Put half of the money into Singapore Savings Bonds (SSB). SSB rates have gone up to more than 3% already. If the stock market goes down further, just withdraw and buy stocks. Put the other half into high yield retail bonds that can be as high as 6% such as $Astrea7CLB620527#(V7BB.SI)$  . The combined returns would be easily more than 4.5% which I think would be a very good way to get high returns. SSBs are 10 years, but you can withdraw anytime. The Astrea VII 6% bond is into 2027. The combined returns of more than 4.5% easily beat inflation rates on the average and you can hold it for many years too, if no plans to invest the money elsewhere. This returns will also beat the 4.0% returns in CPF SA Account. Good returns and 50% (SSB) flexibility. And best of all, stability. SSBs are backed by MAS (Singapore Government) and the Astrea bonds are backed by Temasek Holdings (Singapore Sovereign Wealth Fund). Almost 100% risk free I would say.