Can YOU REALLY get to 'CPF Full Retirement Sum (FRS)' with MEDIAN INCOME?

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Getting to CPF full retirement sum FRS is an important milestone to ensure you have a good first layer of retirement income. Today, I'd simulate if you had median income in Singapore all the way, could you reach retirement.

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About Josh Tan:
Josh holds a degree in Accounting from NTU. In 2016, he co-founded the financial education website TheAstuteParent to provide detailed insurance plan analysis and financial planning tips.

As a ChFC Charterholder, Josh has agreed to be bounded by the ChFC®/S Code of Ethics. This includes, among others, acting in a professional manner when it comes to conducting due diligence on primary and secondary sources of investment-related data, and articulating his investment opinions based on his research and beliefs. Based on his research and analysis, he highlighted his beliefs and opinions, and illustrated the concept of time value of money, as of the time of the video.

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[joshconsultancy]

To see updates and polls, join my TELEGRAM "Josh Tan Investment Official Group" here

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[mktlfty]

Full FRS will only provide you with $1600+/mth when you reach 65. Imagine the cost of living by the time you reach 65..😅

[HoneyMoneySG]

Great video Josh, I believe more people needs to be educated about such CPF numbers

[kcchiew]

My CPF total interest gain (OA+SA+MA) from 2009 to 2023 was more than 220k; CPF paid for my transfer to RA.😅

[jasonlim]

continue work hard, save and invest diligently is best strategy.

[yaohong]

Max cpf contribution is capped at $8000 per mth or $102K annually.

[blackbeard]

Thanks for the insightful video Mr Josh!

[KameRaidar]

Should compare against the median income statistics from five years ago if you really want to compare the same cohort across time. Older generations have lesser degree holders which will skew the results if you compare different cohorts within the same year’s median income.

[MARS-obeg]

No fix rule but still a good basic layer to construct

[fin]

Please make another video where the OA will be used to buy house. So will it be possible to get FRS?

[louislow]

This video miss out the MA contribution. At certain year down the road when MA hit the ceiling, contribution to MA will flow to SA which speed up the SA amount

[kelvinyeo]

a 4bedroom BTO is now about $600k for matured estate. compound with mortgage interest it will be about $1.0-1, 2M.. not much OA is left to transfer to SA.

[gohhye]

Median- 6th person out of the group of 11 people.

[Flagz]

Need to consider medisave account also. Will reach BHS after working 10+ years and balance will flow to SA..

[onexoxtoo]

Yes, if CPF pays 6% interest like what CPF did in the 70s and 80s. CPF members will have 120-130% more CPF balance by age 65.

[woodstockht]

Does the calculation include any bonuses? Thanks for the hard work drilling down the figures. Great work.

[jackywong]

This video is good. My OA had been fully utilised for housing. Hence I can only depend on SA to hit FRS.

[nickei-]

U should have factor housing needs to be more realistic. U can also simulate when medisave will be capped, medisave money will goes to SA. Nowadays alot pple hit medisave capped at 30+. Hence retirement account is going at turbo speed. 😄

[Xamael]

IMO (not financial advice), better to skip hitting FRS altogether & just "religiously" DCA CPF OA into Endowus' Amundi Prime US Fund that tracks S&P500 once CPF OA is above 20k so that u get better returns. + u can always sell & move the money back into OA for housing, education etc. so there is a form of "liquidity" there.

Yes, u take on investment risk but even CPF policies can change with the recent debacle of CPF SA closure at 55. What if next time, the CPF LIFE payout age starts at 70 or even 75? Then best to have money outside of the system & invest independently.

[kelvinyeo]

firstly how many starting salary at $4k eventually at 55 salary hit $12k? if you are median incomer now doesn't mean you will be median incomer at 55. and what is the median income growth in the last 10 years? the growth rate is it the same as your projection?