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Map Your Money
Map Your Money is designed to be an educational tool for your general information only and is not meant to provide investment advice. We make some assumptions when building the calculator, which you can read about here, and the results presented may not reflect the actual growth of your holdings. You should not rely on this calculator to make any decision and we are not responsible for any consequences of you choosing to do so. Speak to a representative if you need professional advice.
At a Glance
Map Your Money is an engagement tool developed to help our customers plan for their financial future. It gives you a forecast, or projection, of your money from today till your life expectancy age.
Your forecast is split into 2 basic stages.
- Before Retirement—You’re accumulating wealth
- After Retirement—You’re drawing down your accumulated wealth.
Think of your money in 2 broad categories—your cashflow and balances.
This is the money that flows in and out of your accounts.
Based on the accounts you have with DBS and any non-DBS data you’ve shared with us, we derive your net cashflow using this formula: total income minus total expenses. If the net cashflow amount is positive, we add the net amount cumulatively to your cash savings. If the net cashflow amount is negative, your cash savings are used to cover the shortfall. Your cash savings are similarly derived using data we have on your DBS accounts and non-DBS data you provide.
We assume that your income and expenses increase at a certain rate:
- Salary—Yearly salary increase
- Expenses—Inflation rate
This is all the money you currently have, from what we see in our data.
Using your cash, investments, CPF and SRS balances today as a baseline, we project the growth up to your retirement age.
We assume that your money grows at a certain rate:
- Your financial assets
- Cash savings—Interest rate
- Investments (equities, ETFs, managed portfolios, unit trusts and ILPs)—Rate of returns
- Equities, ETFs, managed portfolio, unit trusts, DBS Wealth portfolios and ILPs – Rate of returns
- Endowment plans—Total maturity value of your policy
- Income stream plans—Maturity value and payouts as stated in your policy
- CPF—Prevailing CPF rules and interest rates
- SRS—Prevailing SRS rules and interest rates
Things are a little different now. Whatever you accumulated before is now used to fund your retirement expenses.
From here, we take your 3 main sources of funds to be
- Your financial assets (cash and investments)
- Your physical assets (rental income)
- Government schemes (CPF and SRS)
They’re allocated in different ways.
Cash is used as a balancing account. This means that any expenses shortfall or costs of goals you have comes out of cash. If there aren’t enough funds from your CPF, SRS and investments to meet your retirement expenses, we’ll draw the remainder from cash.
See FAQs for how cash is projected.
Equities, ETFs, managed portfolios, unit trusts, DBS Wealth portfolios and ILPs
At the point of retirement, we take the total projected value of your investments and divide it evenly over the total number of months across your retirement period. The amount is taken out month by month, leaving whatever remains to continue growing at the same rate of returns.
See FAQs for how investments are projected.
The projected total maturity value is added to cash in the maturity year of your policy.
See FAQs for how endowment plans are projected.
Income stream plans
The projected total maturity value is added to cash in the maturity year of your policy. Regular payouts follow what’s on your policy: the start and end dates, frequency, and payout amount.
See FAQs for how income stream plans are projected.
CPF and SRS
We follow the basic prevailing rules set by CPF Board and Ministry of Finance for CPF payout and SRS withdrawal.
Forecasting for Goals
Now let’s add some complexity—what happens when you add goals?
When you set a goal, we’ll map out the cost and target date on your forecast. Funds for your goals come out of your cash balances, not your cashflow.
We fund goals in chronological order, leaving retirement as the final milestone. That means any goal which has an earlier target date gets funded first. It also means all goals are bound to impact retirement.
The cost of goals is accounted for in the target year, except kid’s university funds, where the cost is spread over a 4-year period.See FAQs for how goals work.
Central Provident Fund (CPF)
CPF is a compulsory savings scheme designed to help Singapore citizens and permanent residents set aside funds for retirement.
CPF Board has many different schemes and rules, which can be complex to navigate and understand. We’ll try to simplify things for you here by focusing on what we apply to our forecast. For the latest information on CPF, refer to the CPF Board or its website.
CPF contribution and allocation
Working Singaporeans and their employers are required to make monthly contributions to the fund, capped at an ordinary wage ceiling of SGD 6,000.
