Connect with us

CPF

Discussion: Is It Possible For Singaporeans To Accumulate One Million Dollars In Their CPF By Age 65?

Who wants to be a CPF millionaire?

 

The Central Provident Fund (CPF) is a mainstay in the lives of every Singaporean – in return for forced savings, the government guarantees risk-free interest on CPF monies, which can be used for education, housing, preparation for retirement and to pay for medical costs.

Going a step further with the introduction of the Baby Bonus Scheme, every Singaporean child now has a CPF account even before they learn to speak. This is thanks to the government’s initial deposit of $4,000 into their Medisave account.

Even so, one would wonder if its really possible to accumulate a million dollars by the time Singaporeans retire at the age of 65. DollarsAndSense Managing Editor Timothy Ho sits down with Loo, an avid advocate of CPF, to find out how exactly can it be done.

 

 

Read Also: Retirement Planning Beyond CPF LIFE: Here Are 3 Other Ways To Supplement Your Monthly Income

Planning To Sign Up For A New Credit Card This January?

From now till 31 January 2019, you’ll receive exclusive cash and vouchers from SingSaver - on top of any perks given by individual banks - when you use our links to sign-up. Some of the cards eligible for the promotion are:

# 1 American Express Singapore Airlines KrisFlyer Credit Card

[SingSaver Exclusive]: $150 Cash for new and existing customers

26,600 bonus miles if you spend $3,000 within the first three months, and another $3,000 between 4th month and 6th month.

# 2 American Express Singapore Airlines KrisFlyer Ascend Credit Card

[SingSaver Exclusive]: $150 Cash for new and existing customers.

49,900 bonus miles if you spend $6,000 within the first three months, and another $6,000 between 4th month and 6th month, and pay the annual fee of $337.05

# 3 Citi PremierMiles Visa Card

[SingSaver Exclusive]: $200 vouchers Cash for new Citi customers. $30 for existing customers.

30,000 bonus miles if you spend $7,500 within the first three months and pay the annual fee of $192.60.

# 4 UOB PRVI Miles Visa Card

[SingSaver Exclusive]: $50 Cash for new and existing customers.

Note: If Air Miles cards are not your cup of tea, you can also take a look at cashback cards.

Terms and conditions apply. The FAQ can be found here.

DollarsAndSense.sg is a website that aims to provide interesting, bite-sized financial articles which are relevant to the average Singaporean. Love what you just watched? Subscribe to the DollarsAndSense YouTube channel for more great finance videos!

DollarsAndSense.sg aims to provide interesting, bite-sized and relevant financial articles.

Learn together with like-minded Singaporeans at the Personal Finance Discussion SG Facebook Group by discussing a range of personal finance topics.

If you have not done so, subscribe to our free e-newsletter to receive exclusive content not available anywhere else.