Being a (relatively) young person, I’m always intrigued by the numbers of our Central Provident Fund (CPF).
Knowing that I still have a relatively long runway, I always enjoy trying to figure out how my CPF account can fit into my financial planning and goals.
When it comes to retirement, the presence of CPF reminds me that there’s always a safety net around to fund my future needs.
For the uninitiated, CPF is a mandatory social security savings scheme that consists of CPF LIFE, a life annuity that provides lifetime payouts for eligible individuals.
Now, we should ideally have different income streams that would help fund our retirement needs in the future.
However, if we only want to depend on CPF as our only source of retirement income…
How much do we actually need in our CPF accounts to meet our basic living needs?