| Parliamentary Secretary, Ministry of Manpower, Mr Hawazi Daipi, today, announced the launch of my cpf, an innovative public education programme initiated by the CPF Board. Resting on the Board’s website, it is part of the Board’s overall efforts to educate Singaporeans on the importance of retirement planning.
my cpf empowers Singaporeans to make informed decisions regarding the use of their CPF savings at significant life stages. This is done by providing them with a comprehensive set of information tailored specifically for major life events. These life events are :
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Starting Work |
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Getting Married |
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Buying A House |
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Making An Investment |
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Reaching 55 |
These life events modules which are available on my cpf will guide members on what to consider and anticipate at different life stages over the use of their CPF savings so as to ensure a secure retirement.
In January 2004, as a prelude to the launch of my cpf, the Board launched the Investor Education (IE) Site. Aimed at helping members make informed investment decisions towards building their retirement nest eggs, the IE Site carries basic investment concepts and investment articles. It also allows a member to assess how much risk he is prepared to take, commonly known as risk tolerance level, and contains information such as investment options, performance of CPFIS investments and cost of investment, commonly known as expense ratios.
There are plans to enhance the existing modules of my cpf. For example, the Board will be introducing another educational Housing Site Guide module to further complement the life stage of Buying A House in June. This will serve as a guide for members on the factors to consider when purchasing a property as well as to help them calculate their long-term affordability for the property purchase. We will also provide information for first-time buyers on the processes involved as well as the intricacies of a mortgage loan.
In addition, the Board will also be introducing interactive online tools such as the Retirement Planning Calculator. Slated to be ready by June, the Calculator will help members estimate the amount of savings they will have when they reach their desired retirement age based on their current financial situation.
There are also plans to make available personalised information of individual members at a particular life stage for personal reference on my cpf. The comprehensive and holistic information will empower CPF members to make informed decisions regarding the usage of their CPF savings. |