f you have adequate savings and cash in the bank, it is a good idea for you to put the savings into the CPF special account or the retirement account and earn interest at 4% per annum.
You will be allowed to withdraw the savings monthly, from age 65, through CPF Life. The money is payable for as long as you live. If you are born before 1958, you are allowed to withdraw your money in monthly installments, instead of buying CPF Life. Both options are good.
Some people are worried that CPF does not have money to pay them back. This is not true. CPF has more than sufficient money to pay back all their members.
There is also the belief that the CPF money is invested by GIC and Temasek and they make loses on their investments. This is also not true. These fund managers make a good return on their assets.
If you have spare cash, it is better to put into CPF to earn 4%. You can top up the special account and retirement account to the full amount that is allowed for yourself, spouse, parents and siblings. Check with CPF on how this can be done.
You will be allowed to withdraw the savings monthly, from age 65, through CPF Life. The money is payable for as long as you live. If you are born before 1958, you are allowed to withdraw your money in monthly installments, instead of buying CPF Life. Both options are good.
Some people are worried that CPF does not have money to pay them back. This is not true. CPF has more than sufficient money to pay back all their members.
There is also the belief that the CPF money is invested by GIC and Temasek and they make loses on their investments. This is also not true. These fund managers make a good return on their assets.
If you have spare cash, it is better to put into CPF to earn 4%. You can top up the special account and retirement account to the full amount that is allowed for yourself, spouse, parents and siblings. Check with CPF on how this can be done.
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