Managing CPF Savings For Your Retirement

For Singaporean and PRs. Understand your CPF accounts and the changes at age 55. Learn about Minimum Sum and CPF Life.
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  • Lectures 16
  • Contents Video: 40 mins
    Other: 2 mins
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
    30 day money back guarantee!
    Available on iOS and Android
    Certificate of Completion
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About This Course

Published 10/2013 English

Course Description

This course is meant for Singaporean and Permanent Residents.

This course will help you understand how you can manage your CPF accounts to meet your retirement needs. CPF stands for Central Provident Fund. The Central Provident Fund (CPF) was introduced in Singapore in 1955. It is a compulsory savings scheme which ensured that workers could support themselves with dignity in retirement.

The following topics will be covered:

  • How CPF schemes fit into your retirement plan
  • Challenges ahead
  • CPF insurance schemes
  • Life and Health Insurance Planning
  • Your CPF Accounts explained
  • Important Figures - Minimum Sum, Medisave Required Amount, Medisave Minimum Sum
  • Case Studies
  • CPF Investment Schemes (CPFIS)
  • Your Child's CPF Education Loan
  • Sales of properties bought using CPF after age 55
  • Working after and 55 and the corresponding CPF rates
  • Draw Down Age
  • CPF LIFE Plans

What are the requirements?

  • nil

What am I going to get from this course?

  • To better understand how to prepare for retirement in Singapore
  • To understand and manage CPF money for your retirement

What is the target audience?

  • working adults

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: Introduction
01:33

In this Lecture, find out more about MoneySENSE's core financial capabilities:

  • Understanding Money
  • Understanding yourself, your rights and responsibilities
  • Managing everyday money
  • Planning ahead
  • Selecting financial products
00:37

This intro video covers the main objectives of this module.

Take note that this module is the third module in the series of retirement planning. The first two modules are:

  1. Basic Steps In Retirement Planning
  2. Constructing Your Retirement Plan
00:23

People in Singapore are expected to live longer. Hence they have to make sure that their retirement funds can stretch longer.

Section 2: Retirement Account From Age 55
03:19

CPF is a compulsory savings scheme started in 1955 to help workers take care of themselves in their old age. In the larger scheme of one's retirement, it should constitute income to meet just the basic needs.

Longer life expectancy and higher health care costs due to illness and disability can deplete retirement savings quickly, having adequate health insurance is neccesary to counter such risks.

We shall consider the CPF Life and Health Insurance schemes that are available in Singapore. Careful planning to sustain premiums for various types of health insurance throughout retirement is as important as taking up cover early when one is insurable.

03:25

We look at the first stage of your retirement journey in Singapore when you turn 55.

02:03

This lecture explains the following terms - Minimum Sum & Medisave Minimum Sum.

From 1 July 2014, the CPF Minimum Sum will be raised to S$155,000

04:53

In these slides, we look at what happens when your retirement account is created at age 55.

05:15

We look at how CPF savings will be used to make up the minimum sum shortfall and Medisave Minimum Sum shortfall if one wishes to make a withdrawal.

01:59

In these slides, we look at what happens when a CPF member has less than the Basic Retirement Sum.

01:41

In these slides, we look at some details regarding withdrawing CPF.

04:09

In these slides, we look at various points regarding topping up your CPF accounts.

00:57

Here, we look at some details of transferring CPF between spouses.

07:55

Finally, we look at various options one has when he or she turns 65 in Singapore.

01:41

If you are between 50 to 80 years old, you may estimate the CPF LIFE payout and bequest using a calculator provided on the CPF Website - http://www.cpf.gov.sg

Section 3: Conclusion
Article

In this lecture, we conclude the module Managing CPF Money For Your Retirement.

Article

This lecture contains links to additional resources where you can learn more about money matters pertaining specially to Singaporeans.

CPF Life is .......
4 questions

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Instructor Biography

Peggy Chan, Financial Literacy Trainer

Peggy Chan, Financial Literacy Trainer, Institute for Financial Literacy

MSc, CFP

Peggy has 8 years of experience in the financial services industry, helping clients understand their financial needs, objectives and risk tolerance as well as reviewing company policies and procedures to ensure compliance. She was also an adjunct lecturer with a Polytechnic, teaching insurance and retirement planning subjects.

Prior to joining the financial services sector, Peggy was working in the information technology sector for 13 years, first in a government agency and subsequently served as a Senior Systems Analyst in an international bank.

She is a Certified Financial Planner, which is a professional certification specific to retirement planning and wealth accumulation in addition to overall financial planning.

Peggy has a Masters of Science, majoring in Network Management. She also holds other industry certification in M5, M8, M8A, M9 and HI.

Instructor Biography

Institute for Financial Literacy, Unbiased Financial Education Courses

The MoneySENSE-Singapore Polytechnic Institute for Financial Literacy is a collaboration between MoneySENSE, the national financial education programme in Singapore and Singapore Polytechnic.

MoneySENSE is spearheaded by the public-sector Financial Education Steering Committee which comprises representatives from the Ministry of Health, Ministry of Social and Family Development, Ministry of Education, Ministry of Manpower, Central Provident Fund Board, Monetary Authority of Singapore, National Library Board and People’s Association.

Our financial education courses cover basic money management, financial planning and investment know-how.

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