If you could only choose one: max out CPF top ups yearly or invest the same amount into S&P500/ETFs?

Invest if I know I will hold for next 20 to 30 years, if no discipline then CPF

I would imvest the same amount into ETFs as I want liquidity. This is to give myself an option to retire between 55 to 65. At the same time, I put my investments at higher risk which CPF doesn't have the option.

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I would say go back to the reason why you invest. I have shared with you my reasons.

If you hit your FRS, you can consider to invest the rest, as long as you know what you are doing, and do your due dilligence.

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Putting it into CPF-RA is good, but it locks your money away, so need to take that into consideration.

Depends on risk app