Saturday, October 8, 2011

"Are You Ready" to retire?

SINGAPORE: The Central Provident Fund (CPF) Board has launched a campaign "Are You Ready" to help Singaporeans kickstart their retirement planning.

It will help to educate them on financial literacy with a checklist of four themes - cash flow, heath care, housing and retirement.

Speaking at the launch of the campaign on Sunday, Minister of State for Manpower and National Development Tan Chuan-Jin noted that some Singaporeans are already ensuring that they have enough savings.

He said records from the CPF Board showed that about 60 per cent of members do not make withdrawals when they reach the age of 55.

Brigadier-General Tan also said that many CPF members have been voluntarily making top-ups for their loved ones through the Minimum Sum Topping-up Scheme.

Over the past five years, the number of these transactions has gone up by 36 per cent while the top-up amount has grown by 33 per cent.

Last year, there were about 30,000 minimum sum top-up transactions, amounting to S$250 million.

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