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CPF Ultimate Guide 2024: Ordinary Account (CPF OA)

📈 Click https://hmsg.link/ibkr to see my preferred broker 💹 Interactive Brokers Endowus https://hmsg.link/endowus 🎥 CPF Video playlist: https://hmsg.link/cpf _________________________________ 🌟 My referral codes: https://t.me/sgpromocode 📙 Advanced Credit Card Mastery Course: https://hmsg.link/accm ☕️ Buy my Spreadsheets at Ko-Fi: https://hmsg.link/shop 🔭 Telegram Group: https://t.me/HoneyMoneySG 📷 Instagram @HoneyMoneySG   / honeymoneysg   🎵 TikTok   / honeymoneysg   📧 Email (Business only): [email protected] 🕸️ My Website: https://www.honeymoneysg.com 🏦 CREDIT CARDS 💳 🔗 https://hmsg.link/creditcard 📈 INVESTING & TRADING PLATFORMS 📈 🔗 https://hmsg.link/investing 💳 MULTI-CURRENCY CARD/WALLET 👛 🔗 https://hmsg.link/multi 💰 PAYMENT APPS 💰 🔗 https://hmsg.link/pay 🏦 FINANCIAL APPS 🏦 🔗 https://hmsg.link/finance 💼 BUSINESS 💼 🔗 https://hmsg.link/business ✈️ TRAVEL ✈️ 🔗 https://hmsg.link/travel 🛡️ Travel Insurance offers 🛡️ 🔗 https://hmsg.link/travelinsurance 🛍 LIFESTYLE 🛍 🔗 https://hmsg.link/lifestyle 👨🏻‍💻 PROFESSIONAL SERVICES 👨🏻‍💻 🔗 https://hmsg.link/services 🎥 FILMING & SOFTWARE 🎥 🔗 https://hmsg.link/film Disclaimer: The information provided in any affiliate referral or recommendation should not be considered as financial advice. The content is for general information purposes only and does not take into account your personal financial situation, goals or objectives. You should always do your own research and seek professional advice before making any financial decisions. We may receive compensation for affiliate referrals, but this does not influence our recommendations or reviews. _________________________________ Three years ago, I created a 3-part series on CPF to guide you toward a more fulfilling retirement. Now, let’s revisit this important topic, with updates and real-life examples. Continuing the tradition, we'll begin with the Ordinary Account (OA), followed by the Special Account (SA) and Medisave Account (MA). About the Ordinary Account (OA) Your OA savings can be used for housing, investing, term insurance, and education, with certain conditions. For those aged 35 and below, 23% of your salary is allocated to OA. Earn 2.5% annual interest, with an additional 1% on the first $60,000 if you’re below 55. For those over 55, the additional interest is 2% on the first $30,000, and 1% on the next $30,000. Consider transferring amounts above $20,000 from OA to SA for higher returns (4% p.a.). I cover this in more detail in the upcoming SA video. Housing (For HDB) Deciding between a bank loan or HDB loan is the first step, with HDB loans currently favorable. Next, decide whether to use CPF or cash for payments. Use cash if you prefer to avoid accrued interest and have investments generating less than 2.5%. Use CPF if you have investments yielding more than 4% and understand that accrued interest goes back to your CPF. My strategy: Since I’ve reached the Full Retirement Sum (FRS) in my SA, I’m more inclined to use CPF for housing payments. Investing You can invest amounts above $20,000 in OA or $40,000 in SA, but only in approved products. Pay attention to fees associated with transactions and holdings. My strategy: I’ve invested in the Amundi Prime USA Fund via Endowus, tracking top US companies. I suggest investing only when your SA is near FRS. Insurance The Dependants’ Protection Scheme (DPS) offers basic term life insurance. If you’re a Singapore Citizen or Permanent Resident between 21 and 65, you’re automatically covered. Affordable premiums with solid coverage make it worth keeping. Education The CPF Education Loan Scheme covers approved institutions, with a 2.5% opportunity cost and accrued interest. Repayment begins one year after graduation, and must be completed within 12 years, paid in cash. Summary of CPF OA Housing: Helps you afford your property. Investing: Potential for higher returns compared to OA interest. Insurance: Affordable premiums with decent coverage. Education: Provides a loan option for your own, spouse’s, or children’s education. #NotSponsored