Did you know that the CPF Minimum Sum applicable to you depends on when you turn 55? When you reach 55, you will be informed by CPFB of the Minimum Sum (MS) that you need to set aside in your CPF Retirement Account. This amount provides you with monthly payouts to meet basic retirement expenditure when you start drawing down from the MS. The MS applicable to you will remain fixed at the amount that you were informed when you turn 55, and no adjustments will be made. Subsequent increases to the MS apply only to future cohorts, and not cohorts that have already turned 55. Thus, if you turn 55 in July 2014, and your applicable Minimum Sum is $155,000, that amount will not change. You can find out more about the Minimum Sum @ bit.ly/1gWaYly.
Posted on: Mon, 02 Jun 2014 09:00:01 +0000