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CPF

Every Singaporean's contribution till 55 and beyond

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CPF

Investments

Online Brokerages

Brokerages

Hi Fred, POEMS will allow purchase of ETFs/UT/Shares with CPF OA monies. As we are a CPF Investment Administator, your ongoing costs can be lower than going through the bank directly (e.g., there are no sales charges on UTs bought on POEMS)

CPF

Takingstock @
Takingstock @
Level 4. Prodigy
Updated 4d ago
Actually how fine and detailed are you into your budgeting for now? I am happy to share my current framework though it is certainly not that perfect - I use excel. a) budget the monthly income, and fixed regular expenses (including loan payments, credit cards, utilities etc) b) budget the monthly allowance and the amounts you give your dependents c) budget out annual expenses so that you can average out a monthly amount to set aside. This includes travel, insurance and certain bills that you may have opted for annual payment, and dental / medical / optical. d) last I set a category for saving. I am at a rather advanced stage now, and yes, its good to make saving for voluntary contribution a separate category. Just to be clear, are you doing voluntary contribution or the minimum sum top up that gives relief? The minimum sum top up goes straight to special account, and you get relief for up to 7k. Voluntary contribution is generally for self employed and gives not much tax relief unless it counts into the cpf relief. There's a difference so you might need some checking. I use the OCBC savings goal to do auto-saving / set aside or accruing for the future expenses. When the bill comes, I release the $$ from the goals to pay for the bills. Its an alternate way for envelope budgeting which is really awesome. My main savings goals are - retrenchment / rainy day / emergency fund. I lump the insurance and some unavoidable bills here together to build the saving altogether. - rewards fund for travel and hp upgrades etc - an angpow fund for giving CNY / father / mother day / xmas fund, and in case for wedding presents - an investment fund - which I am splitting into three, a regular monthly one, a periodic one (sorta for timing the market), and one for cpf + srs. => I used to do it all in one goal, but it keeps me mind focused on only increasing my regular dividends / passive income, and I felt bad for doing the cpf / srs sometimes. I decided doing a split was the better long term way. I just need to work out a good split, then I got my emotions in check.

CPF

SeedlyTV EP06

Zen Rogue Xuan
Zen Rogue Xuan
Level 4. Prodigy
Answered 4d ago
Definitely will try my best to minimize any "touching" of medisave as MA generates a nice 4% interest, and its overflow in excess of the Basic Healthcare Sum will go into that of the SA!

CPF

Insurance

My personal take is that this is a super affordable insurance policy worth keeping. Moreover, this is a rare breed of insurance that is payable via your CPF. On its own, it is not sufficient and your Group Term policy serves as another layer of protection. You may wish to look into your personal term/whole life plans as well. If you haven't already seen these articles, you can read up more about it in these links: https://blog.seedly.sg/dependants-protection-scheme-dps-singapore/ https://dollarsandsense.sg/dependants-protection-scheme-heres-one-insurance-policy-didnt-know-already/ Hope this helps!

Insurance

CPF

Yes. It's almost a no brainer if you're currently healthy and have money in Medisave to pay your premiums. Just raising your yearly limit from 100k (Medishield Life) to 500k or 1m (Shield Plan) plus having an "as charged" benefit to individual claimable items is good enough reason.

Property

Investments

CPF

There are several options to park your cash, amongst which Singapore Savings Bonds (SSB)is one of them. However do note that there is a individual limit of $200K for SSB, and you'll need to open a CDP account first, and then ballot for the SSB tranche. Even so, you might not get the full allocation, so you will likely have to spread it over two or three tranches. Rates vary from month to month, but any early surrender will still result in the interest being paid. High deposit FDs are another option, but as you have pointed out, the returns are around less than 2% and any early termination results in the accumulated interest forfeited. Regarding CPF: Any contributions made to CPF will be spread across the 3 accounts: CPF OA, SA, MA, which earn 2.5%, 4%, 4% interest annually, respectively. Do note that the maximum you can contribute to CPF every year is the annual limit which is $37740, and seperately, you may top up CPF SA to the prevailing Full Retirement Sum (will confer tax reliefs for you up to $7000) CPF monies cannot be withdrawn at will, till at least age 55, but you can use CPF OA money for property. So don't treat CPF as a deposit account.

CPF

Top ups to CPF via cash can be done via AXS machine or even online. As the others have mentioned, you cannot target OA directly. So you either contribute $300 to all your 3 accounts, or you work backwards to see how much contribution is needed to have $300 deposited into your OA. As an example, if you are below 35, a $485 contribution will result in $300 being allocated to your OA. If you are topping up for the purposes of retirement/tax savings, the retirement sum topping up scheme might suit you better, since voluntary contributions in excess of your compulsory contributions do not give you any tax relief.

Insurance

Family

CPF

Savings

CPF Board
CPF Board
Level 6. Master
Answered 3w ago
Hi Gabriel, For CPF savings to be distributed to a missing member’s nominees, a presumption of death certificate, which declares the missing person is presumed to be dead, has to be obtained. Upon a member’s demise, CPF savings will be distributed to the member’s nominees according to the member’s wishes, if the member had made a CPF nomination. If no nomination was made, the member’s CPF savings will be paid to the Public Trustee for distribution to family members in accordance with the intestacy laws or inheritance certificate (for Muslims) in Singapore. Hope the above clarifies.

EC Condominium

CPF

Savings

Salary

Property

Dith Woo
Dith Woo
Level 3. Wonderkid
Updated 3w ago
There are a lot of other factors that would help other Seedly members answer your question. For example, what are your ages, your marital status with your partner, are you a first-timer or second-timer, do you own other properties, what are your motivations for buying an EC (amenities, investment, bragging rights, etc), are you eligible for a bank loan, what is the size of the unit you are looking at, how long do you intend to stay in the EC before selling, are both of you Singapore Citizens, what’s the status of your Total Debt Servicing Ratio (TDSR) / Mortgage Servicing Ratio (MSR), and so on… I’m going to base my answer on the recent EC that was launched in Punggol, Piermont Grand, which has an average price of $1,080 psf (pricier than the usual, but seems to be the only EC launch this year). This means that a three-bedroom unit starts from $888,000. Unlike that of a HDB flat (just 10% down payment), you need to make a down payment of at least 25% for the EC. This works up to $222,000, which almost nearly wipes out your $250k combined cash and cpf savings. Don’t forget other costs like stamp duty, legal fees, etc. You could be eligible for some grants, which may help a bit. Those who opt for an EC are also not eligible for the HDB loan, so you will need to find a bank loan and likely refinance it every few years for the best interest rate. Say you get one at 2% interest – for your remaining $666,000 over 30 years, you will need to repay $2,462 every month. That slightly exceeds 30% of your combined income, so you might not be eligible for the MSR… uh oh. But I took the liberty to reverse engineer the loan repayments… so if you take a loan of $649,125 (means more cash outlay for the down payment), the repayment amount is $2.4k exactly, or 30% of your combined gross monthly income, which is the MSR cap. If you can tough this out for 10 years, you could gain from selling your now private property in the open market… but you might need the savings for setting up your family, renovation, children’s education, etc. A lot can happen in a decade. If possible, perhaps consider getting a HDB flat first as your income is well within the income ceiling. Then after the 5-year MOP, sell the flat and use the money to upgrade? Or you can wait for cheaper EC launches. Either way, all the best!

Insurance

Retirement

CPF

SeedlyTV EP06

Beside ILPS, right now, mainly you can get integrated shield plan and increase your elder/care shield benefits via CPF accounts. Moat companies will have such products. Only a few companies do not offer the care/elder shield benefits options
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