HOW TO GROW YOUR CPF SAVINGS FOR RETIREMENT | Looking to retire without money worries? Here are some tips and hacks to help you grow your CPF for retirement.
Like it or not, the CPF was created to help Singaporeans better prepare for retirement. It becomes a 'cash generator' when you start to look at it as a savings account with high interest rates.
Most people fear that their money will be stuck in their CPF by the time they hit 55. This is due to the annual increment of the Full Retirement Sum (FRS) which is roughly pegged to the rate of inflation, as the amount required to retire today is vastly different from the amount you need to retire on 20 years later.
However, once you max out your Special Account at the current FRS, you no longer need to worry about the annual increase of the FRS. The interest earned from your SA will offset the FRS increment. In fact, as your SA continues to grow, it'll outpace the annual increment of the FRS.
Using the advantages of CPF, most Singaporeans should be able accumulate between $500K to $1 million by the time they hit 55.
Here in this video, we explain how you can grow your CPF money savings for retirement.
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