The latest changes to the CPF scheme announced in Budget 2024 raised concerns about the potential impact on retirement planning – specifically, the closure of the CPF Special Account. How will these changes affect your nest egg? We speak to Alvin Chow, CEO of financial education platform Dr Wealth. Read original article here Denial of … Read more
Who’s affected, and how? One group to be impacted is CPF members who have already saved the Full Retirement Sum. Their Special Account funds and any new contributions will be channelled to their Ordinary Accounts, where they can withdraw any amount on demand. But as pointed out, they will earn lower interest rates than if … Read more
REMOVAL OF CPF SPECIAL ACCOUNTS CLOSES A LOOPHOLE Bundled in the Budget 2024 announcements relating to CPF was the closure of the Special Account once members are 55 years of age and their CPF Retirement Account has been set up. When implemented next year, this would resolve a long-standing anomaly whereby a CPF member aged … Read more
