I was recently looking through my parents’ finances as part of their
year-end finances review.
Being the one who is oddly interested in numbers and all things finance, I was the appointed kid to advise on their upcoming retirement plans.
Source: Brown Owl Post
Which led us to look through the
CPF Retirement Schemes.
We were considering the options between the different retirement sums.
And we came across the current retirement sum figures which looked like this…
| Retirement Sums for Members Reaching Age 55 from 2020 to 2022 |
| |
2020 |
2021 |
2022 |
| Basic Retirement Sum (BRS) |
$90,500 |
$93,000 |
$96,000 |
| Full Retirement Sum (FRS) |
$181,000 |
$186,000 |
$192,000 |
| Enhanced Retirement Sum (ERS) |
$271,500 |
$279,000 |
$288,000 |
I can’t help but wonder how it would be like when it is my turn to turn 55 years old.
TL;DR: How Much Do I Need in My CPF as a Millennial When I Turn 55 Years Old?
Long story short, as a 27-year-old in 2020, you need about
$414,115 for the Full Retirement Sum before you can withdraw the excess money....
