As Singaporeans turn 55, the removal of CPF Special Account (SA) prompts a reevaluation of retirement strategies. Individual should reassess retirement needs, those who consider transferring funds to Retirement Account (RA) must be aware that they can only draw a monthly income from 65 onward and subjected to changes of CPF policies from time to time.
Anyone who wants more control over their CPF money , may choose not to transfer more money to RA. Then it is advisable to draw the money from Ordinary Account (OA), which earns 2.5% and diversify into investments, annuities which make our savings work harder.
Navigating this pivotal juncture requires proactive planning and prudent financial management to ensure a secure retirement in Singapore.
Drop me a text and I am happy to help.