CPF Medisave Minimum Sum (MMS) scheme was abolished since 1 Jan 2016. It used to be the amount which you need to retain in your Medisave Account (MA) for your healthcare needs before any excess Medisave savings can be withdrawn on or after 55. In the past, if you have met the CPF Minimum Sum requirement (now […]
How CPF Minimum Sum Retirement Scheme changes affect you
Like most people, I used to think I could call it a day when I reach my retirement with a target, say a million dollars. I was wrong. Today, retirement planning is no longer just about saving a retirement sum but to build retirement income. In Singapore, nobody can talk about retirement without mentioning CPF. Ironically, CPF retirement schemes […]
CPF Minimum Sum Scheme
With effect from 1 Jan 2016, there is no more CPF Minimum Sum. The scheme has been replaced by “CPF Retirement Sum Scheme”. Click here for the information about the new scheme. The scheme below has been discontinued. With increased life expectancy, we must set aside enough savings to see ourselves through a longer period […]