Hi guys, in my country, Singapore, we have a government run retirement scheme called Central Providence Fund (CPF).
Basically, this scheme pays out 5% guaranteed interest per annum for the first $43800 and 4% guaranteed interest per annum for any amount thereafter. The capital is guaranteed by the Singapore government, which credit rating firms have given perfect credit scores.
However, the catch is that this money can only be withdrawn at 55 and I can't withdraw the first $121,180 in my account. This "untouchable" amount is set to increase by 3% a year. My government claims that this amount is used to buy an annuity for us which starts paying out from the age of 65 till the day I die.
The average inflation rate is around 3% per annum in my country.
Currently, I just gotten a windfall of $51,100. I was thinking of putting this money in this account.
May I know your opinions on this? Thanks! :)
*All sums are in USD.
Submitted July 24, 2017 at 09:48AM by crimsontactics http://ift.tt/2eHv3BQ
