As of May 30, 2012, CPF members, who turn 55 between July 1 of this year and June 30, 2012, will require a minimum sum of $139,000 in their account, before they are allowed to withdraw the savings from the CPF account. Very much a psychological milestone, many yearn for the age of 55 to withdraw savings for a much-needed holiday or to give the family a good dinner, or whatever reasons each individual might have. Despite believing that this policy sought to provide for the retirement phase of a Singaporean’s life, I questioned if Singaporeans are indeed earning enough to reach this milestone.
And based on figures provided, even a Singaporean working for 30 years, from 26 to 55, with a salary of $1,500 would be able to reach the new target set. After much deliberation, I now am convinced that is indeed a realistic target for Singaporeans to meet.
Read the article here: http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_804970.html
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