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This guy has 800K in his CPF. (AK responds to HWZ Forum.)

A reader pointed me to a thread in HWZ Forum which discussed about my CPF savings being more than $800K. He wanted to clarify certain que...

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ASSI's Guest bloggers

Just be a better saver and forget investing for some.

Monday, August 22, 2016

  • Reader: I am currently 28 years old earning annual income of around 240K. Not sure whether doing SA contribution of 7K per annum and SRS 15.3K per annum is a wise move for my current age? Main purpose is to get income tax relief as much as possible since I am in high bracket tax payer and this contribution might be able to save quite a lot on income tax
  • Assi AK

    Assi AKAs long as you are paying a lot in income tax, it makes sense to do MS Top Up to SA and to contribute to SRS. You don't really need to invest. Just be a good saver.

  • Reader: But it is a long long way to go before i can see the money again for CPF at 55 yo and SRS at 62 yo. what if i die before that? Lol
  • Assi AK

    Assi AKThe money goes to your loved ones.

  • Reader: i dont get to enjoy the hard earned money then
  • Assi AK

    Assi AKYou cannot have your cake and eat it too. You have to question what is more important to you.
  • Reader: I plan to have financial freedom like u by investing for income
  • Assi AK

    Assi AK:  Everyone is different. Dun be like me. ;p

  • Reader:  I can save around 150K a year after deducting all the expenses including income tax. Slowly buying solid dividend stocks to hopefully get sizeable passive income like u
  • Assi AK

    Assi AKSounds like a good plan.

  • Reader: I seriously think your strategy is good that's why i follow
  • Assi AK

    Assi AKIf this is more important to you than getting income tax relief, well, you have your answer.
  • Reader: I am super conservative and not risk taker as well
  • Assi AK

    Assi AKIf you are investing, you are taking risk.
  • Reader: Haha true
  • Assi AK

    Assi AKThe only risk free way to building wealth is the CPF.
  • Reader: CPF top up is risk free but not sure worth the wait and lock up of cash
  • Assi AK

    Assi AKWell, you know my answer to that. You have to decide for yourself if you believe me. ;p

Related posts:
1. Want to create another stream of income?

2. Should a young person contribute to CPF or SRS account?
3. Should I top up CPF-SA, CPF-MA or SRS account?


Singapore Man of Leisure said...


Your reader at 28 is earning more than you at 44 ;)

And he taking advice and trying to be like you???


Since the market is a bit boring, please allow me to use your altar to have a game with other readers. OK?

What job pays 240K per annum to a 28 year old?

Since I'm from sales, I am guessing your reader is from insurance/property/MLM sales?

Any one from the legal or medical profession? Do they pay this well at 28?

Got lobang must share!

Unknown said...

In response to the reader. If I am saving 150k a year, I don't see why I should not top up 7K in my SA and contribute 15.3k into my SRS. I understand the need for more consideration if I am only saving say 30k a year.


AK71 said...


More people are being paid better these days not like the old days, I found out. We are old folks who have lost touch. -.-"

foolish chameleon said...

hypothetically, if he saves every penny for 4 years straight.
he will be a millionaire by 33...

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