9 Use the Supplementary Retirement Scheme (SRS)

Contributions to the SRS account bring income-tax relief. You can contribute any amount each year subject to a cap of $11,475 for Singaporeans and permanent residents and $26,775 for foreigners.

Besides providing you with the discipline to save consistently for retirement, SRS gives an additional nest-egg on top of your CPF account.

Note that 50 per cent of your withdrawals from SRS is subject to tax at retirement. Withdrawals can be made over a period of 10 years. With lower or nominal income at retirement, you may end up paying little or no income tax.

10 Recession-proof your job

With job cuts reported more often now, this is not the time to take an extended holiday or sabbatical. Be visible, go beyond your basic responsibilities, upgrade yourself and continue to network.

Remember, no one will lay off a star performer.

But, update your resume just in case.

This article was first published in The Straits Times on November 16, 2008.