Insurance
Topping Up CPF (and my TV Appearance)
By Sethisfy  •  November 17, 2012

Topping Up CPF (and my TV Appearance)

Singaporeans should be quite familiar with our Central Provident Fund (CPF) accounts.

The Ordinary Account (OA) is mainly meant for housing and investment. The Special Account (SA) is primarily for old age and retirement-related investments. The Medisave Account (MA) is reserved for payment of medical bills and approved insurance schemes. At age 55, the savings in OA and SA form the Retirement Account (RA), which as the name suggests, is to provide for retirement.

The current interest rates of the three accounts are 2.5% for OA and 4.0% for SA and MA. There is also an extra 1.0% interest for the first $60,000 of the combined balances of the accounts, with up to $20,000 from the OA.

Presently, the working class contributes 20% of their gross salaries to CPF while employers contribute 16%.

CPF as a savings tool

The current ...

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By Sethisfy
As an adult, I’ve been through many ups and downs in my career path and personal finance journey, not unlike many Singaporeans. From my years as a tied insurance agent turned independent financial adviser, I realised that there are very few sources of proper, unbiased financial advice for working adults to access. Worse, self-styled “financial consultants” are selling products like savings plans and ILPs to the detriment of the clients whose interests they were supposed to serve.
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