Happy New Year 2024!
Our CPF accounts are credited with interests for 2023 today.
The first thing I did when I woke up today is to check my CPF savings.
Happy to receive more than $18k of interests!
Another important step in the journey towards financial freedom and retirement.
Even though CPF monies do not seem to be like real monies, I believe they are still illiquid monies that can be used to fund our retirement in our late lives, purchase properties, pay for education fees of children and pay medical bills.
Here are my CPF interests for 2023:
In total, I received $18,409.68.
This is a 10% increase from $16,739.56 for 2022.
The interest of $2.7k earned from Medisave account can easily cover the premiums for Careshield life and Medishield life. In a way, it is possible to enjoy free insurance by using passive income from CPF savings to cover the insurance premiums. This can be achieved if we bother to top up our own medisave account and strive to hit the maximum Basic Healthcare Sum limit of $71.5k in 2024 to let the 4% interest rate do its compounding work.
I am certainly pleased with this source of passive income which certainly boosts my CPF total and net worth on the first day of a brand new year.
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