Save More - Grow Your CPF Savings

Build up your retirement savings by working for as long as you can. If you have no intention to use your Ordinary Account (OA) savings, why not transfer it to your Special Account (SA)? The additional interest rate of 1.5% will grow your savings faster. $100 in the OA takes 28 years to double to $200 but in the SA, it will only take 18 years. Do note that any transfer of funds from your OA to your SA is irreversible. Use the Ordinary Account-Special Account Interest Calculator to calculate how much more interest you will earn by transferring your OA savings to your SA.

Use Less - Reduce Your Consumption Of CPF

How you use your CPF savings will have an impact on how much savings you will retire with. If you wish to buy a property, limit your monthly mortgage payment and any other loan instalment to no more than 35% of your monthly income. You should also aim to pay off your housing loan by age 55. Remember, the more CPF savings you use on your property, the less money you will have when you retire. The Housing Site and the online calculators can help you plan the use of your CPF for housing.

Defer Withdrawal - Maximise Your Retirement Savings

When you reach age 62, you can apply for your Minimum Sum to be paid to you in monthly payments. However, if you do not need the money, you can defer your Minimum Sum withdrawal. You can extend your payout by two years for every year that you defer your Minimum Sum withdrawal. For example, withdraw at age 63 and the additional interest earned will stretch the Minimum Sum payout from age 82 to 84.