Posts

Showing posts with the label cpf

Top 5 CPF Hacks For You

Image
The Central Provident Fund (CPF) is a government scheme initiated to help members prepare for their retirement. Over the years, many initiatives have been introduced to enable people greater flexibility in deciding how funds in their CPF accounts are used. There are 3 accounts in the CPF, namely the Ordinary, Special and Medisave accounts. In this article, I put together the top 5 hacks you can do to ensure your CPF is well utilised. Photo by Rowan Heuvel on Unsplash 1. TOPPING UP THE SPECIAL ACCOUNT Starting with the Special account, the Special account currently earns you interests of 4% per annum. This is a decent return for something relatively lower risk. You can do a voluntary cash top-up of your Special account up to $14,000 per annum (maximum $7,000 for self and $7,000 for family members). Not only does this ensure you have more funds in your CPF during retirement, the cash top up qualifies you for tax reliefs when you do a voluntary contribution to your Special account up to