Central Provident Fund Boost CPF retirement savings of those above 70 too
I applaud the Government and the Central Provident Fund (CPF) Board for their efforts to boost the retirement savings of seniors aged between 55 and 70, by introducing the Matched Retirement Savings Scheme (440,000 CPF members qualify for matched top-ups, Jan 7).

This is especially crucial as about 53 per cent of the seniors in the cohort have not met the Basic Retirement Sum of $93,000 this year.

CPF's attractive interest rates for the retirement and special accounts will also help to boost their retirement savings in the future.

However, why is the cut-off age for this scheme set at 70?

Why not extend it to the Pioneer Generation, many of whom have low balances in their CPF accounts?

This will help to boost the retirement adequacy of this group of elderly people and ensure that they have enough money to survive on during their golden years.

I sincerely hope the Government will review this cut-off age.

Jason Lim Shao Quan

Source: https://www.straitstimes.com/opinion/forum/forum-boost-cpf-retirement-savings-of-those-above-70-too

Add Comment

---