See FAQs for contribution rates and other CPF rules.
CPF growth rates
We use the prevailing CPF rates for our forecast.
|Before you turn 55||When you turn 55|
You have 3 CPF accounts earning different interest rates.
You get a fourth CPF account—your Retirement Account (RA).
Extracted from CPF Website www.cpf.gov.sg/Members/AboutUs/about-us-info/cpf-interest-rates on 1 May 2020.
Now let’s look at how some of that money will be distributed to you.
CPF LIFE Scheme
CPF LIFE is a life annuity scheme that provides Singapore citizens and permanent residents with a monthly payout as long as they live. While it’s compulsory only for members born in 1958 or after, we’ll apply the scheme for everyone using this tool.
The CPF Life Scheme monthly payout comes from the funds that you have accumulated with CPF.
2 things happen automatically when you turn 55:
1. A Retirement Account (RA) is created for you
2. Savings from your SA and OA, up to the Full Retirement Sum (FRS), are transferred to your RA.
If you don’t have enough to meet the FRS at age 55, CPF will attempt another transfer from your SA and OA to your RA 6 months before you turn 65.
How much is the Full Retirement Sum (FRS)?
That depends on which year you turn 55. The CPF Board adjusts the retirement sum by cohorts to ensure that future payout amounts stay relevant to the changing standards and costs of living.
CPF has announced the Full Retirement Sums as follows:
|Turning age 55 in||Full Retirement Sum|
We assume in our forecast that the FRS increases at a rate of 3% p.a. from 2022 onwards.
How CPF LIFE payouts work
You can start getting payouts once you reach the payout eligibility age of 65. You get to choose the CPF LIFE payout plan as well as when you would like payouts to start. For the purpose of the forecast, we’ve made default selections.
|What you can choose from||What we use|
|Types of plans||Standard, Basic and Escalating||Standard plan|
|Payout start age||Start between ages 65 and 70||Age 65|
We’ve built a CPF simulator to derive your payout, which may give slightly different results from the ones you get using the CPF LIFE Estimator on CPF’s website.
Apart from CPF rules, our projection also follows a few of our own assumptions.
Supplementary Retirement Scheme (SRS)
The SRS is a voluntary scheme designed to complement CPF in helping you save for retirement. Singaporeans can contribute up to SGD 15,300 a year, and a SGD 80,000 personal income tax relief cap applies.
How SRS withdrawals work
Remember, this is a retirement savings scheme. You’ll enjoy maximum benefits if you start your withdrawals on or after the statutory retirement age, which is currently 62.
You can choose how you’d like to schedule your withdrawals though. For the purpose of the forecast, we’ve made default selections.
|What you can choose from||What we use|
|Withdrawal start age||At or after the statutory retirement age applicable when you made your first contribution.||Age 62|
|Withdrawal period||Maximum of 10 years||10 years|
Our forecast does not illustrate tax savings benefits. You should always refer to the Ministry of Finance or its website for the latest information on the SRS.
See FAQs for more on SRS.
Map Your Money is available for DBS consumer banking customers born after 1958.
To access Map Your Money,
- Log in to digibank mobile or digibank online
- Go to the Plan tab
- Look for Map Your Money
In Map Your Money, there’s a section called Your Money Forecast which has 2 charts. One is a projection of your monthly cashflow, the other is a projection of your total assets.
Monthly cashflow chart
The monthly cashflow chart consists of the following components:
What’ll you have:
- Cash refers to cash savings which goes into covering shortfalls, if any, and retirement expenses as needed
- Income refers to your salary up to retirement age, and rental income up to life expectancy age
- Investments refers to a straight-line withdrawal of your investments during your retirement years
- Income stream payout refers to regular payouts from your income stream plans. Lump sum proceeds are not reflected
- SRS payout refers to a straight-line withdrawal of your SRS balances from 62 years old
- CPF payout refers your CPF LIFE monthly payout after 65 years old and a straight-line withdrawal of your CPF OA and SA cash balances during your retirement years
What’ll you spend refers to your expenses. We’ll use the desired retirement expenses you provided during onboarding for the projection after Retirement age. Once you’re past your desired Retirement age, we’ll project based on the expenses seen in your Money Out.
