If more Singaporeans know how to make better use of the Central Provident Fund (CPF) to save enough for themselves, the Government will have fewer people to worry about, says the writer, and it will be money well spent if the CPF can help the vast majority of future seniors be self-sufficient.
There is a special fund that is safe as houses while paying a guaranteed annual return of 4 per cent, even as the pandemic continues to ravage the global economy.
What’s more, your money will be protected even if things get worse, and you will not lose a cent. So if you park $100,000 there, you will see $104,000 in the account a year later.
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A version of this article appeared in the print edition of The Sunday Times on October 11, 2020, with the headline ‘How to make your extra cash work harder’. Print Edition | Subscribe