Asked on 07 Nov 2018
How much more to hit FRS?
You can only perform a voluntary top up to your special account as long as you have not reached the full retirement sum (FRS). How long more to contribute really depends how much you contribute to your special account each year. It is indeed better to contribute in January due to the compounding effects.
As long as your FRS has not hit the cap in the current year (e.g. 2020 FRS is $181k), you can still continue to contribute via SA topups. Making contribution as early as possible is better, not necessarily in January. However, if you are aiming to qualify for tax relief and have already utilized the $7k relief in the current year, then next year January would be the next best time to do your contributions.
How many more years before you turn 55?
Currently CPF have only stated basic sum at 2020 to be $90.5k, thus FRS will be x2 at $181k.
After age 55, u can top up to the ERS level which is 3x the basic.
The earlier u contribution, the more days it will start accruing interests. Interests are accrued daily but credited yearly.
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09 Nov 2018
09 Nov 2018