Shortfall refers to the difference between what’ll you have and what’ll you spend
The above values are averages taken over the past 12 months. Every time you access Map Your Money, your projection is refreshed to start from the upcoming month.
Total assets chart
The total assets chart displays your projected assets through the years. In the first year of the projection, we’ll show what’s currently in your actual assets. At year-end, adjustments such as adding interest rates, rates of return, and accounting for goals are made. The adjusted value is what you’ll see in the following year.
- Cash and investments refers to the total value of your cash balances and investments
- SRS refers to the total value of cash balances and investments in your SRS account
- CPF refers to the total value of cash balances and investments across all your CPF accounts
- Cash shortfall refers to the situation when your cash balance is below 0
After you create a goal, a goal icon is added to your chart on your selected target year.
Your goal is on track if you have enough cash savings to fulfil it on your target year.
Your goal is off track if you do not have enough cash savings to fulfil it. When that happens, the goal icon turns red, like an alert.
What are goals?
Your desired retirement age is the age at which you want to retire. You would have provided this during onboarding. For purposes of our projections, we count it starting from the beginning of the year.
Your life expectancy age, or end of life age, is also something you would have provided during onboarding. For our projection, we count it at the end of the year.
Your Plan tab has a section called Money In and Money Out, which shows transactions across your deposit accounts. This includes any current, savings, personal, and joints accounts you may have with DBS.
Money In shows incoming transactions, or money you receive. We use data from here to derive your monthly income.
Money Out shows outgoing transactions from your deposit accounts, and charges to your credit cards. We use data from here to derive your monthly expenses.
You can adjust the values in this section, such as adding in money in and money out items not with DBS to make the projections more accurate.
For our forecast, we’ll calculate an average of your past 12 months’ salary and rental income, if any, and take this to be your monthly income (what you’ll have) before retirement.
If you don’t credit salary to a DBS account and haven’t input one manually, we’ll prompt you to enter your monthly salary. This will be taken as your net salary, or take-home pay.
We assume you’ll continue to draw this monthly salary and will start your projection from the upcoming month till one year before your retirement age. We will also apply a growth rate of 3.3% p.a. to your monthly salary for the entire projection period, taking the annualised change in nominal wages from 2015 to 2020 as a guide. (Source: Ministry of Manpower, 2021). You can adjust the rates used by going to Plan settings.
If you have a monthly rental income, we assume that you’ll draw the same amount throughout the years, from the upcoming month till end of life. No growth rate is applied.
For our forecast, we’ll calculate an average of your past 12 months’ Money Out transactions excluding those categorised under cash, transfer, investments, and housing. We’ll take this amount as your monthly expenses (what you’ll spend) before retirement.
If you have a DBS housing loan, we’ll count the cash portion of your monthly instalment as part of your expenses till the year your loan matures. Similarly, the CPF portion of your monthly instalments will be deducted from your CPF-OA.
We assume you’ll continue to incur these monthly expenses and will start your projection from the upcoming month till one year before your financial freedom age. Housing loan instalments aside, an inflation rate of 3% p.a. is applied, in line with the proposed 3% p.a. increase in the Basic Retirement Sum. (Source: CPF). You can adjust the rates used by going to Plan settings.
Your assets forecast is derived using data in your Assets & Liabilities. This includes what you hold with DBS/POSB along with data that you’ve manually input. To make sure your forecast is up-to-date, we refresh your data every time you visit Map Your Money.
Here’s what goes into your asset forecast:
- Selected Investments
- Supplementary Retirement Scheme (SRS)
- Central Provident Fund (CPF)
Our projection is based on the total balance of your accounts seen in your Assets & Liabilities. This includes savings and fixed deposits in Singapore Dollar and foreign currencies across your personal and joint accounts.
If you have a positive monthly cashflow, we’ll add the net amount to your cash balance. Conversely, if you have a negative cashflow, we’ll draw cash to cover the shortfall amount. If you have both a shortfall and goals to fund, cash goes to cover your shortfall first.
