According to recent data, women consistently save less for retirement than men, leaving many financially dependent on their partner’s income in later years. Research in 2025 found that nearly 8 in 10 women rely on their partner’s retirement savings to support their future.

This financial gap can have real consequences. Financial independence expert Hannah Martin, founder of The Rich Retiree, warns: “Without your own retirement savings, you may end up needing permission to spend money on even small things, from going out for dinner with friends to planning a weekend getaway. Relying entirely on a partner’s funds can be restrictive, especially over decades of retirement.”

With retirement potentially spanning 30 years or more, relying on someone else financially is a risk—and a source of stress—even in healthy relationships. That’s why Martin advocates creating a personal “freedom fund”: a retirement savings pot fully controlled by you. This money is yours to use as you like, without needing to justify it or contribute it to household expenses.

How to Build Your Freedom Fund in Singapore

Even if your pension or CPF contributions are limited, you can still start saving for your own financial independence. There are several strategies depending on your employment status:

• For employees: Contributions to workplace retirement schemes often include employer top-ups and tax relief. Every dollar you contribute is effectively boosted, helping your fund grow faster.

• For self-employed individuals: Government incentives in Singapore allow additional contributions, meaning your savings receive extra support on top of what you personally invest.

• For business owners: Contributions made through your company can be treated as business expenses, reducing taxable income while boosting your personal retirement fund.

• For those not currently working: Even if you’ve chosen to stay home for family commitments, it’s possible to contribute to a personal retirement fund with government top-ups. Small, consistent contributions can grow significantly over time. For example, investing just SGD 150 per month over 15 years at an average 5% annual return could result in a fund worth around SGD 64,000. This means you would have invested roughly SGD 36,000, while the rest grows from interest and government support. Adjusted for inflation, that could provide SGD 4,000 annually for personal use during retirement.

The Benefits of a Freedom Fund

Having your own savings doesn’t mean you’re planning to escape your partner—it’s about choice and independence. Martin explains: “A freedom fund gives women the peace of mind to make decisions freely, enjoy experiences, and maintain financial autonomy in retirement. Even small contributions can make a big difference, from holidays and dining out to personal treats and hobbies.”

The key takeaway is simple: start early, contribute consistently, and let compound growth work in your favour. Your personal retirement savings aren’t just about money—they’re about freedom, confidence, and control over your own future.