Navigating retirement making plans amid CPF Particular Account closure

The unique model of this newsletter first gave the impression in CNA. ‍ For the previous week, conversations on social media platforms have swirled round retirement adequacy after a wonder announcement in Finances 2024. Monetary boards have been abuzz with an alphabet soup of acronyms akin to OA, SA, RA, BRS, FRS, ERS and SRS, along side pro-tips on how contributors may just maximise their Central Provident Fund (CPF) retirement financial savings. The pending closure of the CPF Particular Account was once arguably the most important wonder popping out of Finances 2024. What’s the Particular Account for, and why has its closure stuck consideration? The Particular Account – intended for retirement financial savings and investments – has historically earned CPF contributors long-term yields, with a present rate of interest of four.08 according to cent according to annum. From 2025, the Particular Account can be scrapped for the ones elderly 55 and above. When that occurs, financial savings from contributors’ Particular Account will…