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Wednesday, 21 October 2020

More CPF top-ups, people below 35 saving for retirement: CPF

 Read? More CPF top-ups, people below 35 saving for retirement: CPF

CW8888 : SA/RA  4% compound interest is too juicy to ignore. 

SINGAPORE: More people made top-ups to their Central Provident Fund (CPF) accounts despite the challenging economic conditions this year, including a growing number of first-timers and young adults.

The CPF Board said in a news release on Wednesday (Oct 21) that more than 198,000 top-ups were made under the Retirement Sum Topping-Up scheme between January and September, an increase of 34 per cent from the same period last year.

The top-ups amounted to S$1.81 billion, up 23 per cent from the same period last year.

There were close to 148,000 top-ups totalling S$1.47 billion during the January to September period in 2019.


  1. More $$$ for cpf life fund managers to invest! Hoho!

  2. I have to admit that my wife and I were among the more than 198,000 people that voluntarily put money into our CPF. We have a "target" to meet ;-)

    And as if that wasnt enough we also put money into our children's CPF SA too!

    To earn the same absolute amount of interest that ah gong is giving us through CPF, we would have to expose quite a bit of money to the vagaries of the stock market. In this climate, we opted for the safe hands of ah gong. I guess the more than 198,000 people felt the same?

    1. I topped up SA to FRS for the Mrs recently. Now topping up her MA. She returned to work as a contract school admin 10 years ago and catching up on her CPF. She is 49. I will continue to max out her CPF contribution 50-55.

    2. Yeap! CPF only go up!

      Stock only go up???

  3. No lah, CPF so far go up like climbing Tai San slowly in terms of compounding interest in a "funny way". All monthly interests accredited at the end of the year-Right? Not compounded daily or even monthly.

    Not like stock can go up at times like a rocket to the moon?

    But must have one to support the other risky endeavour.

    1. It also depends on how much you have in your CPF.

      If a couple have $3M combined in their CPF, they would get about $100,000 in yearly interest or $1M in ten years. My experience in the stock market, they give you some, they take back some. Net net, you get something plus a lot of stress.

    2. So relatively, $1M will be $30,000.

    3. And it is enough for most retirees now.

    4. Whether $1M in CPF gives $30,000 pa depends on how much in OA and SA.

      $1M in OA gives $25,000 pa
      $1M in SA gives $40,000 pa

      $30,000 enough for retirees? For one person or two?

      We trying hard to keep our expenses to within $100,000 pa.

    5. I been working backwards on reaching FI using CPF alone @65. Both husband and wife reached ERS @55 and u withdraw the accrued interest from OA+SA. Altogether about $80k/yr for retirement.

  4. Today's CPF interest rates are high compared to safe alternatives. However, it is not a safe assumption that the high interest rates can remain at today's levels. If our sovereign wealth funds can't generate enough returns to cover CPF's interest rates, then the rates must come down eventually.

    1. Read? Historical CPF Interest Rate

      I have been through those days of high CPF interest rate coming all the way down to current 2.5% CPF OA and three CPF withdrawal shifting goal posts from 55 to 60 to 62 to 65, and for future generation 67? 70?

      Some people just don't think what can happen in 20 or 30 years down the road! Money in our own pocket; we have control!

    2. "A bird in the hands is worth 2 in the bush"

      That was what i was thinking when i withdrew all my CPF at age 55 that could be withdrwan. i even closed my CPFIS. Now it seems i have made a mistake lol.

      But how do i know Bank's interest rate is going to zero to negative, then?

      So my wife's CPF and CPFIS are all still intac.

      Me regret?


      But hey have U heard of hedging?

      Pulling my own legs lah.

      People ownself check ownself in parliament, can't i, ownself console ownself?

      No jokes lost a lot on CPF's interest if only i kept my CPF & CPFIS until now.


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