“Govt working on ensuring basic retirement needs met” – 53% met RRS?

TOPICS:
Govt

January 17, 2023

“Govt working on ensuring basic retirement needs met, boosting skills: DPM Wong” (ST, Jan 16)

“Singaporeans should be able to meet their basic retirement needs as long as they work and make regular Central Provident Fund (CPF) contributions, even as it becomes more difficult to consistently build up their retirement savings amid disruptions and volatility in the economy and their lives, said Deputy Prime Minister Lawrence Wong on Monday.

For those unable to work, or who do not have the runway to work and save through the CPF system, the Government will find ways to take care of them, added Mr Wong, who is also Finance Minister.”

Comment:

53% of all CPF members at age 55, were able to meet the Required Retirement Sum (RRS) (refers to those who either set aside the Full Retirement Sum in cash, or set aside the Basic Retirement Sum (BRS) and owned a property) https://www.cpf.gov.sg/……/retirement-sums-and……

Does the above mean that 47% were not able to meet#SGIssuesThatMatter #SGIssuesThatMatter

 

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About the Author

Leong
Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.

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