Do you know if your CPF savings are enough for retirement?
Well, Central Provident Fund Board (CPF) has recently launched an excellent mobile application (available on iPhone and Android). It lets you project how much CPF savings there are in your Ordinary Account (OA), Special Account (SA) and Medisave Account (MA).
The amount of CPF contributions payable on Ordinary Wage is capped at the monthly Ordinary Wage ceiling of $5,000. Currently, we contribute 20% while our employers contribute 17%.
You choose 5 years, 10 years or 20 years depending how far you wish to project.
Here is a projection of savings in each account after 5th, 10th and 20 years. The Medisave Account is capped at $48,500.
(Note: Do note below does not take account into HDB loan)
|Year||Ordinary Account (OA)||Special Account (SA)||Medisave Account (MA)|
What do you think? Is our CPF savings enough for our retirement?