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Following the announcement that the CPF Special Account (SA) will be closed from early 2025 for those aged 55 & above, some CPF members, particularly those who have substantial SA savings after turning age 55 are reviewing their retirement plans.
Jul 19, 2024 · The CPF Special Account (SA) will close in early 2025 for members aged 55 and above. The savings in the SA will be transferred to the Retirement Account (RA), up to the Full Retirement Sum (FRS), so that members can get higher payouts.
Jun 24, 2024 · With the closure of Special Account (SA), CPF contributions that go to the SA currently, as well as any increase in CPF contributions allocated to SA from 1 January 2025, will be fully allocated to the member’s Retirement Account (RA) instead, up to the Full Retirement Sum (FRS), to boost retirement payouts.
Mar 1, 2024 · What are the features of CPF Special Account? The CPF Special Account features the following: Savings will be for regular income after retirement and for investing in approved investment products. The latest list of approved investment products can be found here.
Feb 21, 2024 · From 2025, the Retirement Account will no longer be a fourth CPF account, but will replace the Special Account. Each of our CPF accounts is meant for different purposes, and in this article, we look at the role that our Special Account plays.
Feb 17, 2024 · Savings from Special Accounts are transferred first, followed by funds from Ordinary Accounts. But from 2025, Special Accounts will be closed for those at least 55 years old.
Feb 22, 2024 · SINGAPORE: The closure of Central Provident Fund (CPF) Special Accounts for those aged 55 and older means that members will no longer be able to earn higher interest rates on savings...
