Increased Retirement Sum Requirements

To receive monthly payouts during retirement, CPF members need to set aside a specific amount by age 55, known as the Retirement Sum. This figure is adjusted annually to reflect inflation and the increasing cost of living. Starting in 2025, the Retirement Sum will see a notable increase, requiring careful financial planning from members.

Updated Retirement Sum for 2025: - Basic Retirement Sum (BRS): Increased from S$99,400 to S$106,500 - Full Retirement Sum (FRS): Increased from S$198,800 to S$213,000 - Enhanced Retirement Sum (ERS): Increased from S$298,200 to S$319,500

Individuals turning 55 in 2025 will need at least S$106,500 to qualify for the BRS payouts. Those who aim to secure higher payouts should consider saving towards the FRS or ERS to ensure ample financial resources in their retirement years.

Changes to Withdrawal and Retirement Ages

Adjustments in the retirement age and withdrawal age are in place to accommodate Singaporeans' longer working lives and to enhance their financial security. From 2025, these age thresholds will shift as follows:

- Retirement Age: 64 years (up from 63 years) - CPF Withdrawal Age: 66 years (up from 65 years)