What are the most common misconceptions that Singaporeans have about CPF that prevents them from maximising their savings? And how should Singaporeans avoid being misinformed?

Some of the common misconceptions are:

1) You can only use CPF for retirement.

2) You can only touch the money at 55 or 65.

3) You only need to worry about it when you're old.

First of all, all the above are not true.

You can use your CPF savings for housing, child's education, investment, healthcare, and finally retirement.

Many Singaporeans are already tapping on their CPF the moment they pay for the downpayment on their flat and then servicing their mortgage payments.

My mom even used hers to pay for the Home Improvement Programme our house had about a year ago or so.

So this also debunks the second misconception, you can start using your CPF actually from day 1!

By paying for your Medishield Life premiums and then your Integrated Shield Plan premiums, you're already using your Medisave balances which is part of your CPF.

And the last point is that if you only start worrying when you're old. It's too late.

37% of your income goes to CPF, it's your money, and you should learn how to make it work best for you.

With regards to mistruths or half-truths, it's always good to check with the official source like CPF's Website and their subsidiary websites like areYouReady.sg.

Don't easily believe what you see online and always fact check and clarify with CPF.