For those in Singapore, the Central Provident Fund (CPF) has a wealth of opportunities for you to grow your nest egg and make your retirement goals a reality. It is a comprehensive social security system built to help Singaporeans and Permanent Residents (PRs) residing in Singapore to save up for your retirement.
All working Singaporeans and PRs together with their employers, contribute to their CPF monthly, which has three accounts, namely the Ordinary Account, Special Account and Medisave Account. Although the main focus of the system is to assist you in growing your retirement nest egg, it can also be used for other needs such as healthcare, homeownership, family protection and asset enhancement.
Other than for the needs mentioned above, you would only be able to fully access the monies in your CPF in your later years. But we feel that it would be a waste to leave the money there, even with the prevailing interest rates, especially when it could be helping you reap greater investment rewards.