Did you know? More Singaporeans are making cash top-ups to their own CPF accounts and that of their loved ones, with over 1.6 billion in the first 10 months of 2019.
I'm definitely part of that statistic, as I've been topping up $7,000 to my CPF Special Account (SA) every year. Aside from the tax reliefs, this move was also instrumental in helping me to compound my CPF monies at a much faster rate.
If you aren't already doing so, it might make you wonder if you're missing out on something. But before you simply follow the herd, it is important to understand why we’re doing so, and then decide if it works for your situation too.
In my case, I started my CPF journey in 2014, after speaking to many wiser and older folks (including my dad). I got to understand the need to optimise my CPF early enough, in order to leverage...