The original version of this article first appeared in CNA. ‍ For the past week, conversations on social media platforms have swirled around retirement adequacy after a surprise announcement in Budget 2024. Financial forums were abuzz with an alphabet soup of acronyms such as OA, SA, RA, BRS, FRS, ERS and SRS, along with pro-tips on how members could maximise their Central Provident Fund (CPF) retirement savings. The pending closure of the CPF Special Account was arguably the biggest surprise coming out of Budget 2024. What is the Special Account for, and why has its closure caught attention? The Special Account - meant for retirement savings and investments - has traditionally earned CPF members long-term yields, with a current interest rate of 4.08 per cent per annum. From 2025, the Special Account will be scrapped for those aged 55 and above. When that happens, savings from members’ Special Account will...