By default, your cash balance grows at the deposit interest rate of 0.05% p.a. from today till your end of life. You can adjust the rate used by going to Plan settings.
Our projection is based on selected personal and joint investments as seen in your Assets & Liabilities.
For the following, these fixed rates of returns are applied from today till you reach retirement:
- Unit trusts: 4.45% p.a.
- Equities: 6% p.a.
- Exchange traded funds: 5.70% p.a.
- Managed portfolios: 4.96% p.a.
- DBS Wealth portfolios: 6% p.a.
- ILPs: 3.88% p.a.
DBS Wealth portfolios may comprise assets of different classes, so we’re using an illustrated rate of returns of 6% p.a.
For unit trusts, equities, exchange traded funds and managed portfolios, the rates of returns are based on an average of 4% p.a. and 8% p.a., with cost deducted for each respective product class thereafter. For unit trusts, the total cost is assumed to be 1.25% p.a. for management fee and 0.30% p.a. for ongoing expenses. For equities, we assume that your holdings are listed on SGX and do not incur holding costs. For exchange traded funds, we assume an ongoing total expense ratio of 0.30% p.a. For managed portfolios, the total cost is assumed to be 0.75% p.a. for management fee and 0.2925% p.a. ongoing total expense ratio.
There are some exceptions:
- Schroder Asia More+ Fund follows the assumptions and projection rates applied on unit trusts
- Warrants and foreign assets including equities, exchange traded funds and retail bonds in DBS custody follow the assumptions and projection rates applied on exchange traded funds.
The projected total maturity value is added to cash in December of the policy maturity year.
For Manulife endowment policies bought through DBS, our projection works like this: if your maturity date takes place
- Before you turn 99 years old—We use the projected maturity value of your policy at maturity year. This value is estimated based on bonus rates declared in the last Annual Participating Fund Update.(1)
- After you turn 99 years old—We use your policy’s projected cash surrender value at the point you turn 65 years old. This value is projected using the bonus rates declared in the last Annual Participating Fund Update.(2)
The values above are used for purposes of financial planning with DBS only. It does not take into account outstanding premiums nor loans, and may not be the actual amount that the policy owner receives from Manulife upon policy maturity or surrender of policy at age 65.
(1) For policyholders of Signature Income / Signature Income (II) / ManuIncome Plus who have opted for coupon accumulation: The maturity value used in the projection is estimated assuming that interest is compounded annually. This is different from the actual computation where interest is compounded monthly.
(2) For policyholders of ReadyBuilder, the estimated value does not take into account the change to the policy value when you exercise Premium Freeze option on your policy.
Income stream payouts on your projection follow the start and end dates on your policy. You can see them under “Income stream payout” in your cashflow chart.
There are some exceptions:
- For policyholders of Manulife ReadyIncome and ReadyLife Income, only monthly payouts are included in the projection. The projected maturity value is excluded.
The Supplementary Retirement Scheme (SRS) is a voluntary scheme designed to complement CPF in helping you save for retirement. Singaporeans can contribute up to SGD 15,300 a year, and a SGD 80,000 personal income tax relief cap applies.
Our projection is based on the cash balance and investments in your SRS account as seen in your Assets & Liabilities. Your SRS investments may include fixed deposit, unit trusts, Exchange Traded Funds (ETFs), equities, retail bonds, Singapore Savings Bonds, T-Bills, SGS Bonds, managed portfolios, warrants and structured products—whatever you’ve bought using your SRS monies.
We’ve made some assumptions when deriving your SRS contribution amount.
- If you’ve contributed this year, we’ll take the total amount contributed up to yesterday
- If you’ve not contributed this year but have done so last year, we’ll take last year’s contribution amount
- If you’ve not contributed this year and the past year, we’ll take it that you do not contribute to SRS.
If you’ve made an SRS contribution within the last 2 years, we take it that it’s not just a one-off, but something you’ll do every year up to your retirement age or 61 years old, whichever comes earlier. We’ll deduct the contribution amount from your projected cash balances. If you have a projected a cash shortfall, we’ll put contributions on hold until you have enough cash again.
The following rates of returns are applied from today till you’re 61 years old. You can adjust the rates used by going to Plan settings.
