With the closure of the Special Account and the raising of the Enhanced Retirement Sum, how much is the maximum amount that I can have in my Retirement Account?
From 1 January 2025, the Enhanced Retirement Sum (ERS) will be raised to four times of the Basic Retirement Sum to allow members 55 and above to save more in the Retirement Account (RA) and receive higher payouts, if they wish to do so.
With the change, the ERS in 2025 would be $426,0001, up from $308,700 in 2024. Hence, if you are aged 55 and above in 2025, you can save up to $426,000 in the RA.
1 This is the limit for the savings set aside in the RA (excluding amounts such as interest earned, any government grants received, plus retirement withdrawals).
