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CPF Reforms and Other Changes: More $ For Your Retirement <p>Your CPF savings earn a minimum risk-free interest of 2.5% guaranteed by the Government. In 2008 and 2009, Special, Medisave and Retirement Account savings will earn a guaranteed minimum 4% interest. In addition, the first $60,000 in your combined CPF balances, with up to $20,000 from your Ordinary Account, will earn <span style="line-height:1.6;">an extra 1% interest.</span></p><p> <span style="line-height:1.6;"><img alt="Extra 1% Interest" src="/Assets/members/PublishingImages/VideoPic.jpg" border="0" style="margin:5px;" /><br></span> </p><p>To earn more interest, consider the following:</p><p>If you are currently <strong>below age 55</strong>:</p><ol><li> <span style="line-height:1.6;">Leave your CPF savings in your accounts to earn the <a href="#extrainterest">extra interest</a>.</span></li><li> <span style="line-height:1.6;"><span style="line-height:20.79px;"><a href="#transferOA">Transfer savings</a> from your Ordinary Account (OA) to the Special Account (SA). </span> </span></li><li> <span style="line-height:1.6;"><span style="line-height:20.79px;">Make a <a href="#cashcontribution">voluntary cash contribution</a>. </span> ​<br></span><br></li></ol><p>If you are currently <strong>above age 55</strong>:</p><ol><li> <a href="#topup">​Top up​</a><span style="color:#444444;"> your Minimum Sum (​MS).</span><span style="color:#444444;"> </span><span style="color:#444444;"><a href="http://mycpf.cpf.gov.sg/Members/Gen-Info/CPFChanges/MoreMoneyForRetirement.htm#topup">​</a></span><a href="http://mycpf.cpf.gov.sg/Members/Gen-Info/CPFChanges/MoreMoneyForRetirement.htm#topup"><br></a></li><li>Keep at least <a href="#RetAccount">$30,000 in your Retirement Account</a>.<br></li></ol><div><h3>Here's how you can optimise the 1% extra interest... </h3><p>  </p><h4><a name="extrainterest"></a>1. Leave your CPF savings in your accounts to earn the extra interest </h4><p>The first $60,000 of your combined CPF balances, with up to $20,000 from your Ordinary Account (OA), will earn an extra 1% interest. So, leave your money in your CPF accounts to enjoy this extra interest.  <br>  </p><h4><a name="transferOA"></a>2. Transfer savings from your Ordinary Account (OA) to <br>the Special Account (SA) </h4><p>Transfer the savings from your OA to your SA for higher interest if you do not intend to use your OA for housing. You can transfer an amount up to the prevailing Minimum Sum (MS) of $117,000* in your SA.<br><em>*Effective from 1 July 2009.</em></p><p> <br>Click <a href="http://www.cpf.gov.sg/cpf_info/portal/encrypt_Portal_Mbr.asp?application=Portal_Mbr" target="_blank">here</a> if you wish to transfer your OA to SA.<br>(Note: SingPass is required for log-in) <br>  </p><h4><a name="cashcontribution"></a>3. Make a voluntary cash contribution </h4><p>Make a voluntary cash contribution to your CPF accounts. The maximum amount of CPF contributions, including mandatory contributions your employer pays on your behalf, is $26,393.</p><p> </p><h4><a name="topup"></a>4. Top up your Minimum Sum (MS) </h4><p>Top up your Retirement Account to the prevailing MS of $117,000 yourself using cash. Or ask your spouse, children, grandchildren and siblings to top-up for you using cash or their CPF savings. And they can enjoy tax relief for cash top-ups of up to $7,000 per year!</p><p>More <a href="/Members/Schemes/schemes/retirement/retirement-sum-scheme">information</a> on the topping-up of CPF Minimum Sum.</p><p>Click <a href="http://www.cpf.gov.sg/cpf_info/portal/encrypt_Portal_Mbr.asp?application=Portal_Mbr" target="_blank">here</a> if you wish to top-up you/your loved ones' Retirement Account.<br>(Note: SingPass is required for log-in)  <br>  </p><h4><a name="RetAccount"></a>5. Keep at least $30,000 in your Retirement Account </h4><p>Enjoy the maximum of D-Bonus and V-Bonus by keeping at least $30,000 in your Retirement Account.</p><p>Click <a href="https://www.cpf.gov.sg/cpf_trans/ssl/financial_model/Deferment_Calculator/deferment_bonus_cal.asp">here</a> to check your D-Bonus and V-Bonus eligibility.</p><h3> </h3><h3> <strong>CPF Reforms and Other Measures to Help Older Singaporeans Improve Retirement Adequacy and Work Longer </strong></h3><div>- <a href="/Members">More Details</a> </div><div>- <a href="/Assets/members/Documents/OnlineDemo/money_got_enough-english.swf" target="_blank">Video: Money Got Enough? (English Audio)</a></div><div> <strong>Other languages: </strong> <a href="/Assets/members/Documents/OnlineDemo/money_got_enough-mandarin.swf" target="_blank">Chinese</a> | <a href="/Assets/members/Documents/OnlineDemo/money_got_enough-malay.swf" target="_blank">Malay</a> | <a href="/Assets/members/Documents/OnlineDemo/money_got_enough-tamil.swf" target="_blank">Tamil</a></div><div> <strong> <em>(Flash Player Version 9 is required) </em></strong></div><div>- <a href="/Members">A Simple Guide To CPF And Other Changes: More $ For Your Retirement </a></div><div> <a href="/Members"> <img src="/Assets/members/PublishingImages/cartoonbooklet.gif" border="0" alt="" style="margin:5px;" /></a> <br> </div></div>CPF Reforms and Other Changes: More $ For Your Retirement 31/12/2007 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2279