Last year, it was almost $1.1 million in CPF savings.
This year, it is more than $1.1 million in CPF savings.
Confession.
AK cheated last year.
That almost $1.1 million included voluntary contributions to my CPF account made at the start of 2022.
Terrible AK!
This year, AK is turning over a new leaf.
No cheating.
More than $1.1 million in CPF savings at the start of 2023 all thanks to full year interest earned in 2022.
What is more satisfying than making money?
When the government is making money for me lah.
Kamsiah plenty plenty to Ah Kong.
Ah Kong will be doing some heavy lifting again for me this year.
To be exact, Ah Kong will be doing all the heavy lifting for me this year.
Why like that?
AK lazy again?
Ahem.
I won't be making voluntary contributions to my CPF account this year as all the money has been used to get Singapore Savings Bond in 4Q 2022.
So, my CPF account will not be growing as much as I won't be helping to grow it.
Might not be making voluntary contributions next year in 2024 either as I could use the money to get Singapore Savings Bond again.
See:
CPF or Singapore Savings Bond?
My YouTube video:
The condition is, of course, that Singapore Savings Bond continues to offer more than 3% per annum in 10 year average yield.
So, I am going to pass on the latest Singapore Savings Bond as it is only giving 2.97% per annum in 10 year average yield.
Source: MAS |
What if the 10 year average yield stays lower than 3% per annum for the whole of 2023?
In such an instance, I would go back to doing voluntary contribution to my CPF account.
I could do this in December 2023 instead of waiting till January 2024 since I would not have made any voluntary contribution in 2023.
However, I am still topping up my CPF MA in 2023 as it pays 4% interest per annum.
My YouTube video:
In fact, I just did it.
Before topping up CPF MA:
After topping up CPF MA:
Could top up only $2,500 to the CPF MA as the latest Basic Healthcare Sum (BHS) is $68,500 only.
I know some people say that the CPF is a national PONZI scheme.
Do PONZI schemes ever set a cap to how much money their clients can pump in?
I blur.
How like that?
See:
The CPF is really a national PONZI scheme!
Some people say that their CPF account is losing money.
I blur.
Let me rub my eyes and look again.
Quite sure my CPF account did not lose any money.
In fact, my CPF account made more than $33,000 for the whole of 2022 while I did literally nothing.
Alamak.
You still rubbing your eyes and looking?
OK, enough looking.
Move along.
Nothing to see here.
Early Chinese New Year ang bao from Ah Kong!
Gong Xi Fa Cai!
Huat ah!
References:
1. Almost $1.1 million in CPF savings.
2. 2022 passive income: Resilience.
3. SSB: Mission accomplished.