Personal Finance
Progression of my Mom’s CPF account
By Value Warrior  •  September 20, 2020
Following up on my previous post on 'Helping your parents maximize their CPF account', I had gotten permission from my mom and have decided to share how my Mom's CPF account grows over the year as it was being faithfully topped up and earned interests throughout the years. Her account started with about $3400 in her RA and $3200 in her OA and was only earning about $370 in interest. This was at the end of 2016. After transferring all her OA to RA and topping up $7000 to her RA for tax relief, her RA reached about $14,000 and is getting close to $680 in interest in 2017. With a further $7000 top up, her RA grows to $22,000 and is earning about $1200 in interest in 2018. 2019 was the year where on top of the $7000 top up for tax relief, I started to transfer my OA to her RA to quickly hit $60,000 for the 5% and 6% interest in RA. her RA grows to $50,000...
Read the full article
By Value Warrior
A regular working Joe starting out his value investing journey. I started my investment journey late at the age of 34. Looking back i wish i had started earlier so that power of compounding can work its magic. Nevertheless a good time to start investing is always NOW!!! So here i am having started this journey, i planned to reach Financial independence at age 65. Wish me luck.
LEAVE A COMMENT
LEAVE A COMMENT

Your email address will not be published.

*

Your Email Address will not be published
*

Read More Articles
More from thefinance