CPF Board is going the distance to communicate with Singaporean with their latest video. A simple video to explain:
1. What happens to your CPF when you turn 55?
2. What happens if you do not meet the CPF Minimum Sum?
Understanding how the current CPF system works is important for you to make your retirement plans. When you reach 65 years old, your CPF savings will provide you with a monthly income for as long as you live. If you believe that the monthly income will not be able to sustain your retirement lifestyle, you have to supplement your monthly income from other sources (retirement savings, other private annuity plan, etc). So are you going to wait till 55 years old before you start planning? Think again.
Apart from planning your retirement lifestyle, you should also have sufficient savings to meet your medical needs in your old age. Medical expenses will increase significantly as your grow old. Definitely! Medisave is unlikely to be sufficient. I will encourage all to consider buying a suitable medical insurance plan to help mitigate large medical expenses.
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