- SRS cash balance: 0.05% p.a.
- SRS investments: 4.45% p.a.
We assume you’ll start your SRS withdrawals when you reach the statutory retirement age, which is currently 62. The total projected value of your SRS cash and investments at that point is divided evenly across the withdrawal period which changes depending on how old you are:
- If you’re under 62—We apply the maximum withdrawal period of 10 years.
- If you’re 62 and above—We calculate the total numbers of months from the upcoming month till you turn 72.
The withdrawal amount is deducted month by month, leaving whatever remains to continue growing at the same rate of returns.
Things work a little differently once you hit 72. We assume that you’ve passed the 10-year withdrawal period, and instead of dividing your SRS balances over a payout period, we’ll add the amount to your cash balance.Learn more about SRS.
The Central Provident Fund (CPF) is a compulsory savings scheme designed to help Singapore citizens and permanent residents (PRs) set aside funds for retirement.
The CPF Board has different schemes and rules in place that work together to help members optimise retirement savings. These can be complex to navigate and understand. For the purposes of our forecast, we’ve applied a selection of CPF rules and added some of our own assumptions.
Everyone starts with 3 accounts:
- Ordinary Account (OA)
- Special Account (SA)
- MediSave Account (MA)
On top of that, there are another 2 accounts:
- Retirement Account (RA)—Created automatically when you turn 55
- Investment Account (CPFIA)—Only if you apply for one
Our projection is based on everything you have in all your CPF accounts as seen under your Assets & Liabilities, with relevant CPF rules and a few assumptions applied.
There are some basic CPF rules that every CPF member has to follow. We’ve applied these to your forecast, assuming you’re a Singapore citizen or PR, private or public sector non-pensionable employee.
- CPF monthly contribution capped at an ordinary wage ceiling of SGD 6,000
- CPF contribution rates by age
- Allocation rates of CPF contribution to OA, SA and MA by age
There’s a maximum balance you can have in your MA, also known as the Basic Healthcare Sum (BHS). Once you reach this amount, your MA contributions will flow to your SA or Retirement Account (RA). When you hit the limit on these accounts, it’ll go to your OA.
- Base interest, additional interest and extra additional interest on OA, SA, MA and RA
- Interest is computed monthly and credited annually
- SA limit, or Full Retirement Sum (FRS). For those turning 55 in 2022, it’s SGD 192,000
- MA limit, or Basic Healthcare Sum (BHS). For those turning 65 in 2022, it’s SGD 66,000
- Your RA is created for you when you turn 55. Savings from your SA and OA, up to the FRS, are transferred to your RA. If you don’t have enough to meet the FRS, another transfer is made 6 months before you turn 65. The total balance in your RA is then used to join CPF LIFE.
A combination of CPF rules and our own assumptions form the basis of our projection. For purposes of our forecast, we assume
On CPF Life Scheme
- You’re under the CPF LIFE Scheme
- Your CPF LIFE payout starts at age 65
- You’ve opted for the Full Retirement Sum (FRS) Scheme.
On interest earned
- Monthly interest is computed based on the month’s opening balance
- From age 65, you only earn extra interest and additional extra interest on your CPF LIFE balance, where applicable.
On CPFIA rate of returns
Our projection is based on the cash balance and value of investments in your CPFIA account as seen in your Assets & Liabilities. Your CPFIA investments may include fixed deposits, unit trusts, Exchange Traded Funds (ETFs), equities, retail bonds, Singapore Savings Bonds, T-Bills, SGS Bonds, managed portfolios, warrants and structured products—whatever you’ve bought using your CPFIA monies.
The following rates of returns are applied on your CPFIA balances. You can adjust the rates used by going to Plan settings.
- CPFIA cash balance: 0.05% p.a.
- CPFIA investments: 4.45% p.a.
We’re using the same rate of returns on CPFIA investments that we use for unit trusts. See how it’s derived.
On additions and deductions from OA, SA & MA
- Additions to your OA come from monthly contributions and annual interest crediting
- Additions to your SA come from monthly contributions and annual interest crediting. No deductions are made
- Additions to your MA come from monthly contributions and annual interest crediting. No deductions are made
- Monthly repayments for housing loans come out of your OA. For DBS loan holders, we’ll use the repayment by CPF amount on our record, which includes all joint borrowers’ portions.
