This is about the government scheme, Supplementary Retirement Scheme (SRS), that the statutory retirement age will be raised from 62 to 63 from 1 July 2022 and further increased to 65.
In short, SRS helps you to save on your upcoming income tax and the possibility to withdraw tax-free during retirement age.
Today is the last day to lock in to withdraw your SRS monies at 62, you should make your first contribution to your SRS account before 1 July 2022.
Click here to read an article for summarized information about SRS and what to do.
There are many options available for SRS monies to make possible better returns. Feel free to contact me about them. However, if you have no SRS account yet, then locking in the younger retirement age today, with $1, is a definitely a wise choice to be made first.