How much CPF do u have?
 

Hi im 3mth before 31 with only 40k in OA and 11k in SA. 15k cash. At this rate, I dun think I can survive in SG... Im currently in logistic field with non relevant diploma. Any advise for me to upgrade my salary?

BR
Lost Sheep

I have a building and facility dip. Should I consider hop back to what I studied?

Hey Rhys, you started a good discussion topic on CPF amount but you hijacked it to talk about career issues.

The CPF issue got into the spot light recently because our Gahmen think it should be sufficient to sustain low to middle income earners by the time they retire assuming they managed to achieve the required minimum sum. This sum would then be used to purchase an annuity plan that pays out a monthly sum from 65 till the recipients pass on.

Currently the minimum sum required is $148K (from Jul 13). I see it continuously increasing every year to keep pace with inflation, possibly by $10K a year.

Is it realistic for young workers to meet / catch up with this amount? I am not sure.

For older workers like myself, in the initial years, I was behind in the amount. But I took the plunge and transfer money from my OA account to meet the minimum sum then. Because of the relatively high interest rate of 4%, my SA amount now is always above the prevailing minimum sum. For eg, my SA amount is now $180K against the required $148K.

But I dont think I can just rely on the annuity payout when I reached 65. I am looking at other income sources.

Min sum is OA + SA/RA? **** man I have buy hdb yet... im in deep ****

Wife and me. Late 30s. OA+SA+Medisave = 400k. Still paying $1.8k a month for our first EA HDB.

How many years of working exp u have? Anyway it depends who u are comparing with. If you compared to higher earners of coz u feel like a loser, if you compared to low earners of coz you feel like a winner.

At the end of the day, dont need to compare. You want compare sure compare against yourself ie set a goal eg by what age u want to earn what amount and from there see whether u have the capability or skillset to achieve it

Like what the others had say early start investin early be it properties, annualties, stocks, bonds etc coz time is on your side now. Btw u married? If not why u worry so much? Wait till u get married then u come post here and tell me whether what you have is sufficient or not hahaha

Not married. Earning 3k mthly. Still got non working-parents obligation. Just scared not enough money retire.

Congrats :) another potential millionaire in the making. Btw do u feel its much fairer to not include your wife's cpf coz its combined and our friend here is only individual cpf so its not apple to apple comparison hahaha

am a male turning 29 this year


Ordinary Account (OA) $49k
Special Account (SA) $13k
Medisave Account (MA) $18k

Male/33.

Ordinary Account (OA) $17k
Special Account (SA) $48k
Medisave Account (MA) $43k

100K odd OA went into housing.

Healthy status?

How can you earn 3k monthly and yet have only 40K odd in OA? You started work at late age?

in my early 50s

OA: 418K (another 358K inclusive interest, withdrawn to pay for home)
SA: 174K
MA: 43.5K

Hi Sir thats remarkable, can I safely says that u are on the way to retirement soon? How did u get earn such a big figure? Are u living in condo or HDB? Thanks for the enlightenment

The amount may be remarkable, but I don't think it is a good model to emulate. It shows the money was not invested for better returns. It could have been invested in a property which would have reaped capital gains as well as provide rental income - this is only way to take cash out of the CPF!

OA $30k
SA $120k
MA $40k

Owns 3 condos, fully paid. Total worth of 3 condos $3.6m. If only I could use my SA to buy another condo, it would better utilized. I am good at investing.

correction: you have been lucky in your investments.

Not true, I am indeed very good at investing. I accumulate my OA and cash savings to prepare to buy during downturns and crisis. I bought my first condo in 1985 during the recession, my second condo in 1999 during the Asian financial crisis and my third in 2009 during the recent global crisis. As you can see that is why my OA is so low because I have utilized it. My returns from my property investments is many times fold. I don't understand why we have all this minimum sum thing. They should exempt those rich people like me from the min sum as I can very well take care of myself. The min sum is only for investment illiterate people.

I am building up my cash reserves to buy another condo during the next market downturn in 2025. I have 12 years to prepare.

its weird tat u r earning 3k n considering u r 31 n ur odinary has only 40k... some more u r not married n not yet buy a house. did u use it for investment in stock?

u should have started working at around 23 since u r a dip. even if u got a starting pay on 1500, along the 8 yrs + current salary u should have more than 40k.

early 40s

OA - 260k + 35k in investments
SA - 97k + 15k in investments
MA - 43.5k

R u making better returns investing your CPF money? SA giving 4% and very safe, so it is hard to beat.

Noticed u r already 40+ but didn't use any CPF for property. Buying HDB could be a safe investment, better than shares.

I'm a lurker in this forum until now. I agree that 4% is already very good. Use your spare cash to bet on stocks (i.e. use the money in bank, not in CPF SA).

In my late 40s.
OA: 315k
SA: 246k
MA: 62k
Co-own a 5 rm hdb flat and utilise some CPF funds for insurance investment in my youth.
Feeling a bit worried about retirement as I have not even hit a million in cash savings or own a second property.
Think my monthly expenses too high. Any advice?

I also don't have $1m cash savings!!!

How old are you? I feel very stress when ppl tell me I am going to be a beggar in old age. They say we need 3 million for retirement. To live in comfort.

Invest 50% of income monthly into s and p 500 or iwda until retirement. Any bonus lump sum invest in s and p 500 or iwda. This is to accumulate for retirement.

both me & wife are age 50 this year.

combined CPF OA+SA+MA about $1.2mil.
paid up OCR condo
in progress of another RCR condo, but plan to pay majority in cash

Hope to retire by 55.

in my early 50s

only have 20K in my ordinary account with 3 room flat fully paid

110k in special account which only can opt for basic retirement

you are pathetic .

many of them here can easily accumulate 1-2 million of total CPF saving

Don't be like that lah. Maybe he is self-employed or didn't work due to some reasons. We don't know their circumstances.

34 yr old.

going to reach FRS by end this year (186K) in OA+SA

Sound like you are not a contented person and paranoid by those insurance experts

I am 54, my wife 53.

Sold away FH inter-interrace. Got a 999-yr condo under my wife's name. Loan for 3 yrs as interest rate is lower than CPF OA rate. Will fully settle after that.

I have about $1.1M in OA and SA. I have some savings from insurance. I don't think I got much, about $250k if I surrender. My wife about the same.

My wife and I have about another about $1m in liquid assets - stocks and cash.

We are very tired after working for 30+ yrs. Kids are in their 20s and finishing their local tertiary education. Looking to retire in 2-3 yrs time.

I do not believe I am well off. I would say comfortable.

Mind sharing the industry / position that you and your wife are currently in/holding?

Both of us are in the IT.

How is it possible to have 1 mill in OA ? Is there like investment you guys did to increase the savings in your cpf OA ?

I have 806k in OA and 200K in SA.

How old are you ? And if u actively re-Invest ur OA ? And if the house had been fully paid off ? I suppose is via cash since u have OA balance.

Cos once you hit the cap for Employer/Employee contribution , your OA will only be going up a steady rate excluding the interest u can earn .

I am the one that posted #32.

Not OP but there’s a pretty active discussion on the steps you can take to achieve this. Just google 1M65.

Cpf top up for tax reduction
 

Hi asking all the expert here, what is exactly the max cpf we can top up for tax reduction? What if CPF contribution is already at the 37k yearly limit, does that mean I can’t top up cpf and won’t get any tax benefit?