Skip to main content

CPF Voluntary Contribution



End of 2014, I was considering to make voluntary contribution to Medisave account. Apart from the reason that this is tax deductible which I can save a bit in my following year income tax payment, the 5% interest per annum is another factor contributing to my thought. 

Well, mentioning about CPF is one of the sensitive topic for Singaporean to talk about since this often draws a lot of comments from the reader. I often see there are so many comments below the yahoo news of CPF, HDB etc topic related. 

When I check on my CPF Statement every year, I found that the interest earned for my Medisave account is quite a significant amount which I think it can be considered as a safe deposit even though hard to withdraw out from the account is the drawback and the keep changing CPF rules making it even harder to plan for the strategy. 

Personally, I feel that buying a health insurance is important to prepare for unforeseen circumstances. I was very happy to pay for MediShield years back when the premium is pretty low. I feel that the low premium rate is pretty worthwhile at that point of time. I have no doubt to go for it. Unfortunately, the premium keep increasing these few years. Thus, by contributing to Medisave account should be an good approach to pay for the premium by the earned interest, looking at the keep increasing premium rate trend due to price hike and my aging.


~~Be happy !! :)

Comments

Popular posts from this blog

Branded Bag Cleaning Service

R ecently, my brother commented that my Prada bag looks like a dumpster bag and no one will steal it since people thought that it is not authentic. I have been using this bag for 6 years and I think I am used to the dirty sights, that's why I don't really mind the dirty issue. Few years back I have tried to wash it with soap powder but those black patches are still there, doesn't really help. I am aware that there are shops that offer bag cleaning service but they charged an exorbitant price. As a result, I have been putting aside the cleaning task for years. Two weeks ago, I finally decided to give it a try. So, I went down to the shop and asked for a quotation. To my little surprise, they quoted me S$140. After some bargain, I paid S$120 for the cleaning service. The shop is located in a mall and therefore they follow normal mall operation hours. The shop accepts credit cards or NETS. The cleaning service takes not more than 10 days. I received SMS before 10 days due ...

Safe Deposit Box

Have been searching high and low in Singapore to rent a safe deposit box but to no avail. Some of the bank said all their safe deposit boxes are full and the waiting list is pretty long; some of the bank said they no longer have this service; one of them said I need to sign-up for fixed deposit of S$20K before I can rent it. I tried to check on private safe deposit box service and small space rental, the price is far too much higher as compared to the rate offered by the bank. When I am about to lost hope, finally I found "Bank if China" in Raffles Place. I am required to open a saving account with them and maintain minimum of S$1500 in the account to avoid monthly fall below fee. Although I am unable to visit the bank on weekdays as their opening hours fall within my working hour and I am not working nearby, the good news is the bank is open on every Saturday 9am to 11:30am.

Singapore Stock Market 1st Quarter 2013

I am astonished to find that Singapore stock market keep rising from the beginning of Jan 2013. Even though an amateur like me still do not know what is the reason behind, it sounds to be a good news to me. Probably it is the normal annual cycle whereby stock market will go down in year end and rise again on the beginning of subsequent year. Lately, I am monitoring a few stocks as follow:- Singapore Exchange  (good to be rising) Genting Singapore  (good to be rising) Neptune Orient Lines  (still not rising) Raffles Education (is it a good time to buy?) Any expert want to share more on Singapore Stock Market 2013?