Read? Reaching 55 soon - The Last investing Goal!
CPF Minimum Sum
The Ministry of Manpower announced in August 2003 that the CPF Minimum Sum (MS) will be raised gradually to reach $120,000 (in 2003 dollars) in 2013. The increase in MS, which includes an adjustment for inflation, is to ensure that Singaporeans set aside sufficient savings for their retirement. In line with this policy, from 1 July 2011, the prevailing MS will be revised to $131,000, up from $123,000. Members who can set aside the MS fully in cash can apply to commence their monthly payouts of $1,170 when they reach their draw down age. The new MS will apply to CPF members who turn 55 from 1 July 2011 to 30 June 2012.
Createwealth8888:
That minimum sum of $131K locked up at 55 and monthly payout of $1,170 or $14,040 per year commencing from 65 till 85 and that will give CPF members XIRR of 4.3% over 30 years.
I will use this benchmark of XIRR of 4.3% to set up my own 30 years retirement fund to beat it.
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