How retiree in Singapore saved over $1.6m in her CPF as reported by The Straits Times

One pro-tip mentioned was to give CPF regular boosts by refunding money taken out from CPF for home loans. Are you someone who actively tops up their CPF despite the fact it it is not very liquid?
It's a ST Premium article but The Online Citizen has kindly covered it here: https://www.theonlinecitizen.com/2021/07/25/str...

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Chris

26 Jul 2021

Owner and Writer at Tortoisemoney.com

I personally won't. CPF is subject to policy risk which is well beyond my control. If at any time the withdrawl age is shifted, the interest rate is changed or the contribution amounts are modified, a CPF reliant plan can be derailed from its original path. Recently there has been talks of CPF shielding that the CPF board is cautioning Singaporeans from using due to certain risks which have spurred rumours that they might ban it (although Id doubt it). But that's just an example of something that could happen in the future.

Moreover, relying on a CPF based plan is better for those seeking a traditional retirement I guess, which isn't really what I'm aiming for.

With that said, I do recognise the discipline and the foresight to plan ahead and to utilise the CPF scheme to build wealth for oneself. It is definitely not easy especially for her, where she started before information was so readily available on the internet regarding personal finance. But for all those who are intending to pursue this path, just plan for the worst and diversify your retirement planning.

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