Asked by Anonymous
Asked on 10 Jun 2019
I am 30 this year and likely will need to have upwards of $300k for my FRS?
According to CPF website, you will see minimum sum increasing by $5k per year base on track record. If you are 30 this year and when you reach 55, the amount of $176,000 will balloon to $301,000 for FRS.
Yeah likewise from what we observe.
I actually did a simple calculation of how much we would likely need by the time we grow up (for a 27 year old individual) today.
It will definitely rise, due to:
TL;DR: For A 27 year old, you will probably need around $316k in your CPF before you can withdraw the excess
You can read the full article here: https://blog.seedly.sg/retirement-cpf-minimum-sum-maximum/
11 Jun 2019