5 Jun 2026

SOURCE: CPF Board

When you're self-employed, you handle everything: clients, invoices, taxes, and even your own retirement. Retirement might seem far away, but the earlier you start, the closer you get to your goals - thanks to the power of compound interest.

With CPF serving as a useful cornerstone for retirement planning, here's how you can get the most out of it as a self-employed person.

The savings in your MediSave Account (MA) help pay for your healthcare expenses. Here are some ways your MediSave savings can support your healthcare needs:

• Paying for outpatient treatments, surgery, hospitalisation, and long-term care for you and your loved ones.
  
  
• Pay for healthcare coverage premiums of both yourself and your dependents, including MediShield Life or Integrated Shield Plan.
  
  
• Offset expenses related to maternity expenses.

As a self-employed person (SEP), you need to make your own MediSave contributions since you do not receive regular MediSave contributions from an employer. These mandatory contributions are important for supporting your healthcare needs.

Without MediSave contributions, you will need to budget for your medical bills and pay for them in cash instead. Think of MediSave savings as a dedicated fund for your healthcare expenses. And with an attractive interest rate of up to 5% per annum, your MediSave funds continue to grow over time.

Find out how much you will need to contribute to your MediSave account as a SEP with the Self-Employed MediSave Contribution Calculator.

If you’re a platform worker, CPF contributions to all three CPF accounts are mandatory if you are born on 1 January 1995 or later. Monthly cash support will also be provided by the Government for lower-income platform workers from 2025 to 2028.

But if you’re a self-employed person, you will only have to make mandatory contributions to your MA. Contributions to your Ordinary Account (OA) and Special Account (SA) are voluntary.

If you are worried about having enough for retirement, consider making regular top-ups to your SA (if you are below age 55) or Retirement Account (RA) (if you are aged 55 and above) to grow your CPF savings. You can set aside any amount you like each month and this does not need to be a large amount.

Even topping up $50 a month makes a real difference. You earn interest of up to 5% per annum if you are below age 55, or up to 6% per annum if you are aged 55 and above.

You can also automate top-ups with GIRO, making it easier to save consistently and build your retirement funds.

An emergency fund acts as a safety net to cover your daily needs when business slows down or when you fall ill unexpectedly. A good rule of thumb is to set aside around six months' worth of expenses.

Having an emergency fund also stops you from dipping into your retirement savings or other long-term goals, keeping you firmly on track.

With these tips on hand, you're one step closer to your retirement goals. Keep at it and your future self will thank you!

Information in this article is accurate as at the date of publication.