At age 40, if your income is $20k/month, with $150k in your OA and $100k in your SA, you can easily amass a total of $1.08m in both your OA and SA by age 55.
That means you can withdraw about $788k immediately from your CPF at age 55.
Watch the video to learn how you can build even more wealth by simply topping up your CPF SA now.
The Central Provident Fund (CPF) is a mandatory social security savings scheme funded by contributions from employers and employees. CPF is a key pillar of Singapore’s social security system, and serves to meet our retirement, housing and healthcare needs.
You can find the link to the other parts here:
- Understanding CPF Part 1: What Are the 5 Key Risks in Retirement
- Understanding CPF Part 2: The Purpose of CPF and Your CPF Accounts
- Understanding CPF Part 3: Accumulating Towards Your Retirement Using CPF
- Understanding CPF Part 5: Minimum Sum Scheme vs CPF LIFE Plans
- Understanding CPF Part 6: Case Study – Is CPF LIFE Adequate to Fund Your Retirement
- Understanding CPF Part 7: CPF Shielding for Your Special Account
This video series was done in June 2021 by Providend’s CEO, Christopher Tan, and Client Adviser, Tan Chin Yu.
In the near two decades that we have worked with retirees, we understand one thing: Reliability of income is more important than return on investment at this phase of your life.
As such, we have developed a proprietary methodology called RetireWell, that can help you draw down strategically from your retirement nest egg.
Our Retirewell methodology was featured in The Business Times every month for almost a year in 2017 and has 11 parts to it.
With Retirewell, we will design a plan that will give you a safe and reliable stream of income for the rest of your life, with provisions for legacy in the event of demise, so that you can live up your retirement with peace of mind.
We do not charge a fee at the first consultation meeting. If you would like an honest opinion on your current financial/retirement plan, insurance portfolio, investment approach and/or estate plan, make an appointment with us today.
