What's the hype with using $1 to lock in "retirement age" of 62?

1) There are soooo many articles (see references below) and posts surrounding this topic of "Using $1 to open SRS account to lock in retirement age at 62", am I right to conclude that it only applies to SRS and doesn't affect or lock in the CPF SA withdrawal age (65 and ever increasing down the years) isn't it? The two are separate. Is there anyway to move all money in SA into SRS so that withdrawal age standardize to 62 across the board?

2) If that cannot be done, and only spare cash outside of CPF can be use to top up SRS, then for those who do not need to reduce taxable income or in need of tax benefit, using $1 to open SRS account to log in withdrawal age of 62 does it still serve any purpose when all you can withdraw is that $1 while the rest of the monies in SA are still subjected to default age limit which will keep on increasing. Or am I missing something?

References:

https://blog.seedly.sg/supplementary-retirement...

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Wrong Sean

09 Nov 2021

It can be part of retirement cashflow strategy.
Like the article mentioned, the different schemes allow withdrawal at different ages.

CPF - 55
SRS - 62
CPF Life - whatever age

And the point is to add on and invest the SRS contributions. Not leave it in the SRS account to rot.

If you are confident of your cash investments to cover you beyond retirement, you do not need to utilise these schemes.

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Tan Choong Hwee

09 Nov 2021

Investor/Trader at Home

CPF and SRS are totally separate schemes.

The $1 hack applies only to SRS.

You can't move SA money to SRS.

Withdrawal age for CPF SA/OA is 55 (not 62, not 65) after your RA is created with FRS at 55.

If you are absolutely sure that you will never need tax relief, then no point opening SRS account at all. But, most people would end up paying some amount of income tax if they continue to work, isn't it?

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