In a recent article, Straits Times reported that 1 in 2 of those who used CPF to invest ended up seeing losses.
Knowing what you know, would you hedge against the odds or play it cool?
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Credit: CPF
Check out the full CPFIS-OA report for 2020 here <bit.ly/3dH82ui>. For your research and quick learning, here's a timely video on how you can make your CPF monies work for you.
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We've seen a few conversations started by you guys here on the best ways to maximise CPF. Here's a mega cheat sheet for you.
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Has anyone started to introduce CPF to your child yet? If so, how old was your child when you broached the topic?
Since it's the June holidays, let me share how you can introduce CPF to your child through English and Maths: https://diaperfinancingfund.blogspot.com/2021/06/money-parenting-introduce-your-child-to.html
and am on the lookout for more ideas. eager to network and learn from fellow parents here!
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The Central Provident Fund (CPF) plays an important role for Singaporeans and PRs to ensure that you've set aside enough for retirement as well as partial funds for your health care and housing needs.
For persons below 55, a chunk of your paycheck goes to CPF contributions split 3-ways (not equally though!) between three accounts which accrue between 3.5% to 5% interest rates. Your employer will also chip in to match 17% of your paycheck too!
💡 Topping up your own and your loved ones' CPF accounts can help to maximise your nest egg and make your money work harder. Think safe alternative to investing, tax reliefs and also attractive compound interest rates.
Image source: CPF
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Maximising your child's CDA can mean giving them a solid foundation for their nest egg when unused funds are transferred into their PSEA, and then their CPF account. With the attractive interest it earns, this can potentially serve to fund more than their educational and health care needs! 🤯
Take note of the basics and tell us in the comments – Would you consider using your child's CDA as another financial gift you can give your kids for their future? #WalkTheParentingTalk!
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Depending on your age bracket, the Contribution and Allocation rates will differ to ensure that your other financial needs are also met.
The Basic Retirement Sum (BRS) for each cohort of 55-year old CPF members will be announced on the CPF website prior to help you prepare ahead of time. What can you do with your current savings in these accounts?
Take this time to run through your current CPF savings. Decide which CPF LIFE scheme plan would be best for you based on your funds and the lifestyle you want to have during retirement.
❓ Lost with all the terms and acronyms? Check out ST's quick-look glossary list here <bit.ly/3fSeaBV>
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Effective from 2021, the Government has introduced the Matched Retirement Savings Scheme (MRSS) which provides dollar-for-dollar match into the Retirement Account (RA) that can help senior Singaporeans to meet their Basic Retirement Sum (BRS).
You can also do a voluntary cash top-up to the CPF accounts of eligible senior citizens (like your parents) under the Retirement Sum Topping-Up (RTSU) scheme! What's more - enjoy the prevailing RTSU benefits such as up to S$7,000 income tax relief.
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