Voluntary Contribution To Central Provident Fund Accounts

Central Provident Fund (“CPF”) Saving can be considered as one of the avenue for early retirement plan. For those of you who are not from Singapore, please refer to the below for more details:

https://www.cpf.gov.sg/members

Monies from CPF can only be withdrawn when the CPF members reach the age of 55 and he/she meets the prevailing minimum sum at the age. More details are as follows:

https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/withdrawals-of-cpf-savings-from-55

Based on the above details, I do not consider CPF monies as part of my FIRE plan as I intend to retire now or any time later from now. Despite this consideration, I still intend to make voluntary contributions to my CPF accounts as long as I have the full time employment. There are various mode of voluntary contributions. The details are as follows:

https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-topping-up-scheme

I can take some income tax relief for contributing directly to Medisave account.

WTK

Author: firewtk

A middle-age Singaporean currently having a minimalist and simple lifestyle. I am not longer in full-time employment with effect from 1 May 2019. I try my very best to write one post per day on this blog. The purpose is to share my prevailing thoughts to interested readers. It is up to the interested readers to decide whether they want to take action in embarking on the FIRE journey. I do not gain anything from this blog and it is solely for sharing hopefully for the benefits of all interested reader. WTK

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