How do I fund my retirement?
Preparing for my retirement is crucial because despite the good economy in Singapore, money is not easy to come by. What should I do to fund my retirement and where does the funds go to? How much do I get from the Central Provident Funds when I reach the age of 55? When and how much can I withdraw from my accounts?
If you are a Singaporean, you and your employer make monthly contributions. These contributions are spread among three accounts which are Ordinary, Special and MediSave accounts. The Ordinary accounts are for reirement and housing, Specials accounts are for retirement purposes only and MediSave accounts are for healthcare purposes. The Basic Retirement Sum will be made known to you ahead of time and you can withdraw the first $5,000 of your Ordinary and Special Account savings even if you do not meet your Basic Retirement Sum at age 55.