$$$ KPO and CZM $$$: Our CPF 2018

Friday, January 4, 2019

Our CPF 2018

We did not want to reveal too much of our CPF previously because the salary could potentially be computed by reversing the numbers. However, since our monthly salary has already exceeded the contribution cap (the Ordinary Wage Ceiling which is currently capped at $6,000), we can now review the numbers and the interest that was credited a few days ago!


I was transferring OA to SA for higher interest once I started working and blogged about it here - CPF Milestone ($40k in Special Account) and The Power of Compound Interest. I stopped transferring and began to build up OA to prepare for our next BTO HDB downpayment (soon!). In the past, HDB will wipe out all the amount in OA and people attempt to circumvent it by buying bonds or transferring to SA which was our plan as well. Fortunately, there was a change in policy (HDB 想通了/achieved enlightenment. lol) and we can now keep up to $20,000 in OA. You can read about why we do not wish to wipe our OA here - Chiong Housing Loan or Take It Slow?

Interest received:
OA - $367.29
SA - $2,391.50
MA - $489.99

Total: $3,248.78


CZM's CPF is managed by me too because she says the money is not hers/cannot be taken out anyway but I shall prove her wrong. Similar plan - I transferred all her OA to SA and slowly build up her OA again. I will be keeping more money in her OA (maybe 2 years worth of mortgage/housing loan while I will only be keeping 1 year) because our plan is to retire CZM first! On a side note, you will be able to see the huge difference in our CPF although we are of the same age/salary. The "price" Singaporean men have to pay for serving our nation.

Interest received:
OA - $532.92
SA - $3,292.48
MA - $971.40

Total: $4,796.8

Together, we have received $8,045.58 :)

I have a spreadsheet that attempts to forecast CPF minimum sum and tracks how close/far are we to meeting/hitting the minimum sum. This is computed by adding OA and SA together (which forms RA when we hit 55). As of now, I have only met 45.08% based on the current minimum sum of $171,000 while CZM is at 61.28%. It is worth noting that we have yet to start paying for our mortgage hence it is on the high side.

Something I like to do, assuming that CZM stopped working now and there will be $0 contribution to her CPF, will she be able to hit the minimum sum? Using a finance calculator and her current SA of $77,391.19, the future value when we are 55 is $214,564.74. Pretty close to the lower bound of the estimation ($231,000 which is compounding the minimum sum at 1%). Guess CZM got to continue to work for a few more years. Hahahaha.

You might be interested in these blog posts too:
- 2018 Net Worth
2017 Net Worth

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  1. CPF interest calculation very tricky. very likely lower than ur current formula.

    1. Hi,

      Yes, I am aware of the weird way they are computing interest. It will probably be slightly lower only. Small difference but good enough for an estimation.

  2. Hi KPO,

    Gong xi gong xi! Progress looking real good.


    1. Hi UN,

      Thanks! Going to decrease soon though. Haha.

  3. glad to see that you are on track. keep it up.
    btw, given the number of years you have been working, it is quite a given that you earn more than 6k (i.e. i would be surprised if you arent haha), if not, better look for another job.

    1. Hi Cheryl,

      Thanks! I worked ~3 years only which is pretty short compared to the others who have been working for decades. Don't really think that it is a given but you are right, one can always look for another job. Hahaha.

  4. Replies
    1. Hi Cheryl,

      Yes and no? Haha. We work in banks but I am in IT and CZM is in Finance. Based on my observation (peers and ex-colleagues), banks give higher base while Govt give better/higher bonus. There are other places (Tech company) that pays very well too - high base and bonus!

  5. Hi KPO,

    Checking if there is a possibility for you to share the excel for the cpf and portfolio (just needing those formula and charts) with me? Would like to do a budgeting for me and my wife too.

    1. Hi Darren,

      I am google spreadsheet, not excel. You can access the CPF spreadsheet below. I am not too sure which one are you referring to for portfolio but that will be quite difficult because mine has been heavily customized to fit my own needs.

      CPF ---> https://docs.google.com/spreadsheets/d/196-2jSTbvw_clVSzTV0JnkkHxRimEgvey20mSpKF-tc/edit?usp=sharing

      You can try Kyith's one instead - http://investmentmoats.com/stock-market-commentary/portfolio-management/introducing-our-free-stock-portfolio-tracker-spreadsheet/

  6. Hi KPO,

    My bf and I have just selected our BTO which will only be ready by end 2023 (estimated).
    Would you recommend transferring from OA to SA after paying our 5% downpayment? I am thinking that leaving more OA allows us to take lesser HDB loan upon key collection. However, at the same time, our SA accounts are still below $40k. What are your views? :)

    1. Hi Vivian,

      That's a tough one because there is no right/perfect way to do it. It really depends on what are both your views on CPF, housing loan, etc.

      We transferred from OA to SA for a few reasons. Firstly, both of us were on the same page that we didn't want a second property. Hence, we plan to drag out the housing loan as long as possible because that's probably the lowest loan one can get and invest/get better return from other means. Secondly, there were a few years before the next 5% downpayment is required and we wanted to let the compounding do its magic.

      I have another friend who is holding on to as much cash as possible (not investing) and keeping everything in OA. Once his BTO is ready, he plans to whack everything to take lesser HDB loan and repay it in 10-15 years so that he can get a second property.

      Discuss with your bf and see which one you guys are more comfortable? Congrats in getting a BTO and all the best!

    2. Thanks KPO for your reply. Really appreciate it. Will definitely have a discussion before we make any decision!

      Anw, really enjoyed reading your blog. Looking forward to reading more posts from you or CZM :)