Personal Finance
Singapore Residents Must Save for Retirement Today to Continue Enjoying Low Income Taxes
By The Smart Investor  •  March 9, 2023
The message from the Budget 2023 speech could not have been clearer. It cannot be business as usual for Singapore. Over the last couple of decades, the country has benefited from global trade and finance flows. But with increased patriotism, protectionism and nationalism swirling around the world, Singapore will have to work even harder to maintain its competitiveness. As the economy matures, retirement is an area that we should pay attention to. By 2030, which is just seven short years away, one in four Singaporeans will be aged 65 or above, up from one in five. Budget 2023 offers targeted support to Singapore’s growing pool of seniors. The ElderCare fund will be topped up by S$500 million, and another S$1.5 billion will be added to the MediFund. But just think about that for a moment. Singapore expects a Budget deficit of S$2 billion in the financial year (FY) of 2022, and a deficit of S$400 million in FY2023. Those deficits would be almost erased...
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By The Smart Investor
The Smart Investor is co-founded by David Kuo, Joanna Sng, and Chin Hui Leong. The company was formed in late 2019 from the ashes of the Motley Fool Singapore. The Smart Investor believes that everybody can learn how to invest, smartly. We aim to educate people on how to invest smartly by providing investing education, stock commentary and market coverage for Singapore and around the world.

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