On account limits
- Full Retirement Sum (FRS) increases by 3% every year
- Basic Healthcare Sum (BHS) increases by 5% every year.
On what happens when you reach your retirement age or age 55, whichever is later
- The balance in your CPFIA, if any, is moved to your OA at your retirement age, or at age 55 if your desired retirement is before 55
- If you’re using your OA to service your home loan, we continue to set aside your repayment amount till the year your loan matures, assuming it’s within the CPF housing limits applicable to you. Any remaining balance is used to meet the FRS
- If you haven’t met the FRS by your desired retirement age, we continue to set aside money in your SA and OA to meet the FRS shortfall. This is then moved to your RA to join CPF LIFE 6 months before you turn 65. However, if your desired retirement age is above 65, the amount remains in your SA and OA and is counted as part of your assets
- If there’s any projected balance in your RA due to interest credited after the transfer of your RA funds to CPF LIFE, we’ll count it as part of your assets
- If there’s any projected balance in your SA and/or OA due to interest credited after the CPF Savings withdrawal is made at retirement age, we’ll count it as part of your assets
On deriving your RA balance at 55 years old (only applicable for those > 55)
- If you’re currently above 55 years old and already have an RA, we work backwards in our calculations:
- Taking your current RA balance, we deduct a basic interest of 4% p.a. for the period from now to when you were 55
- If the derived balance is below SGD 60,000, we assume this is the amount transferred from your SA and OA to meet FRS when you were 55. If the derived balance is above SGD 60,000, we assume you received SGD 900 in extra and additional extra interest per year and will deduct it accordingly
- We assume there’s no overflow from your MA to your RA.
On what can be withdrawn from age 55 and 65
- If you haven’t met the FRS by 55, CPF lets you withdraw up to SGD 5,000 from your SA/OA. We assume that you won’t make a withdrawal but will keep the amount to meet your FRS
- At 65, you have the option of withdrawing up to 20% of your RA savings. We assume that you won’t make a withdrawal but will use the amount to join CPF LIFE.
Your projected CPF payouts start in the birth month of your retirement age, and may comprise of payouts from your CPF LIFE and CPF withdrawal savings.
1. Payout from CPF LIFE
The payout amount is derived from the total projected balance in your RA 6 months before you turn 65. We follow the calculations seen on the CPF LIFE Estimator, but our results may differ slightly as our calculations run on our own engine.2. Payout from CPF withdrawal savings
If you have balance left in your SA and OA after fulfilling the FRS, CPF Board lets you make withdrawals from age 55. For our forecast, instead of lump sum withdrawals, we’ll work your balance into monthly payouts.
We’ll activate this balance when you reach your desired retirement age, or the payout eligibility age of 55 if your desired retirement age is before 55.
Taking the total projected value in your SA and OA, we divide it evenly across the total number of months between the start of your withdrawal and your end of life into monthly payouts. Payouts are taken out of the balance one year at a time, leaving whatever remains to continue growing at the same rate of returns.You can learn about CPF LIFE and CPF Schemes at theCPF website.
Goals can be anything you’re planning for that come at a cost to you. From holidays funds to downpayments, your goal can be big or small, short-term or long-term. If it’s important to you, you can add it here.
When you set a goal, we’ll map out the cost and target date on your forecast, so you can get a total view of your projected financial needs.
How it works
- You can have a maximum of 20 goals, including those you have on hold. Past goals are not counted
- You can put goals on hold. When you do, we’ll remove the goal and its cost from your forecast until you resume it
- When you delete a goal, it’ll be permanently removed and you won’t be able to restore it
- Once a goal is past the year of its target date, it’ll be categorised under past goals.
- We fund goals in chronological order, leaving retirement as the final milestone. That means whatever has an earlier target date gets funded first
- Funds for your goals come out of your cash balances
- The cost of goals is accounted for in the target year, except kid’s university funds, where the cost is spread over a 4-year period
- We do not add inflation to the cost of goals. We’ll take the amount you provide and set it as-is in your target year.