Safeguarding our retirement in times of uncertainty
While it seems like many things are not within our control, active planning helps us cope with these changing needs and better respond to tomorrow’s scenarios.
And when it comes to retirement planning, your CPF has given you a headstart since the day you started working. Through helping you to save for home ownership, healthcare protection and retirement income needs, your CPF provides a strong foundation for your golden years.
For many, buying a home is a huge financial commitment. Your CPF can support your home purchase in ways such as paying for monthly instalments. Strike a balance and buy a home within your means as your CPF savings will eventually form your retirement income.
Your savings grow faster in CPF with good interest rates.
Take your Special Account (SA) for example. At the floor interest of 4% per annum, every dollar in your SA will more than double in 20 years. And that’s not including the 1% extra interest* that you will earn on the first $60,000 of your combined CPF balances!
Did you know that all Singaporeans and Permanent Residents are covered by MediShield Life?
It is a basic health insurance plan that protects you against large medical bills for life, regardless of your age or health condition.
In addition to ensuring that we have a roof over our heads, adequate retirement planning includes being prepared for unexpected healthcare expenses. That is where your MediSave savings come in. You can use it to pay for hospitalisation and certain outpatient treatments as well as premiums for MediShield Life and other approved medical / long-term care insurance.
For peace of mind in your golden years, you should also plan for a steady stream of income to meet your daily needs so you don’t have to worry about running out of your savings. Under CPF LIFE, you can enjoy monthly payouts no matter how long you live. This national longevity insurance annuity scheme offers a choice of three plans – Escalating Plan, Standard Plan and Basic Plan – with different types of monthly payouts to meet your needs. Options such as cash top-ups and CPF transfers can help to boost your payouts further.
Be Ready for your future with CPF by making the most of your CPF savings today.
*To enhance the retirement savings of CPF members, the Government pays extra interest on the first $60,000 of your combined balances. Terms and conditions apply. Read about the CPF interest rates here.