Singapore does offer various retirement savings options that you can consider. Here are a few alternatives to an IRA in Singapore:
- Central Provident Fund (CPF): The CPF is a mandatory social security savings scheme in Singapore. As a Singapore citizen or permanent resident, you are required to contribute a portion of your income to your CPF account. The funds in your CPF account can be used for retirement, healthcare, housing, and education. You can visit the CPF website or contact the Central Provident Fund Board for more information on CPF contributions and withdrawal options.
- Supplementary Retirement Scheme (SRS): The SRS is a voluntary scheme that allows individuals to save for retirement beyond the CPF. Contributions to the SRS are eligible for tax relief, and the funds can be invested in a range of financial instruments. Withdrawals from the SRS are subject to certain conditions and are generally taxable. You can approach local banks or financial institutions to open an SRS account.
- Personal Savings and Investments: Apart from the CPF and SRS, you can also consider traditional savings accounts, fixed deposits, stocks, bonds, mutual funds, and other investment instruments to build your retirement savings. It’s advisable to consult with a financial advisor or wealth manager who can guide you on the best options suited to your individual circumstances and risk tolerance.