Singapore Budget 2024: Government Support and Benefits for Singaporean Retirees

Singapore’s Budget 2024 brings a range of measures designed to support the nation’s seniors, focusing on healthcare, financial relief, and community support. TLDR, the focus this year moves away from just giving money to seniors to making aging well in Singapore much more comfortable for retirees.

Here’s a breakdown of the key initiatives that retirees should be aware of.

MediSave Bonus

A noteworthy highlight is the one-time MediSave bonus of up to $300 for adult Singaporeans aged 51 and above. Young Seniors with less means will be given the higher tier of $1,500; and all other seniors will receive $750. This initiative can help cover smaller medical bills and insurance premiums, easing the financial burden on retirees who often face increased healthcare expenses.

Earn and Save Bonus

This initiative is part of the broader effort to encourage continuous contribution to the workforce and savings for retirement, providing additional incentives for active seniors. This bonus helps seniors earning up to $6,000 per month to accumulate more retirement savings. They will receive a yearly bonus of up to $1,000 for as long as they work, with more going to those who earn lower incomes.

Retirement Savings Bonus

Aimed at bolstering the retirement savings of older Singaporeans, this one-time bonus provides $1,000 and $1,500 to seniors with retirement savings below the Basic Retirement Sum to help more retirees have sufficient savings to cover their needs during retirement.

Enhanced Healthcare Subsidies

The budget also brings updates to the income thresholds for healthcare and social support subsidy schemes, making higher subsidies accessible to more Singaporeans. This change means that retirees could benefit from reduced costs for MediShield Life premiums and CHAS, ensuring more affordable healthcare services.

Age Well SG Programme

Age Well SG, a new national programme, has been introduced to support active aging, social connectivity, and care within the community. With an investment of $3.5 billion over the next decade, this initiative promises a comprehensive support system for seniors to lead fulfilling lives.

Active Ageing Centres and Assisted Living Options

The expansion of Active Ageing Centres and the development of more assisted living options for seniors underscore the government’s commitment to empowering retirees to live confidently in their homes and community. These centers and living arrangements are designed to cater to the diverse needs of seniors, promoting independence and community engagement.

Infrastructure Upgrades for Seniors

Infrastructure improvements, dubbed “silver upgrades,” aim to enhance seniors’ mobility and safety within their communities. These upgrades include the development of therapeutic gardens, barrier-free ramps, and senior-friendly home fittings, all of which contribute to a more livable and secure environment for retirees.

Personal Income Tax Rebate for 2024

Retirees can look forward to a 50% personal income tax rebate for the Year of Assessment 2024, capped at $200. This immediate financial relief measure is particularly beneficial for middle-income retirees, helping to alleviate some of the cost-of-living pressures.

Adjustments to Dependant-Related Reliefs

The budget increases the annual income threshold for claiming dependant-related reliefs from $4,000 to $8,000 from the Year of Assessment 2025. This adjustment provides additional financial support to retirees who have supporting dependants, acknowledging their contributions and easing their financial responsibilities. At the same time, retirees are free to explore jobs that are paying more than $4,000 without impacting the dependent-related tax reliefs that their dependents receive. 

Property Tax Support for Retirees

A new 24-month instalment plan for property tax payments offers a flexible solution for retirees who are living in higher-end residences, but are facing cash flow issues when paying for their property taxes. This plan allows for more manageable payments without interest, addressing the financial concerns of retirees who prioritise fiscal prudence.

ABSD Concession for Seniors

The extension of the ABSD concession for single Singapore Citizens aged 55 and above facilitates easier property downsizing. It allows them to claim a refund of ABSD paid on a replacement private property if they sell their first property within six months, supporting financial flexibility and planning in retirement.


Singapore Budget 2024 stands out as a comprehensive plan aimed at enhancing the well-being and financial security of retirees. Through a series of targeted initiatives, the government reaffirms its commitment to supporting seniors in leading healthy, active, and financially secure lives. Retirees are encouraged to leverage these initiatives for better financial planning and an enriched quality of life in their golden years.

Get a quick catch up on Singapore Budget 2024’s benefit-list and impact on:
1. Middle-aged Singaporeans
2. Married Singaporeans with 2 kids
3. Single Individuals under 45

TFC’s Alternative Budget Debate

If you want more from the Budget, we are reading between the policy lines to dissect the economic focus, social impact, and effectiveness of Singapore’s budget playbook, as well as uncover the anxiety of different groups affected by the announcement. We share our thoughts on what the hidden messaging is from the Budget announcement and which class is affected. 

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