Unless you’re living under a rock, you would have known that some major budget measures were announced by Finance Minister Lawrence Wong on 18 February 2022. For the uninitiated, one of the measures includes raising the Central Provident Fund (CPF) Basic Retirement Sum (BRS). If you are a Millennial or a Gen Z, you might think that you’re still far from retirement and that this adjustment will not affect you. However, that’s not quite true. Read on to find out more about what the raised BRS means, and how you can save for your retirement. What has changed about the BRS? The BRS will be increased by 3.5 per cent every year for the next five batches turning 55, from 2023 to 2027. According to Finance Minister Lawrence Wong, this change is to allow CPF members to receive higher monthly payouts during retirement. Adjustments to the BRS generally account for...