Category: Retirement
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CPF Contribution Changes from 1 Jan 2024
Key Takeaways: Introduction:Effective 1 January 2024, CPF contribution rates rise alongside the salary ceiling, impacting Singaporeans’ financial planning. Understanding CPF Changes:What are the implications of the CPF rate and salary ceiling increases starting 1 January 2024? The adjustments are designed to bolster retirement savings, affecting take-home pay and necessitating budget adjustments for both employees and…
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CPF SA Shielding 2024: Evaluating Its Benefits and Drawbacks
Key Takeaways In the recent Budget 2024, the government made the decision to close Special Accounts – meant for retirement savings and investments – for those aged 55 and older, this will certainly affect how people make use of SA shielding. Introduction Unlock the potential of your CPF savings with SA Shielding—a strategic move to…
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Guide to Best Fixed Deposit Rate in Singapore: Maximising Your Savings in 2024
Fixed deposit accounts offer a secure and stable way of earning interest on your savings in Singapore. With their guaranteed returns and higher interest rates compared to regular savings accounts, fixed deposits are a popular choice among individuals looking to grow their savings with minimal risk. I aim to provide a comprehensive guide to navigating…
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Can I retire in Singapore as a foreigner
If you’re considering retiring abroad, Singapore may have crossed your mind as a potential destination. As a foreigner, you may be wondering if it’s possible to retire in Singapore and what the process entails. While Singapore is a beautiful and vibrant city-state, there are some things you need to know before making the decision to…
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Retirement Age in Singapore 2030: What You Need to Know
If you’re planning for retirement in Singapore, it’s important to know the current and future retirement age. The current retirement age in Singapore is 62, but it’s gradually increasing to 65 by 2030. This means that if you were born before July 1, 1960, you can still retire at age 62. However, if you were…
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Do You Have to Retire at 65 in Singapore?
If you’re approaching the age of 65, you may be wondering if retirement is mandatory in Singapore. The answer is no. While 65 is the official retirement age in Singapore, you are not required to retire at this age. In fact, the government has been gradually raising the retirement age from 62 to 65 by…