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I’ll start this article by saying there’s probably no correct answer as to the amount “the average person” needs to retire in Singapore. If you’ve been keeping up with the news, you know this number has been raised. From July 1, 2022, Singapore’s Ministry of Manpower will be increasing the retirement age from 62 to 63. Not only that, the...
For many Singaporeans homeowners, paying off their home loans using their CPF seems to be the default option. This could possibly be attributed to the lack of understanding of CPF. A common misconception is that your CPF is money that can never be withdrawn - hence you'd be better off using it to service your mortgage. Another reason may be...
Project Seniors Aid will boost their funds through CPF's Matched Retirement Savings Scheme. . Read more at straitstimes.com.
As detailed by Manpower Minister Dr Tan See Leng, the priorities include strengthening support for locals and enhancing retirement adequacy, among others.
Can you really say that you know where your money goes every month? If you don’t understand what’s happening to that precious chunk of your salary that goes into your CPF accounts through CPF contributions, never to be seen again, then the answer is no. But not to worry, understanding how CPF works is tedious, but it isn’t rocket science....