Happy New Year to everyone!
As we embrace 2025, I took some time in the final days of 2024 to consider the upcoming changes and evaluate how best to navigate them. Let’s dive into what lies ahead.
To start, there’s an important update for working professionals: CPF contribution adjustments are effective from January 1, 2025. Let’s unpack how these changes might impact your take-home salary and retirement planning strategies.
Additionally, we can’t ignore the ongoing fluctuations in global interest rates. This volatility has resulted in lower fixed deposit and savings account rates as we step into January 2025.
Similarly, this month’s Singapore Savings Bond (SSB) interest rate has dropped compared to last month. However, not all news is downbeat. The yield on the most recent 6-month Singapore T-bill has ticked up slightly to stand at 3.05%.
An important shift to be aware of this month is the closure of the CPF Special Account (SA) for those who have reached the age of 55.
As I delve into how to best respond to these developments, I’ll be sharing my perspectives over the coming week. If there’s any particular aspect you’d like to discuss or explore further, please feel free to reach out.
