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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.
5 days ago · 19 Jul 2024. SOURCE: CPF Board. 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. Any remaining SA savings will be transferred to the Ordinary Account (OA ...
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.
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. For members who have set aside the ...
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 · CPF Board said on Saturday that more than 99 per cent of members aged 55 and older will be able to transfer all their Special Account savings to their Retirement Accounts when the Enhanced...
Jun 17, 2024 · In the latest round of CPF interest rates review, our Special, MediSave and Retirement Accounts (collectively termed SMRA) will earn 4.08% from July to September 2024. Interest rates are reviewed each quarter. As we can see, our Special Account, Retirement Account and MediSave Account are paying above the 4.0% floor interest rate.
