Singaporeans turning 55 from July 1 this year to June 30 next year will need to set aside $148,000 in their Central Provident Fund (CPF) savings, up from $139,000 previously. Yearly adjustments to raise this sum had started from 2003 following a major CPF policy reform. Increases were meant to stop this year. But due to high inflation last year, the government decided to spread out the remaining increases until 2015. SMU adjunct faculty member Dr Larry Haverkamp said that the 2015 figure should be around $160,000 a year on a 4 per cent inflation rate. He said that he expected inflation increases to be extended beyond 2015. Higher minimum sums mean that CPF members would have more for retirement and medical needs, he said. "To prepare for it, Singaporeans can begin saving more, as the new minimum sums may require them to make slightly more payments for mortgages and investments from cash rather than their Ordinary Accounts. The biggest tip would be to consider pledging property, which can bring the minimum sum down to as low as $0 for a couple with at least $148,000 of equity in their home," he said.