There are many financial goals you may strive to achieve throughout your life. Some of these goals may include buying your first house, getting married or having the financial means to start a family. Yet, perhaps the most significant financial goal is to retire comfortably. As you probably already know, the Central Provident Fund (CPF) is a mandatory social security savings scheme for Singaporeans. When most of us start working, having 37% of our income locked up in CPF seems rather excessive. However, this amount of money is actually being set aside to help us fund our retirement needs during our golden years.

What is CPF Life?

The CPF scheme comprises three accounts – the Ordinary Account (OA), Special Account (SA) & Medisave Account (MA). When we turn 55, a fourth account known as the Retirement Account (RA) is formed. Savings from our SA & OA will be transferred to our RA….