that for PR they have their CPF account that they can use for retirement. But if for EP holders they are considered foreigners and company wouldnt pay for them anything like "社保" in china.

Should i buy any commercial insurance that if I intend to retire in Singapore?

Is there any other insarance ot investment i should consider if i start to plan for retirement?

Shall I plan it now coz i understand the money i will get at the end depends on how long i pay for it in advance?

I dont know anything abt this type of policy in singapore. Hope you can give me some suggestions.

Many Thanks.

Bst Rgds,

Amanda

I think you should reapply for PR or you should appeal against the decision that rejected your PR. I think in the long round that’s the best move. Even for PR and citizens the CPF in one’s account is hardly sufficient to see one through. Having said that, yes the best thing to purchase commercial insurance to prepare for retirement. The type of insurance should be the endowment type and not life. There is no too early date to buy insurance because the younger you are the lower the premiums payable.