Search Results for: cpf

CPF savings grew almost $200K in 3 years!

I don’t know if you would agree with me but I think the CPF Board has improved by leaps and bounds when it comes to communicating with CPF members. I especially like the graphics they have produced to make things easier to understand. Important or interesting information is clear at a glance when graphics are used well. While waiting for the updated pie chart to be ready (see past pie charts: here), I will share this bar graph: It is so easy to see how my CPF savings grew almost $200K in 3 years from end-2014 to end-2017! The total amount was...

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CPF Interest and Contributions

  It’s a rest day for me today. We went out the entire day yesterday and had a dinner gathering at our friend’s place. Enjoyed the home-cooked dinner, wine and the board game we played together after that. It was different from the usual board games we played where we competed against each other to be the winner. This time round, we had to cooperate to defeat the game itself and it was fun working together for a change. Anyway, it’s pay day tomorrow and I’m relieved that my bank account balance will get topped up. I just paid...

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CPF Money That Keeps Growing (2018)

This blog post involves CPF talk. To spare you the agony, if you are not keen on the topic, do not read any further! I have no interest in arguing, convincing, or justifying anyone or anything here. P/S : I do not advocate topping up of CPF. No no no. I have never done so in my life. *** Once again, I am back to keep a running update of this series of CPF posts which I’ve started in 2015. I’m definitely considered as being less than optimal when it comes to maximizing my income (I’m an idealist) so there...

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Should I Use CPF OA or Cash To Pay My Home Mortgages???

OT834 January 2018 at 12:24:00 GMT+8 Hi Uncle CW, Huat ah! Power! But nowaday all use CPF to pay house. Even mandatory contribution also doesn’t have much compounding effect already. Hmm …. may be how some of you or many of you also think like OT. Should I use CPF OA or cash to pay my home mortgages? Three scenarios for home mortgages here: 1. No spare cash so no choice has to pay home mortgages with CPF OA 2. Use spare cash to pay home mortgages and CPF OA to earn compounding 2.5%  interests 3. Use CPF OA pay home mortgages and spare cash to earn...

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Why I Won’t Be Using My CPF To Pay For My House

For those of you who attended my sharing at the CPF Talk on 22 Oct, I mentioned that I have no intention to use my CPF to pay for my new house. Naturally, this raised quite a few eyebrows, because 8 in 10 Singaporeans pay for their house using their CPF Ordinary Account (OA) savings. But you heard me right. What I feel my CPF is for Now, before you go bat crazy on me, please hear me out first. In my view, my CPF forms my “untouchable” pot of retirement gold. It is my social security net when...

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Your CPF Investment Account : Uncle8888’s foolish advice again!!! (5)

Read? Your CPF Investment Account : Uncle8888’s foolish advice again!!! (4) Most of us will not have large CPFIS as war chest so we will weight it against market condition before touching this compounding 2.5% interests to turn it into compounding investment return which can be negative return. Even you currently have $1M balance in your CPF OA; your CPFIS is still limited to $350K including current stock investment costs of your investment holdings in your CPFIS bank account. Use CPFIS wisely!...

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Why I Have Never Topped Up My CPF (Yet)

Like many other financial bloggers, I logged in to the CPF website a week ago. The CPF interest for 2017 were finally credited. However, unlike other financial bloggers, I have neither done a CPF OA to SA transfer nor performed any Retirement Sum Top-Ups to my CPF accounts so far. And as a self-employed, I have also not made any Voluntary Contributions (VC) to my CPF accounts. The only contributions I have made in the past two years were the mandatory Medisave Contributions as a self-employed. So it’s not surprising that my CPF balances are very modest (even below EI...

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Views on CPF, insurance and investments changed after eavesdropping on AK. (Don’t be "jelly". Make others "jelly".)

Reader #1 says… I have been following your blog since Aug2015 and benefit greatly from it. As an employee with salary below average, I couldn’t have much to invest. However I value the awareness that you created among your followers. I am started to be more responsible to my own financial management and learnt a little bit about investment. I believe many of them out there too. I feeling grateful to “meet” you through text. I want to say thank you again on this very first day of the year because I am still continuing benefit from your blog....

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CPF – Should you or should you not

Hi everyone! Once again, the period of getting interest from cpf is here. Not everyone is excited but I am cause I am looking to every single ways to make my money working for me and getting interest/dividends are one of the ways! So you might ask, do I even top up my cpf and if yes, how much do I top up every year? Personally I don’t do any top up cause I don’t have much savings to put in cpf especially I need more cash flow in the future (for my family). However, once I have extra...

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CPF Interest 2017

Ding…Ding…Ding , CPF Board had just credited the interest into our CPF account , you may log in and check your latest balance and amount of interest you got from “ Ah Gong “ ..😊 This year, total $ 28,114 been credited into our account ( for both STE & Mrs STE) as interest from CPF and we are really happy to see our money continue to grow in CPF as we treat it as AAA Bond till 2025 ( till we reach 55 years old).  As I have highlighted in my previous blog post , we treat this CPF outstanding...

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1st voluntary contribution to CPF account in 2018.

AK has become a bit more IT savvy and he now contributes to his CPF account using internet banking at home. OK, you are right. I admit. AK has become even lazier in his retirement and will try not to leave home, if possible Bad AK! Bad AK! How to do it? Er… You mean how to contribute to CPF account using internet banking or how to become even lazier? Who threw a shoe at me? Who? Who? See related post #1 at the end of this blog. Anyway, I just did my first online voluntary contribution to my...

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What Is CPF Special Account? 9 Things Every Singaporean Ought To Know About It.

Content What is CPF? Interest Rates What is CPF Special Account? What are the features of CPF Special Account?​​​​ What are the uses of CPF Special Account? How to get the most out of Singapore CPF Advantages of Placing More Money in CPF Special Account Guaranteed Absolute Return Inflation-proof Interest Rate Away from Creditors Disadvantages of Transferring Money from Ordinary Account to Special Account No Tax Relief It is Permanent Withdrawal Requirement Ordinary Account to Special Account Savings Transfer Calculator​​​​ At the end of the day, what we want most is to feel secured; most especially after working hard...

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Reviewing our CPF strategy and approach

Merry Christmas everyone! I will be busy with gatherings and celebrations over the next 2 days so I might as well send my well wishes earlier. We have finished our Christmas presents shopping and are ready for the gifts exchange tomorrow evening after dinner. The shopping areas have been really crowded during the weekends and I’m glad I no longer have to jostle with people for now. Anyway, I logged into my mum’s Central Provident Fund (CPF) Online Services today afternoon after having lunch with my family. I was helping my mum transfer her Ordinary Account (OA) and Special...

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How servicing your mortgage in cash instead of CPF can add $200,000 to your retirement

Most Singaporeans prefer to service their mortgage using their CPF Ordinary Account (CPF OA). In fact, you are probably wondering why some Singaporeans service their mortgage in cash, when the CPF OA funds is “money they can’t spend anyway”. Regardless of whether you use a private bank loan or a HDB Concessionary Loan, you always have the option to pay with your CPF OA. In general, most Singaporeans are able to “close an eye” and not pay attention to mortgage rates when using their CPF. This is because the CPF OA interest rate is up to 3.5% (for the...

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