I think the ultimate question is whether you think cash is better or a saving account with guaranteed interest of 4%. Then I would probably choose cash. The flexibility to choose to spend and invest is within control of the individual. It is a trade off ultimately. Here is the take. 1, If income permits, then still top up SA and SRS accordingly. The FRS will hit eventually and don't worry about so much. There should be other ways to save tax when you are richer. :) 2, don't over top up SA for self and loved ones. As cash should have more value than SA top up. If used properly. Like get a good investment, a good vacation with family. A better housing and necessity spending. 3, if I am not purchasing a flat, then I should transfer OA to SA for better interest rate. As it is all locked up there and no use. 4, If I want to purchase flat. The question is whether I want to use cash or CPF OA to fund the purchase. Then it depends on how valuable each is. If cash is giving 5% yield and capital appreciation. And CPF is giving 2.5%. Then CPF OA is not as costly as cash. If cash is giving 1%, then should use cash.