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Saturday, April 02, 2022

CPF Full Retirement Sum Attained!

 


After the CPF contribution for my Mar 2022 income was credited, below are my CPF account balances.

My CPF SA has surpassed $192k!!! 

$192k is the CPF full retirement sum in 2021.

Hence, officially I have achieved this important milestone of FRS.

My CPF SA will be able to compound automatically at 4% to beat future FRS figures, assuming FRS increase at below 4% rate perpetually.

This will guarantee that I will be able to withdraw excess CPF savings above FRS from my CPF when I turn age 55 in 2 decades time.

Although I am happy to have conquered this feat, I am disappointed that I will no longer be able to participate in Retirement Sum Top-Up into my CPF SA from next year onwards.

This will result in lesser tax relief and hence paying more taxes to IRAS.

After all, paying too much taxes is a rich man woe, which is still financially better than not earning enough income for spending nor being eligible to pay tax.

I hope to share about how I managed to hit CPF FRS in mid 30s in a future blog post soon. Do stay tuned.

Thanks for reading.

As always, stay safe and remain strong.

With love & peace, 
Qiongster

22 comments:

  1. Anonymous8:57 AM

    Congrats Qiongster! How did you gather so much in your OA also ?! Looking forward to learn more about your CPF strategy :)

    Cheers,
    P

    ReplyDelete
  2. Thank you P. Hope to share soon.

    Cheers.

    ReplyDelete
  3. Can't wait for the next article.

    ReplyDelete
    Replies
    1. I shall try to post tmr.

      Cheers.

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  4. Sweet! Congrats!

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  5. Congrats! Hope to hit the same achievement by mid 30s too!

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    Replies
    1. Thanks Cherry! You will do it too!

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  6. Can I take out my money from the CPF ?

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  7. Can you use your CPF money to pay property, hospital and invest?

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  8. Congratulations on your achievements. Hope to learn how you attain such a high sum in your CPF OA too.

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  9. Anonymous2:00 PM

    I believe there's a typing error....isn't it the SA earning 4% interest and not the OA?

    ReplyDelete
    Replies
    1. Thanks for spotting the typo. Has rectified it.

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  10. Wow how did you do it? Super high income or through top ups? Share lah. :)

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  11. Hi Henry, I shared it in my latest post.

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  12. Anonymous5:43 PM

    How much savings you have and SRS

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  13. Hi Anonymous, I shared my latest net worth update here: https://liverichlifefree.blogspot.com/2022/03/net-worth-update-mar-2022.html

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  14. For lower income...doesn't have that much In OA..including MA..someone doesn't fall sick...can recommend Me good medicine/supplements for heath...hospital fees expensive...

    ReplyDelete
    Replies
    1. Break free of the poverty mindset and switch to an abundance mindset. Work on more and higher income. The best things in life are free - exercise, vitamin d from sun, minerals and vitamins from fruits and vegetables. Prevention is better than cure.

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  15. Anonymous11:13 AM

    Wow at 35... that's very commendable

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  16. Thank you. Everyone can do it too!

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