How to Calculate Your CPF Retirement Sum in Singapore

If you are a working adult in Singapore, it is important to plan for your retirement. One way to do so is by understanding and calculating your CPF retirement sum. CPF stands for Central Provident Fund, a mandatory savings scheme for all employed Singaporeans and Permanent Residents. This fund provides individuals with a secure and long-term savings plan for retirement, housing, healthcare, and education. As such, it’s crucial to know how much you need to save for your golden years.

To calculate your CPF retirement sum, you first need to know what your Full Retirement Sum (FRS) is. The FRS is the minimum amount you need to have in your CPF account when you turn 65 to receive monthly payouts during retirement. Currently, the FRS is set at $181,000. However, this amount may change over the years due to inflation. You can check the CPF website for the latest FRS amount. Next, you need to determine how much you have in your CPF account currently. You can do this by logging in to your CPF account online or checking your statement. Take note of the Ordinary Account, Special Account, and Medisave Account balances. Finally, subtract your current CPF balance from the FRS to know how much more you need to save for retirement. To reach the FRS, you can top up your CPF account with cash or through your employer’s contributions.

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