FRS in CPF-SA at age 30? Yes, with ability and will!

Reader says...
It’s been a while since I dropped you a note.

The impact you have on my financial planning and share investments have been instrumental.

I managed to hit my FRS before I turn 31 this Oct!

In searching for financial guides, it always lead me back to your website.

Please don’t ever remove it even if you stop writing!

Enjoy your retirement! 🌈




AK says...
I am very happy to read this. 😀

This cornerstone in retirement funding will be a significant one for you because you have reinforced it so early in life. 🙂

Stories like yours make me feel that sharing my CPF story and even numbers in recent years has been worthwhile. 🙂






Reader says...
Yes it helps for sure!

Thank u so much!

Keep doing what you are doing.

I am sure many have benefited a whole lot.




This young reader together with a few others who have written to me have achieved something that I did not at their age.

Although I suspect their monthly salaries are higher than mine was which allowed them to hit the FRS at a younger age than I did, without the will, having the ability is useless.

Their determination to make the CPF work for them is equally if not more important.

Don't earn as much money as them?

Don't be discouraged.

Even if our earning capacity is lower, just by giving our CPF-SA a push now and then, we would be making the government work harder to help us meet the FRS.







I can safely say that I was not a high flyer as a working adult.

If I did not do OA to SA transfer when I was in my 20s, my CPF-SA would probably still be some way from the FRS today.

Because I gave my SA savings a leg up early on, compound interest had more time to work its magic.

If we do whatever we can, it is better than not doing anything at all.






Most messages I have received from readers in response to my blogs on the CPF have been very positive.

I am glad that sharing my own CPF experience has been enlightening and inspiring.

I am even happier when that inspiration translates into informed action for many readers.

For more on what I have to say on this matter, please read the related post at the end of this blog.





From my Facebook wall later the same day:

Jack James said...

Hitting FRS before age 30 is a high achiever . 😱😱😱😱

Assuming you studied JC, 4 years of university, 2 years of NS, by the time you work for 7 years, you can hit FRS, that’s like age 30 to be exact!

Assumptions:

(1) Fresh graduate start up pay S$6,000 (max CPF contribution).

(2) You didn’t use a single cents in OA/SA for HDB or stocks.

(3) Assuming company gives you at least 2 months of bonus consistently.

(4) The quick figures above do not include the fat up to 5% interest in SA and 3.5% in OA and their compounded interest effect, that’s why the 7th year can hit FRS.

(5) Other ways to accelerate to FRS:

(A) SA S$7K TOP UP since year 1.
(B) Do VC contribution each year to the max.
(C) Company gives you tons of bonus like 8 months.

Then you can beat the 7 years timeline.

Good luck! Cheong ar!!

If AK can do it, so can you?

NO!

If AK can do it, you can do better!







Related post:
Hit the FRS in CPF-SA by age 31!