Grow our CPF Special Account (SA) up to the Full Retirement Sum (FRS)
Do this before buying any other retirement income product
Why should we do this?
CPF LIFE gives you an annuity income from age 65 onwards for as long as you live
CPF LIFE is possibly the best insurance annuity in terms of payout for the same accumulation period
The Full Retirement Sum (FRS) amount covers basic living expenses and should be a Safe Retirement Income Floor
You get a tax deduction for cash top-ups up to $8,000 for self and another $8,000 for your loved ones (parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings)
How do we do it?
As part of Pay Myself First, GIRO 5% of gross income (or lower or higher) monthly to top up our CPF SA
Do lump sum top-ups from bonuses to CPF SA
Example
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Additional Resources
Singapore got a very good B+ grade in the global pensions ranking.
