Showing posts from August, 2014

Key CPF/HDB changes to help retirement

During yesterday's National Day Rally,  PM Lee highlighted a few key changes to the existing CPF system. 1)   CPF members reaching 65 will be   allowed to withdraw a lump sum from their Minimum Sum savings   if they need. There will be a limit, perhaps 20%, to ensure that there is still sufficient savings left for their later years. 2)  The Government will be launching the   Silver Support scheme   to give lower-income Singaporeans with little or no CPF savings an annual bonus from the Government. Details to be announced. 3)  CPF minimum sum scheme will be raised to   $161,000   from the current $155,000 on 1 July next year. 4)  Minimum sum scheme is here to stay. However beyond the increase next year, PM Lee sees no need for further major increase. 5)  An advisory panel set up by the Ministry of Manpower will study a range of retirement issues such as how the Minimum Sum should be adjusted to provide adequate retirement payout, or how CPF savings can be invested