S1E22: Things to consider now that CPF Special Account will be removed for those 55 and older

The Straits Times Podcasts

How much should you put into your CPF Life then?

Synopsis: Every third Monday of the month, hosts Lee Su Shyan and Ven Sreenivasan - both associate editors and senior columnists at The Straits Times - offer you an extra edge in managing your hard-earned money.

In this episode, Mr Christopher Tan, CEO and founder of Providend - a fee-only wealth advisory - discusses the closure of the CPF special account for those 55 and over from early 2025, which was announced during Budget 2024.

What are the implications for CPF members and how can they best manage their CPF savings?

Highlights (click/tap above):

3:30 Context for why the CPF Ordinary, Special and MediSave accounts were set up

7:30 Reasons for the removal of the CPF Special Account for those 55 and older

13:15 Considerations for CPF members as they aim to boost their returns

15:10 What to bear in mind: Whether to go for the Enhanced Retirement Sum and what you can do with CPF Life

20:00 CPF Life and longevity risk

Produced by: Lee Su Shyan ([e-mail]), Ven Sreenivasan ([e-mail]), Ernest Luis and Teo Tong Kai

Edited by: Teo Tong Kai

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Do note: All analyses, opinions, recommendations and other information in this podcast are for your general information only. You should not rely on them in making any decision. Please consult a fully qualified financial adviser or professional expert for independent advice and verification. To the fullest extent permitted by law, SPH Media shall not be liable for any loss arising from the use of or reliance on any analyses, opinions, recommendations and other information in this podcast. SPH Media accepts no responsibility or liability whatsoever that may result or arise from the products, services or information of any third parties.

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Chapters

1. Things to consider now that CPF Special Account will be removed for those 55 and older (00:00:00)

2. Why were the OA, SA and MediSave set up for? (00:03:30)

3. Reasons for the removal of the CPF SA (00:07:50)

4. What to consider if you aim to boost returns (00:13:15)

5. Should you go for the ERS? (00:15:10)

6. CPF Life and longevity risk (00:20:00)