In Singapore, the Central Provident Fund (CPF) is a mandatory savings and pension program that serves as the main source of retirement income for citizens and permanent residents. However, not many people are aware of the different CPF schemes available for retirement planning. These schemes are designed to provide various options for individuals to save and plan for their golden years, depending on their needs and preferences.
One of the most popular CPF schemes is the Ordinary Account (OA), which can be used for housing, education, and investment purposes. It is also possible to withdraw from the OA for retirement if you have met the minimum sum requirement. Another option is the Special Account (SA), which offers a higher interest rate and can be used for retirement planning for those who are willing to take on more risk. Additionally, the Retirement Sum Scheme (RSS) allows CPF members to receive monthly payouts from their retirement savings once they reach the age of 65. This scheme provides a steady stream of income to support one’s retirement lifestyle.
Apart from these schemes, there are also other options such as the CPF Investment Scheme (CPFIS), which allows CPF members to invest their savings in various investment products to potentially earn higher returns for their retirement. This scheme is suitable for those who are willing to take on a higher level of risk for potentially higher rewards. For those who prefer a more conservative approach,
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