Tags : CPF Full Retirement Sum, CPF Basic Healthcare Sum
My Profile : Married 37+ y/o staying in 4-room HDB apartment (as of 1st Jan 2020)
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 doing 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.
A detailed write-up can be found here.
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 = $180,890 (99%)
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 = $57,391 (95%)
Note : Basic Healthcare Sum (BHS) is the estimated savings you need for your basic subsidised healthcare needs in old age.
Information as per 2018 for CPF :
Full Retirement Sum (1.0x) = $171,000
Enhanced Retirement Sum (1.5x) = $256,500
How much would we “need” when we retire?
This just about covers the basic needs of a single elderly in a recent 2019 study.