I started serious Investing Journey in Jan 2000 to create wealth through long-term investing and short-term trading; but as from April 2013 my Journey in Investing has changed to create Retirement Income for Life till 85 years old in 2041 for two persons over market cycles of Bull and Bear.

Since 2017 after retiring from full-time job as employee; I am moving towards Investing Nirvana - Freehold Investment Income for Life investing strategy where 100% of investment income from portfolio investment is cashed out to support household expenses i.e. not a single cent of re-investing!

It is 57% (2017 to Aug 2022) to the Land of Investing Nirvana - Freehold Income for Life!


Click to email CW8888 or Email ID : jacobng1@gmail.com



Welcome to Ministry of Wealth!

This blog is authored by an old multi-bagger blue chips stock picker uncle from HDB heartland!

"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

"For the things we have to learn before we can do them, we learn by doing them." - Aristotle

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Sunday 18 August 2019

NDR 2019: New retirement, re-employment ages of 65 and 70 by 2030; higher CPF contributions for older workers

SINGAPORE: Singapore will raise the retirement age and re-employment age to 65 and 70 respectively by 2030, alongside increases in the Central Provident Fund (CPF) contribution rates for older workers.

This, announced by Prime Minister Lee Hsien Loong on Sunday (Aug 18), comes after the Government accepted "in full" the recommendations put forward by a tripartite workgroup studying the country’s ageing workforce.

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You can make withdrawals from your SRS account over ten years from the date of your first penalty-free withdrawal. Withdrawals are penalty-free only if they take place after the statutory retirement age that was prevailing at the time of your first SRS contribution. The statutory retirement age is currently at 62


Hmm .. SRS at 65!

It will affect retirement income planning for those who wish to retire early than 65!

Bom pi pi!

More people can now FIRE before 65!







3 comments:

  1. This was advertised well in advance liao, so some people have opened SRS & deposit $1 to lock in penalty free withdrawal age of 62. Anyway got until end of 2021 to do so. Haha!

    Hmmm no big angbao announcement -- no GE this year? :P

    Seems like he's leaving it to HSK to announce goodies in Budget speech next Feb. Hoho

    ReplyDelete
  2. Uncle, you qualify for 75% bursary for your child uni fees?

    ReplyDelete
    Replies
    1. Son in his last semester. All tuition fees fully paid

      Delete

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