Latest news with #PlanLifeAhead
AsiaOne
5 hours ago
- Business
- AsiaOne
Retirement, home purchase and health insurance planner: CPF's new platform to help members make better decisions, Singapore News
Central Provident Fund (CPF) members can now use a new online tool to make better-informed decisions about their housing, retirement savings, and health insurance plans. Launched on Friday (July 5) at CPF's 70th anniversary commemorative book launch event, the initiative titled PLAN (Plan Life Ahead, Now!) offers members a centralised online platform where they can understand how their CPF savings can be allocated across major life needs and how one financial decision may impact another. Through a dynamic dashboard tailored to each user's life stage, members can estimate their retirement savings and payouts, determine how much they can afford to spend on a home, and evaluate the cost of health insurance premiums. Speaking at the launch event, CPF Board chief executive Melissa Khoo said the new tool reflects the Board's commitment to empowering members to take charge of their financial health, reported The Straits Times. She highlighted CPF's vital role in Singapore's social security system and reaffirmed its commitment to ongoing innovation in support of its members. "As retirement aspirations become more diverse and with healthier longevity, I believe these values will continue to steer us in meeting future needs," she said. The planner integrates three planning tools in one --- a retirement planner, home purchase planner, and health insurance planner. The retirement planner helps users map out payout goals and explore ways to meet them, such as through top-ups, while the home purchase planner feature shows how housing choices may affect future payouts by providing insight into budget and loan options. Meanwhile, the health insurance planner allows members to compare premiums and features across different Integrated Shield Plans to make more informed decisions about healthcare coverage. Beyond planning tools, the platform includes educational resources on financial planning and a financial fitness questionnaire. Developed with MoneySense, Singapore's national financial education programme, the quiz prompts users with questions such as "How much savings do you have available in case of an emergency?" and offers advice based on their responses. As part of the anniversary milestone, CPF has also released a commemorative book titled Save & Sound: 70 Years of CPF, which highlights the organisation's evolution over the decades. It features stories from former ministers, leaders, and members of the CPF Board and reflections on how CPF has impacted their lives. The book is available digitally at Singaporeans can also explore CPF's history and try out the new planning platform at an exhibition at Our Tampines Hub, open until July 10. Talks on housing, retirement, and healthcare planning was held on July 5 and will also be held on July 6. [[nid:715886]]
Business Times
a day ago
- Business
- Business Times
CPF members can make housing, retirement and health insurance plans with new digital platform
[SINGAPORE] The Central Provident Fund (CPF) has rolled out a new digital platform that gives members access to financial planning tools, to make better use of their savings. With the 'Plan Life Ahead, Now!' (PLAN) platform, which is available on the CPF app and website, members can project their retirement savings and payout, calculate their home purchase budget, and assess the affordability of health insurance premiums. Members using the platform will see a personalised dashboard, with content and resources tailored to their current life stage. The platform was rolled out on Jul 5 during CPF's 70th anniversary commemorative book launch event. CPF Board CEO Melissa Khoo said PLAN is being rolled out to empower members to take charge of their financial health. With the retirement payout planner, members can map out their payout goals, and explore ways to leverage CPF to achieve their goals, such as through top-ups. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The home purchase planner shows CPF members their home purchase budget, loan options and how their housing decisions can impact their retirement payouts. With the health insurance planner, members can compare premiums and key features across different Integrated Shield Plans and make informed decisions about their healthcare coverage, CPF said. The platform also provides educational resources on financial planning, and a financial fitness questionnaire that allows users to assess their overall financial health beyond CPF matters. Developed in collaboration with national financial education programme MoneySense, it asks questions such as: 'How much savings do you have available in case of an emergency?', and provides relevant tips. In her speech, Khoo said CPF has a deep sense of purpose in being a cornerstone of Singapore's social security system, adding that the fund will continue to innovate as part of a commitment to its members. She said: 'As retirement aspirations become more diverse and with healthier longevity, I believe these values will continue to steer us in meeting future needs.' To commemorate its 70th anniversary, CPF Board on Jul 5 launched the 'Save & Sound: 70 Years of CPF' book which chronicles the organisation's journey through the years. PLAN with CPF features a personalised dashboard for CPF members to explore retirement payout, home purchase and health insurance planners, among other functions. PHOTO: CPF BOARD It includes behind-the-scenes perspectives from current and former Ministers, leaders and staff of CPF Board, and stories from people of how CPF impacted their lives. The book is not for sale. A digital copy is available at Members of the public can visit an exhibition about CPF's history at Our Tampines Hub till Jul 10, where they can also try 'PLAN with CPF'. Talks on housing, healthcare and retirement will be available on Jul 5 and 6. THE STRAITS TIMES
