Practically, what should we be using our CPF for, other than for retirement? Or is this purely saving for when we stop working? - Seedly

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CPF

Retirement

Asked by Anonymous

Asked on 07 Nov 2018

Practically, what should we be using our CPF for, other than for retirement? Or is this purely saving for when we stop working?

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Good Day Every Day
Good Day Every Day
Level 6. Master
Answered on 30 Nov 2018

CPF is a tool for saving and building up our funds when we are young. However, it is a tool for retirement when we are 65 years old.

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Loo Cheng Chuan
Loo Cheng Chuan, Founder at 1M65 Movement
Level 6. Master
Updated on 07 Jun 2019

I feel that people need to have a mindset change that CPF is a retirement tool. For me, I think of CPF as a get-rich tool, hence it forms part of my portfolio to get rich and as a baseline for a financial safety net so that it help me to feel more secure and to balance my financial emotions for equity (read: riskier) investments

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Steph Yeo
Steph Yeo

14 Nov 2018

But you'll have to wait until you're old enough to take out money from cpf, so essentially you only enjoy the fruits of your labour when you're older?