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News Release by:
Central Provident Fund Board
25 June 2004 -- |
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To help its members plan ahead for their retirement and provide information on home purchase/ownership, the Central Provident Fund Board (CPF Board) has added two new features to its my cpf website (www.cpf.gov.sg) - the CPF Retirement Planner and the CPF Housing Site. This was launched today by the Chairman of CPF Board, Mr Moses Lee, at the opening ceremony of my cpf & me 2004 roadshow at the HDB Hub.
The CPF Retirement Planner and the CPF Housing Site complement my cpf, an e-initiative introduced by the Board in March this year to educate Singaporeans on the importance of planning and saving early for retirement. The my cpf & me 2004 roadshow, to be held from 25 to 27 June, is part of the Board’s public education efforts. Visitors will be able to get comprehensive information on how to manage their finances, especially their CPF savings, and try out some online financial tools. Financial personnel from leading banks and financial institutions will also be present to impart some tips to them on money management, financial planning, investment, buying a home, retirement planning and other financial information.
Said its Chairman, Mr Moses Lee: “I urge all members to make that important first step to Take Charge, Plan Early and Secure Your Retirement. The Board will support and guide you with the best available tools to facilitate those important financial decisions you have to make at key events in your lifetime.”
For more information on the CPF Retirement Planner and the CPF Housing Site, please refer to Annex A and B respectively.
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| The CPF Retirement Planner is designed to serve a wide target audience. Members have the option of using a simple “animated” version via the Interactive Journey or a more advanced interactive version via the CPF Retirement Calculator: |
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The Interactive Journey offers an overview of a person’s ability to have adequate savings for his retirement when he reaches 62, taking into account the decisions he makes at his various life stages such as amount of savings set aside when he starts work, the type of house he decides to buy, his investment behaviour etc. This is to show the relationship between choices we make and how it will affect our retirement income.
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The Retirement Calculator is an interactive tool which helps to determine a member’s ability to achieve his retirement goal. It also calculates the amount of savings he would require based on his desired retirement age and retirement lifestyle.
The Retirement Calculator uses a 3-step approach. First, it guides a member in establishing his retirement goal. Then it analyses his current financial situation such as assets, liabilities and saving pattern. Finally, it projects his financial assets to his desired retirement age to determine if his retirement goal is achievable. Should it be unachievable, he will then be given an indication of how long his savings will last and a recommendation on what he should do to reach his goal. |
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| For more information, please refer to: Retirement Planner & Games |
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| The CPF Housing Site complements the life stage of “Buying a House”. It introduces members to topics such as housing loans, the use of CPF for housing, the amount a person could afford to spend on housing as well as useful rules of thumb for home buyers. Members can also try online calculators to estimate their maximum housing loan based on income, compute the amount of interest on a loan, and estimate the outstanding loan balance when they reach age 55. |
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