Budget 2024 was delivered on 15th February 2024 by our Finance Minister, Lawrence Wong, and among the things announced is the closure of Special Accounts (SA) for CPF members aged 55 and above. This will take place in 2025 and will apply to all CPF members aged 55 and above. What happens to SA money? Upon closure of the SA at age 55, the money is channeled to the CPF Member’s Retirement Account (RA) up to the cohort’s Full Retirement Sum (FRS). If there is any excess money, it will flow over to the CPF member’s Ordinary Account (OA). From here, there are 3 things the CPF member can choose to do:

1. Leave funds in the OA
2. Transfer funds to RA up to the Enhanced Retirement Scheme (ERS) amount
3. Withdraw funds from the OA account

The closure of one’s SA is also retroactive and will happen to everyone at least 55 years old in 2025. The money is similarly handled as above....