5 Ways to Boost Your CPF Savings in 2024 (That Actually Work)

Hey there, CPF savers! Are you looking for ways to grow your CPF savings faster and have more fun while doing it? Look no further! This guide has got you covered.

Earn stable interest

Did you know that you can earn up to 5% per annum interest on your CPF Special Account (SA) savings if you’re below 55? And if you’re 55 and older, you can earn up to 6% per annum! That’s a pretty good deal, considering that most savings accounts don’t even offer half that.

Get free money from the government

The Singapore government is also generous enough to top up your CPF savings through the Workfare Income Supplement (WIS) Scheme. This scheme is designed to help low-income workers save more for retirement, housing, and healthcare.

Make cash top-ups

Another way to boost your CPF savings is to make cash top-ups. You can top up your Ordinary Account (OA), SA, and MediSave Account (MA), or just your MA. Even if you’re not working or don’t have regular CPF contributions, you can still earn interest on your cash top-ups.

Invest your CPF savings

If you’re feeling adventurous, you can also invest your OA and SA savings in a variety of investment products, such as stocks, bonds, and unit trusts. This can be a great way to grow your savings faster, but it’s important to do your research and understand the risks involved before you invest.

Voluntary housing refund

If you’ve used CPF savings to buy a house, you can also make a partial or full voluntary refund. This means that you’ll get your CPF savings back, plus interest. This can be a good option if you’re looking to boost your retirement savings or pay off your mortgage faster.

Now, for the fun part!

Here are a few fun ways to grow your CPF savings:

• Set a challenge for yourself. For example, you could challenge yourself to top up your CPF account by $100 every month for a year. Or, you could challenge yourself to invest $1,000 in your OA account.
• Make it a game. There are a number of online games and apps that can help you save money and learn about investing. For example, there’s a game called “Money Monster” that teaches you about the basics of investing.
• Tell your friends and family. The more people you know who are saving for retirement, the more support you’ll have. Plus, you can hold each other accountable.

So, there you have it! A fun and professional guide to growing your CPF savings. Get started today and watch your savings grow!