Why are CPF Special Accounts being closed for those aged 55 and up?
Economists are saying this move closes a loophole that has benefited chiefly the “very high income”. We explain how:
https://cna.asia/3I1fFdI
Questions.
Must meet the Basic, Full and Enhance by 55 Years- ol
But some old folks may work till 65 or 75 years old
Then their CPF go into RA only?
So they will not have funds in OA at all?
Pls rah, " what become Millionaire max up SA " like that Govt going to bankrupt since literally every singaporean will become millionaire so call claim by those CPF guru " and SG population is aging a lot will be above 55 . Like that wow Govt going to bankrupt man.
(18-02-2024, 12:59 PM)Ola Wrote: [ -> ]Questions.
Must meet the Basic, Full and Enhance by 55 Years- ol
But some old folks may work till 65 or 75 years old
Then their CPF go into RA only?
So they will not have funds in OA at all?
It's a misconception. It is not mandatory to meet Basic, Full or Enhanced by 55 years old. IF u do not meet any, it just means that but 65 years old, don't expect your monthly payout to be the same as when u had met the minimum sum.
(18-02-2024, 01:51 PM)winbig Wrote: [ -> ]It's a misconception. It is not mandatory to meet Basic, Full or Enhanced by 55 years old. IF u do not meet any, it just means that but 65 years old, don't expect your monthly payout to be the same as when u had met the minimum sum.
Actually I heard from PM lee himself claim during one NDR speech, he like claim " for those never use OA to buy property " will get more withdraw.
So is honest mistake, last time do not know it is a loop hole.
Going forward should focus inflation not exceeding returns..