CPF Retirement (How much do you need?)

How much do you need to fulfill the minimum CPF retirement sum?

This is always a question that revolves around a Singaporean conversation.

So let's take a look at how much is required?

For members who turn 55 in 2020, their Basic Retirement Sum (BRS), Full Retirement Sum (FRS) and Enhanced Retirement Sum (ERS) are $90,500, $181,000 and $271,500 respectively

https://www.straitstimes.com/singapore/manpower/cpf-basic-retirement-sum-should-be-regularly-adjusted-so-payouts-keep-pace-with

I have done this chart below in 2017 when i was 30yr old to estimate the retirement sum when I reach 55 years old with an incremental of 3%. Comparing to the current year 2020, inflation is in line with the CPF BRS, FRS, and ERS. 

Since I am planning for retirement, it is very important that one must know where is the finishing line (How much is required). 

The game plan is by 55 years old, I am able to work back how much cash I am able to draw from my CPF in relation to which retirement sum I would like to opt for. 

In my plan, I would like to opt for the FRS at $346,815, and whatever excess from my CPF I will be able to draw out in cash. 

So now, with an end in mind. A proper plan can be put in place. 

CPF Retirement Sum (Estimated)
Incremental per year			3%
Age	Year	BRS	FRS	ERS
30	2017	$83,000	$166,000	$249,000
31	2018	$85,500	$171,000	$256,500
32	2019	$88,000	$176,000	$264,000
33	2020	$90,500	$181,000	$271,500
34	2021	$93,215	$186,430	$279,645
35	2022	$96,011	$192,023	$288,034
36	2023	$98,892	$197,784	$296,675
37	2024	$101,859	$203,717	$305,576
38	2025	$104,914	$209,829	$314,743
39	2026	$108,062	$216,123	$324,185
40	2027	$111,304	$222,607	$333,911
41	2028	$114,643	$229,285	$343,928
42	2029	$118,082	$236,164	$354,246
43	2030	$121,624	$243,249	$364,873
44	2031	$125,273	$250,546	$375,819
45	2032	$129,031	$258,063	$387,094
46	2033	$132,902	$265,805	$398,707
47	2034	$136,889	$273,779	$410,668
48	2035	$140,996	$281,992	$422,988
49	2036	$145,226	$290,452	$435,678
50	2037	$149,583	$299,165	$448,748
51	2038	$154,070	$308,140	$462,211
52	2039	$158,692	$317,385	$476,077
53	2040	$163,453	$326,906	$490,359
54	2041	$168,357	$336,713	$505,070
55	2042	$173,407	$346,815	$520,222

Crypto.com MCO & CRO Cryptocurrency

Crypto.com (MCO / CRO)

So here's a write-up on my personal review on the Crypto.com MCO card. 

I wasn't really into the cryptocurrency then and I was introduced to MCO by a friend in Mar 2019.

So I thought, why not do a small stake and there's nothing much to lose for a small position and there is also a friend introduction of 80 USD.

Alright, so I took up a small stake of 50MCO(SGD216 at that time) for the Red Ruby credit card (Solid Metal Card) and I get a bonus of 80 USD(Eqv to 12.6MCO). 

The caveat was that you will have to stake the 50MCO for 6months. 
Staking will mean your MCO will be "Locked In".

Within this period, there will be a free airdrop of CRO coins periodically. 

(This airdrop has ended for new sign up)

1MCO = SGD 4.32 (Mar 19)

1MCO = SGD 7.41 (Jun 20)

Prices have gone up and down over the period but that is a respectable 71% gain over a year!

So during this AirDrop event, I have received 780CRO coins. (1 CRO = 0.15 SGD)

So all in all my investment of 216SGD is now worth much more. 

[(50 +12.6 MCO x $7.41) + (780CRO x $0.15)] = $580 

My mini investment is now 2.6 times! On hindside, I should have got the next higher tier card at 2k and I would have got back 5.2k (A new luxury watch for me :))

There are many other features of the crypto.com such as: - 

1. Crypto Earn 

(It's like a fixed deposit for your crypto to earn interest) 
So I have like 5k of CRO locked in for 14% interest Per Annum with a lock period of 1month

2. Crypto Exchange 

(Trading with other cryptos)
TBH I can't get my head around on this still since I don't trade on this platform

3. Free Spotify / Netflix and Card Rebate

With the MCO credit card, they give the user rebates back in MCO credit based on the card tier below. 

Basically, you are getting "FREE" in a sense you top up cash into your credit card and spend on Spotify/Netflix/Spending they will rebate that back to you in MCO. 

Eg. Spotify rebate and Card spending rebate

4. The Syndicate Event (Link)

Buy other Cryptos at a 50% discount based on your CRO staked in the exchange. 

This is something that I started to participate in. I did not stake any CRO so I will only apply for a max $200 USD.

Conclusion

I have gotten a good return on crypto and I have continued to stake my 50MCO for the card benefit. 

Over the period I have also added more CROs by cash or MCO conversion for crypto earn and syndicate event. 

Cryptocurrency has been running higher and I reckon it might be the future as big guys (FB and banks) are also interested. I wouldn't want to be missed out and will keep Crypto as part of my portfolio. As of now, I am increasing it to be 10% of my portfolio. 

284% over 6months

Use my referral link Referral Link to sign up for Crypto.com and we both get $50 USD :)

*This is not a sponsored post.