Retiree in Singapore saved over $1.6m in her CPF + SRS Portfolio

There is an article in today's Sunday Times on how a 67 year old retiree accumulated more than $1.2m in her CPF Ordinary Account.

Well this story is like the "millionaire next door", where ordinary folks like you and me can achieve financial freedom if we put our heart and mind into it.

Did she do any special ? Not really. Here is what she did.

• Refunded all the money she withdraw from CPF for mortgages
• Continue to contribute the maximum allowed of $37,730 every year after she retired 
• Delay the withdrawal from CPF for as long as she can

And here is my own CPF journey in a few simple steps (I am not going to bore you with another CPF post).

Step 1 - In Dec 2016, I decided to stop using CPF for mortgage payments and used cash instead. I decided that it is better for the government to pay me 2.5% then for me to pay it myself. See the post here.

Step 2 - Paid back the entire amount I withdraw from CPF for mortgages in 2017. See post here and here. I think this was easily the best decision made on CPF as from that point onwards, the account start earning interest from Ah Gong instead of getting it from me!

Step 3 - Open and top up my kids CPF, they can thank me later. See post here.

Step 4 - Becoming a CPF millionaire. See post here. (<--- if you only have time for one click) 😂

I have previously written a long post on planning for retirement. Do read it as it would depend on the stage of your life you are in.

SRS Portfolio - 25 July 2021

Not much update here as there were no transactions this week.

Happy SRSing and plan for your retirement!