As from April 2013 my Journey in Investing is to create Retirement Income for Life till 80 years old for two over market cycles of Bull and Bear.

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"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

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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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