There have been a couple of changes recently that could affect the retirement plans of those in their 50s and early 60s. One is the raising of the retirement age in Singapore from 63 to 64 in 2026, with plans to further increase it to 65 by 2030.
A second is that from Jan 1, 2025, the Central Provident Fund (CPF) contribution rates for employees aged above 55 to 65 will be increased to strengthen their retirement adequacy. The changes apply to wages earned from the same date.
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