Advertisement

Anonymous

28 Dec 2022

∙

To contribute to CPF?

A 28yo mom of 2 young kids ( 2 and below 1).

Earned income last year was around 80K thereabout.

Given the current landscape, my committments and age, would it be advisable to contribute to CPF for tax deduction (not somuch for this as i can utilise QCR, QMCR & PTR) and save for retirement? Or advisable to have more cash on hand due to dependants?

3

Discussion (3)

What are your thoughts?

Learn how to style your text

Benjamin Low

25 Jan 2023

Associate Director of Sales at Manulife Financial Advisers

It's important to consider your current financial situation and long-term goals when deciding whether or not to contribute to CPF.

I'm a father of 2 girls too. So... since you're a mother with two young children, it may be wise to have more cash on hand for your kids' expenses, such as their education and healthcare needs. However, it's also important to think about your retirement savings and plan for the future.

Hope this helps!

Reply

Save

Cryotosensei

01 Jan 2023

Blogger at diaperfinancingfund.blogspot.com

Have you maxed out your children's CDA contributions so that you will get a $1-for-$1 match from the government? That's my goal this year before contemplating CPF top-ups

Reply

Save

Boon Peng

31 Dec 2022

It will be back to the basic - do you have 6 months worth of expenses in your bank account? If yes, ...

Write your thoughts

Related Posts

'Voluntary CPF contributions does not count towards the 3 CPF Retirement Sum'. So this just means that we have to continue working and rely on the monthly mandatory CPF contributions from our jobs?

Can I volunteer to contribute all my CPF account (OA,SA,MA) as an employee? Can I also contribute my child all CPF OA,SA,MA? I had contributed SA or MA for my child and me before.

What happens when I’ve contributed more than the annual limit of $37,740? Will my employer continue to make CPF contributions, or there’s no further CPF contributions from me and my employer?

Made a mistake by topping up CPF earlier of the year. What happens if CPF contribution from employee in coming months might lead to an exceeding of annual contribution cap?

If today you’re a self employed and have $20k set aside for tax reduction, which would you choose and why? CPF voluntary contribution VS CPF Cash Top up relief VS SRS contribution?

What are your thoughts on full time job with no CPF contributions? I am a fresh graduate and I would want to settle down in about 3 years. Do you think putting in your own CPF contribution is needed?

Related Posts

'Voluntary CPF contributions does not count towards the 3 CPF Retirement Sum'. So this just means that we have to continue working and rely on the monthly mandatory CPF contributions from our jobs?

Can I volunteer to contribute all my CPF account (OA,SA,MA) as an employee? Can I also contribute my child all CPF OA,SA,MA? I had contributed SA or MA for my child and me before.

What happens when I’ve contributed more than the annual limit of $37,740? Will my employer continue to make CPF contributions, or there’s no further CPF contributions from me and my employer?

Made a mistake by topping up CPF earlier of the year. What happens if CPF contribution from employee in coming months might lead to an exceeding of annual contribution cap?

If today you’re a self employed and have $20k set aside for tax reduction, which would you choose and why? CPF voluntary contribution VS CPF Cash Top up relief VS SRS contribution?

What are your thoughts on full time job with no CPF contributions? I am a fresh graduate and I would want to settle down in about 3 years. Do you think putting in your own CPF contribution is needed?

Advertisement