Tags : CPF Full Retirement Sum, CPF Basic Healthcare Sum
My Profile : Married and staying in 4-room HDB apartment with no kids
Central Provident Fund is a compulsory comprehensive savings and pension plan for Singaporeans.
On 31st December 2019, at the age of 37, I have managed to achieve CPF Full Retirement Sum of $176,000 and CPF Basic Healthcare Sum of $57,200 without the use of any CPF top-ups.
From 2020 onwards, interest generated by CPF accounts is going to be covering for all future increases in CPF sums. Well, in my case, sort of.
On 8th January 2020, I transferred $40,000 from my CPF-OA to my mum’s CPF-RA and purchased CPF Life (Basic Plan), a life annuity that provides the owner with a monthly payout from age 65 (the current payout eligibility age) for as long as the person live.
For simplicity’s sake, I will include the $40,000 under my CPF assets but assume future outflows of $150 on a monthly basis as a way to cater for the bequest. I hope that no money will ever be refunded into my CPF-OA.
Previous CPF reports can be found below :
More CPF blog posts here if you’re interested in reading more 🙂
New year, new start. I will restart my tracker for 2020 and beyond.
CPF Full Retirement Sum (FRS) Requirements
CPF Full Retirement Sum (2017) = $166,000
CPF Full Retirement Sum (2018) = $171,000
CPF Full Retirement Sum (2019) = $176,000
CPF Full Retirement Sum (2020) = $181,000 | Current = $192,168 (106%)
Basic Healthcare Sum (BHS) Requirements
CPF Basic Healthcare Sum (2017) = $52,000
CPF Basic Healthcare Sum (2018) = $54,500
CPF Basic Healthcare Sum (2019) = $57,200
CPF Basic Healthcare Sum (2020) = $60,000 | Current = $60,000 (100%)
Note : Basic Healthcare Sum (BHS) is the estimated savings you need for your basic subsidised healthcare needs in old age.