Since Jul 2014, our CPF Medisave Account (MA)'s Maximum Sum* has been increased to $48,500.
After fulfilling the MA's Maximum Sum, excess Medisave contributions will flow to the Special Account (if below 55 years old) or Retirement Account (if above 55 years old).
In other words, the earlier you hit your MA's Maximum Sum, the faster you can grow your Special Account (Hint: See how I did not mention about growing your Retirement Account?) for retirement needs!
Now you know!
* What is the "Maximum Sum"? The term "Maximum Sum" does not exist anywhere else on the Internet because this is an original term that I have coined to represent the reverse meaning of "Minimum Sum".
No comments:
Post a Comment