The government has announced that the floor rate of 4% interest for all Special, Medisave and Retirement Account (SMRA) will be extended to 31 Dec 2011. The 4% floor rate was first supposed to end on 31 Dec 2009. It was extended to 31 Dec 2010 last year “in light of the global [...]
CPF Board has recently released more details on the CPF LIFE Scheme. The CPF Life Payout Estimator and Information Booklet can be found on their website here – CPF LIFE Website. I’ve done some comparison between the CPF LIFE vs Commercial Annuity already, I’ll do some simple comparison between [...]
Following the announcement of the changes to CPF LIFE and the release of some indicative numbers for the 4 CPF LIFE schemes, a question quickly came to mind: How does the commercial annuity compare to CPF LIFE? The following is a comparison of CPF LIFE and a leading commercial annuity.
The criteria [...]
Acting Manpower Minister Mr Gan Kim Yong announced in parliament yesterday on the changes to the national annuity scheme. The number of choices is reduced from 12 to 4 – called LIFE Basic, LIFE Balance, LIFE Plus and LIFE Income. The following table illustrates the different amount of payout for a 55 year [...]
Happen to come across a CPF advert on Today: First Step to a bigger nest egg. The advert states that ”Transferring his savings from his Ordinary Account to his Special Account allows savvy investor Jason Kuek to earn higher interest on his CPF savings“.
The advert describled the uncertainity in the job [...]
Amendment: My apologies. SMRA floor rate of 4% is applied for 2 years from 01 Jan 08 to 31 Dec 2009 instead of 2010. Thanks B yee for highlighting
There has been frequent advertisement by the CPF Board on transferring CPF OA to SA recently. One of the ‘advantages’ of doing so is [...]
CPF Board has announced that the CPF Ordinary Account (OA) interest rate for Jan 09 to Mar 09 will be 2.5%. The interest rate for Special, Medisave and Retirement Accounts (SMRA) will be announced in December. My calculation shows that the SMRA interest rate should be at the minimum 4% as the [...]
Amendment: My apologies. SMRA floor rate of 4% is applied for 2 years from 01 Jan 08 to 31 Dec 2009 instead of 2010. Thanks B yee for highlighting
The interest rate for Special, Medisave and Retirement Accounts (SMRA) from 1st October 2008 to 31 December 2008 will be 4% as announced by CPF Board on [...]