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Why is there another transfer of monies from my Ordinary Account (OA) to my Retirement Account (RA) before I start my monthly payouts?
As Singaporeans are now working longer, CPF contributions made after age 55 become an essential part of their retirement savings. The increase in senior worker CPF contribution rates further reinforces this. This additional transfer will help to boost your retirement savings and provide you with higher monthly payouts.
If you have already set aside your Full Retirement Sum in cash in your Retirement Account, the transfer will not occur.
If you have already set aside your Full Retirement Sum in cash in your Retirement Account, the transfer will not occur.
This information is sourced from CPF.
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