Thursday, December 10, 2009

How much you got to set aside for CPF minimum sum when you reaches 55


How much is the Minimum Sum?


Setting aside the Minimum Sum when you reach 55 ensures that you have some regular income from age 65 to live on in your retirement.The Minimum Sum was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2013. These amounts will be adjusted yearly for inflation.


If you are unable to set aside your full Minimum Sum in cash, your property, bought with your CPF savings, will be automatically pledged for up to half of your Minimum Sum.


The minimum medi-save account is raised to $25000.


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