Asked by Anonymous
Currently 21, serving NS.
As you are only 21 serving NS, suggest you save enough for emergency funds (6months expenses), save some for investment and put about 5 to 10% monthly and top up into CPF SA for the compound interest and as part of your investment portfolio. Once you start work and continue to top up this will becomes your compulsory savings that gets 4% compounding interest for retirement and helps to get tax rebate.
Hi, if you can afford to topup your CPF and with a healthy emergency fund I'd encourage you to start right away. The interest rates for CPF has stayed for the longest time and it is pretty much reliable in my opinion; but to invest all into it without an emergency fund is a no-no because you never know when rules might change and turn the table on you.
Let the compound interest works for you but keep yourself buffered too. In the event that other investment comes up you will still be able to take part with your cash (optional!) If you have specific ideas about what other benefits you're referring to; maybe it would be better to put it here so we can speculate. hahah. Hope to be of help!
There is no really a need to wait for other benefits cause no one really know are there going to be other benefits that is worth losing the compound interest so just top up. BUT if you are willing to take more risk buying stocks and ETF, at your age might be better. Because you are young can take more risk and also not much liabilities