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In March this year, we introduced my cpf at www.cpf.gov.sg to guide CPF members on what to consider and anticipate at different life stages when planning for their retirement. We have now added two more exciting new features – CPF Retirement Planner and CPF Housing Site – to empower you to make informed decisions for your retirement planning and housing needs. |
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Log on to the CPF Retirement Planner and you have the choice of either going on an Interactive Journey or using the Retirement Calculator. |
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The Interactive Journey
The Interactive Journey will prompt you to make decisions as you move from one life stage to another. At the end of the journey, we will show you how your choices in life can affect your retirement income. "The Interactive Journey made me aware that I can control how much I will have for my retirement," said 29-year-old senior executive, Ms Jayne Han. "Many of us are simply too caught up with satisfying our immediate needs to realise the importance of saving for future needs."
The Retirement Calculator
The Retirement Calculator is specially designed to provide you with an analysis of your financial situation. It will guide you to establish your retirement goals and analyse your current financial situation such as assets and liabilities. Finally, it projects the value of your financial assets at your intended retirement age. If your retirement goals turn out to be unachievable, the calculator will give you an idea how soon your savings would run out and what you should be doing now to reach your goals.
It's never too early to plan for your retirement. Try out the CPF Retirement Planner at www.cpf.gov.sg today!
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For most of us, buying a property is likely to be our single largest asset and possibly means having a long-term financial commitment. Without a doubt, it is always important to do our sums first. Here's where the new CPF Housing Site can really help.
Besides learning about housing loans and how changes to the CPF affect your use of CPF savings for housing, you can also plan your housing budget with its online mortgage calculators. Estimate the maximum housing loan you can take, calculate the interest you are paying on your loan, all at the click of a button. Also, look out for our 10 tips which will guide you through making prudent financial decisions in buying your dream home. |
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| The new features to my cpf – the CPF Retirement Planner and the CPF Housing Site - were officially launched at my cpf & me 2004 roadshow at the HDB Hub on 25 June 2004. |
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| Changes in CPF Minimum Sum and Medisave Minimum Sum |
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If your 55th birthday falls between 1 July 2004 and 30 June 2005, the new Minimum Sum of $84,500 will apply to you. The Minimum Sum is kept in the Retirement Account opened for you when you turn 55. You will also need to keep $25,500 in your Medisave Account as the new Medisave Minimum Sum whenever you withdraw your CPF after age 55.
The maximum amount that can be held in your Medisave Account is now $30,500 and it applies to all members regardless of age. |
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| Opt for online CPF statements |
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Starting this year, the Board will send members yearly a CPF Statement of Account instead of a half-yearly statement. The statement for 2004 will be sent by post in early 2005.
However, you can check your up-to-date CPF account information anywhere, anytime. Simply log on to www.cpf.gov.sg with your SingPass and you will be able to view and print your latest account balances, transactions and 15-month contribution history. |
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| Privatisation of the Dependants' Protection Scheme |
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The Dependants' Protection Scheme (DPS) is a term life insurance that insures members for $44,000. It provides CPF members and their families with financial help should members become physically/mentally incapacitated or die.
There are 1.58 million CPF members insured under DPS. Since its introduction in May 1989, DPS has helped 25,340 CPF members and paid out claims totalling $882 million as at 31 December 2003.
The CPF Board plans to let private insurers manage the DPS by the first half of 2005. This will create healthy competition among the private insurers, which should in turn bring about better benefits and services for CPF members. When DPS is privatised, the premiums will remain the same, and CPF members can continue to use their CPF to pay the premiums. The benefits will at least be the same as what CPF members are currently enjoying.
If you have views on the privatisation of the DPS, log on to www.cpf.gov.sg and share them with us. |
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CPF website www.cpf.gov.sg
Enquiries on schemes & services 1800-227 1188
Like to share your views on our service, or have ideas to help us improve?
1800-226 3866 cpfboard@cpf.gov.sg | |
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