Are you approaching 55? Have you started thinking about your retirement plans? Have you wondered how your CPF savings can meet your retirement needs? Did you know that from age 55, you will earn an additional extra 1% interest on the first $30,000 of your combined CPF balances?
Retirement planning can be daunting, so many tend to hold it off. However, starting your planning early can make a great difference to your lifestyle in your golden years. With CPF, you have actually been saving for your retirement from the time you started working. When you turn 55, a Retirement Account (RA) is set up with savings from your Ordinary and Special Account (OA/SA). This forms your retirement sum which provides you with a monthly income in old age. Under the CPF LIFE scheme, you can receive monthly payouts from your payout eligibility age (PEA) for as long as you live.
To get a clearer understanding of how your CPF savings can support your retirement, you can get personalised guidance from the CPF Retirement Planning Service (CRPS) when you are reaching 55 years old.
The CRPS provides one-to-one personalised sessions for members turning 55. The service will give you an overview of the changes in CPF policies that may affect you after you turn 55 and help you better understand the options available to you so that you are equipped to make informed decisions about your CPF retirement savings.
The service can be conducted in any of the four major languages – English, Mandarin, Malay or Tamil. Depending on the questions you have, each session should range from 30 to 45 minutes.
If you are currently servicing your housing loan using your OA savings, you may receive an invitation letter to attend the CRPS. Otherwise, you can also make a CRPS appointment via our hotline at 6202 3176 or 6202 3836. The service is currently available at Bishan, Jurong and Maxwell Service Centres.
If you are turning 55 and would like to find out more about the CRPS, you can email us at firstname.lastname@example.org.
Source: The Sunday Times © Singapore Press Holdings Limited. Permission required for reproduction