CPF overview

If you’re below 55, for every dollar that you contribute to your SA from your employment, your employer chips in another $0.85, giving you $1.85.  

This $1.85 will double to $3.70 in about 20 years, and $7.40 in about 40 years*. This is seven times more than the $1 you contributed.

*Computed using the base interest of 4% per annum on your SA

Besides paying interest, the Singapore Government also supplements your retirement savings through the Workfare Income Supplement (WIS) Scheme. 

WIS encourages eligible workers to work and build up their CPF savings for retirement, housing, and healthcare.

If you’re self-employed, you need to contribute to MediSave. These savings will be especially important in old age when you may have stopped working.  

For your convenience, if you receive service payments from government agencies, they’ll deduct a portion of your payment and credit it into your MA. Making smaller and more regular MediSave contributions as and when you receive payments makes saving for your healthcare needs easier.

Whether you’re an employee or are self-employed, you can grow your savings by making cash top-ups to either:

• Your OA, SA, and MA; or

• Only your MA 

By making cash top-ups, you can earn interest even when you’re not working or do not have regular CPF contributions. 

If you would like to save specifically for retirement, you can top up your SA or RA using cash or CPF savings.

If you’re 55 or older and have yet to meet the current Basic Retirement Sum (BRS), you can make cash top-ups to get higher retirement payouts. 

The Singapore Government will match every dollar of cash top-ups made to your RA, up to a maximum grant of $2,000 a year from 2025, with a $20,000 cap over your lifetime.  

You have the option of investing in a wide range of investments to grow your retirement nest egg. If you’re not confident of investing on your own, you should leave your savings in your CPF account and earn interest.

Another way to grow your retirement savings is to make a partial or full voluntary refund of the CPF savings you’ve used to buy your house. 

Many members use CPF to buy a property or service a housing loan.

While you may use your OA savings to pay for your property, consider keeping some savings.  

These savings can help with future mortgage payments in times of emergency. If left unused, these savings can grow at stable interest rates.

MediSave is a national savings scheme which helps CPF members save for medical expenses, especially after retirement. 

You can use your MediSave savings for your own and your dependants’ hospitalisation, day surgery, and certain outpatient expenses.

You can also use your MA savings to pay for the yearly premiums on approved insurance plans including:

• ElderShield

• CareShield Life

• MediShield Life 

• Other medical insurance offering additional benefits on top of those provided by MediShield Life

From age 55, you have the flexibility to withdraw your CPF savings after setting aside the applicable retirement sum in your RA. 

You can withdraw at any time, whether in full or partially, and as frequently as you like.

You do not have to withdraw all your withdrawable savings at one go. If you do not have an immediate need, you may find it better to leave your savings in your CPF accounts to earn interest of up to 6% per annum.

After age 65, you can apply to start receiving lifelong monthly payouts under CPF LIFE. You'll use your RA savings to join CPF LIFE.