January 10, 2021
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In Singapore, we’re trained to think about our long-term future and retirement from the day we start working. This is when we see regular contributions from our monthly wage going into our CPF, namely the Special Account (SA).
While our CPF contributions also go into our Ordinary Account (OA) and Medisave Account (MA), these accounts can be used to pay for the downpayment and mortgage of our home, tuition fees for our loved ones and certain insurances such as the Home Protection Scheme (HPS) and Dependent Protection Scheme (DPS) via our OA and medical treatments and procedures as well as MediShield and Integrated Shield Plans (IP) via our MA.
Congratulations to all of us for making through this tumultuous year.
As much as my year has been a mess, I decided to ensure that my financial health was not in a mess as well.
Since it was the end of the year, I began to do a yearly review of my financial growth to keep track of my progress, as well as to identify areas of improvement.
As I didn’t actively keep track of my Central Provident Fund (CPF) accounts, it was heartening to see how it has grown over time.
If you’re looking to get your finances sorted before the year ends, here are some CPF things you can look at!
December 13, 2020
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Today, an average retiree is expected to spend $1,154 a month in retirement expenses and this is going to increase over the years. Thus, ensuring that we have a steady stream of income in our retirement becomes even more important. This is where CPF Life comes into play.
CPF Life is a national life annuity scheme that guarantees lifelong monthly payouts after the age of 65 years old for Singaporeans.
With more people being aware about how to use CPF for retirement planning and even accumulating 1 million or more in their CPF accounts , CPF Life is gaining public awareness with its importance as a retirement tool.