|
|
|
| |
| Your CPF contributions form the basis of your retirement savings. When you retire at age 62, your CPF savings should give you at least a basic retirement income. Here are three easy steps to help secure your retirement income: | |
| |
 |
| Save More - Grow Your CPF Savings |
| If you have no intention to use your Ordinary Account (OA) savings, why not transfer it to your Special Account (SA)? The additional interest rate of 1.5% will grow your savings faster. $100 in the OA takes 28 years to double to $200 but in the SA, it will only take 18 years. Do note that any transfer of funds from your OA to your SA is irreversible. |
| |
 |
| | Use Less - Reduce Your Consumption of CPF
| Buying a property? Limit your monthly mortgage payment and any other loan instalment to no more than 35% of your monthly income. You should also aim to pay off your housing loan by age 55. Remember, the more CPF savings you use on your property, the less money you will have when you retire. |
| |
 |
| |
| Defer Withdrawal - Maximise Your Retirement Savings |
| Turning age 62? Defer your Minimum Sum withdrawal if you do not need the money. Withdraw at age 63 and the additional interest earned will stretch the Minimum Sum payout from age 82 to 84. You can extend your payout by two years with each year that you defer your Minimum Sum withdrawal. |
| | | |
|
|
|
|
Have fun learning about basic retirement planning concepts with the online game my cpf Voyage of Life. Designed to simulate real life situations, the Voyage of Life allows players to experience the highs and lows of investing under different market conditions. Players have to prepare themselves against unforeseen circumstances and make decisions to ensure their financial well-being. Players will also get to learn about CPF schemes through the quizzes embedded in the game. Visit www.cpf.gov.sg today to test your skills and knowledge at the Voyage of Life! |
|
|
|
| |
|
| MORE CHANNELS FOR CPF MEMBERS TO CHECK CPF ACCOUNT BALANCES |
|
CPF members now enjoy greater convenience in checking their CPF account balances! |
|
|
|
|
AXS Stations |
|
You can now view and even print your CPF statements using any one of the 300 AXS stations located island-wide. For the locations of the AXS stations, go to www.axs.com.sg. |
| |
|
|
|
Mobile Phones |
|
View your CPF balances on your mobile phone while you are on the move. Simply download the mPAL-My Statement programme onto your mobile phone. For more information, please check out the CPF website.
To use these new channels, all you need is your CPF account number and your 8-digit CPF Phone PIN. You can get your CPF Phone PIN instantly at our website (www.cpf.gov.sg) using your SingPass. |
|
|
| ONLINE WITHDRAWAL ADVICE – GREATER CONVENIENCE TO CPF MEMBERS |
|
Members who are aged 55 and above can now log on to my cpf Online Services for their CPF withdrawal payment details. The online withdrawal advice includes details on the amount withdrawn, the payment mode and the interest earned up to the date of withdrawal.
Currently, members receive a hard copy withdrawal advice informing them of the crediting of their withdrawal payments. From 1 December 2005, members who wish to apply for withdrawal on reaching 55 or thereafter can refer to the online withdrawal advice for their withdrawal payment details. The new online withdrawal advice replaces the hard copy version and is available anytime, anywhere. |
|
|
| ONLINE CALCULATOR FOR YOUR MEDISHIELD CLAIM AND MEDISAVE WITHDRWAL |
|
Need help in calculating how much you can claim from your MediShield and/or withdraw from Medisave? Use the Medisave/MediShield calculator at www.cpf.gov.sg to help you estimate how much you can claim from MediShield and withdraw from Medisave for your hospitalisation, day surgery and outpatient treatment. Try it today! |
|
|
| ENHANCED ONLINE CALCULATORS TO PLAN FOR YOUR NEEDS |
|
The various online calculators found at the CPF website have been enhanced to include the recent changes to the CPF Properties Schemes. If you have not used any of our online calculators before, here’s a quick introduction to what you can do with some of them:
Retirement Calculator – Calculate how much you need for your retirement based on your retirement goals and current financial position.
CPF Housing Withdrawal Limits Calculator – If you wish to buy a property, this calculator comes in handy as it will help you calculate how long you will take to reach your CPF withdrawal limits. This will ensure that you do not overstretch your CPF and find yourself in a future situation where you can only use cash to pay your housing instalments.
Check out the online tools at www.cpf.gov.sg today! |
|
|
|
|
|