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, the 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 lives.
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 component. I hope that no money will ever be refunded into my CPF-OA.
Previous CPF reports can be found below :
- CPF Report 2020 – First Half Update ($192,596)
- CPF Report 2020 ($176,208)
- CPF Report 2019 ($139,750)
- CPF Report 2018 ($104,471)
- CPF Report 2017 ($81,444)
- CPF Report 2015
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 = $194,463 (107%)
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 subsidized healthcare needs in old age.