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Budget 2024: Can encouraging more CPF savings crack the retirement code?

The increase in Enhanced Retirement Sum announced in Budget 2024 can help turn CPF savings into lifelong retirement income. But how can Singaporeans reach that level of savings in the first place?

The aim of providing a higher level of lifelong retirement income to those who have set aside enough in their CPF is laudable.

ST PHOTO: LIM YAOHUI

Chuin Ting Weber

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Are your Central Provident Fund (CPF) savings enough for retirement? For better or worse, many a financial product has been sold to Singaporeans who grapple with this question and suspect they may need more retirement income.

Budget 2024

has taken a major step to alleviate the retirement worries of those who have significant CPF savings. It has

raised the highest retirement payout tier

so that people can get more income in their golden years. The problem is that a majority of Singaporeans don’t have such a large CPF nest egg in the first place.

Budget 2024: Can encouraging more CPF savings crack the retirement code?

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