CNA
a day ago
- Business
- CNA
'No perfect' CPF system exists, but its self-reliance principle is still pertinent: SM Lee
SINGAPORE: As Singaporeans live longer, the Central Provident Fund's (CPF) philosophy of self-reliance remains as pertinent as ever, Senior Minister Lee Hsien Loong said on Saturday (Jul 5). He added that while there is "no perfect CPF system", Singaporeans are generally in a good state now. As society's needs and working patterns change, and life expectancies lengthen further, the government will have to adapt and update the CPF scheme to keep it "fit-for-purpose" for new generations, he said. "This will be a perpetual process of innovation and adaptation. But that's the nature of many public policy issues," he said, adding that there is never a "once-for-all final solution". The CPF scheme is one such government policy that will always evolve and improve, but the same can be said of many others, including housing, healthcare, education and security, he added. SM Lee was speaking at the launch of a commemorative book by CPF to mark its 70th anniversary at Our Tampines Hub. The launch was also joined by Minister for Manpower, Dr Tan See Leng. At the launch, CPF also introduced a new one-stop financial guidance platform, Plan Life Ahead, Now! (PLAN), where members can access a personalised dashboard of financial planners. In Singapore, each generation funds its own retirement needs, SM Lee said. 'While self-reliance works well for the majority of the population, we recognise its limits for lower-income workers and for those who have not been in the workforce, such as housewives,' he added. In these cases, the government complements members' savings with targeted state support, such as the Workfare Income Supplement scheme, Silver Support Scheme and tax incentives to encourage voluntary CPF contributions from family members, he said. The government also provides additional support through packages for the Pioneer, Merdeka and Majulah generations, and periodic top-ups, which ensures a certain degree of intergenerational equity. 'But the basic principle remains: You must try your best to provide for your own future needs. And if that is still not enough, the government will be there to help you,' he said. Looking back at the past 70 years of CPF's history, SM Lee said "some very tough choices" were made in adjusting CPF rules and schemes. For example, the government had to cut employers' contribution rates by 15 per cent in 1985, after the total CPF contribution rate of 50 per cent from both employees and employers proved too high to sustain. The government also had to repeat the process of cutting CPF contribution rates during the Asian Financial Crisis in 1997, and in the early 2000s after the 9/11 terrorist attacks in the United States. It took them until 2015 to finally reach the total contribution rate of 37 per cent, which is about the "right level for the long term", SM Lee said. "NO OTHER PAINLESS WAY OUT" In his speech, SM Lee recalled meeting the late Lord Paul Myners, a British financial expert and UK city minister, who had done a comprehensive review of institutional investments made by UK insurance companies and pension funds. "He explained to me bluntly that with people living longer, there were basically only three ways for them to still have enough for retirement: One, save more while working. Two, spend less every month, to make their retirement savings last longer; or three, work longer and retire later," he said. "There is no other painless way out." All countries are confronted with this trilemma, and Singapore is no exception. "But that doesn't mean there is no way forward. It is still possible to make balanced, practical and politically workable arrangements in these three dimensions, to ensure Singaporeans' retirement adequacy," he said. The delinking of the CPF withdrawal age from retirement age has made it easier to raise retirement and re-employment ages to encourage workers to work longer, he said. While the national retirement age is 63, many choose to continue working, perhaps in a lighter job, beyond that, he added. SM Lee said that every change to the CPF system must be "carefully thought through". "In the end, for the whole CPF system to function and endure, Singaporeans must have faith that the scheme is sound and that the rules ultimately serve their best interests," he said. Today, public trust in the CPF is "very high", SM Lee added. People "faithfully" make their contributions every month, and many members voluntarily top up their own and their family members' CPF accounts with cash. Even when members reach 65 years old - when CPF payouts start - about 30 per cent do not make any withdrawals. "They are confident their money is safe, and they know that they are getting more than a fair deal," SM Lee said. NEW FINANCIAL PLANNING TOOL SM Lee penned the forward of the new book, called Save & Sound: 70 Years of CPF, which can be downloaded at CPF's website. The book chronicles the organisation's journey over the past seven decades and documents how the CPF system has evolved over the years. Through its new one-stop financial guidance platform, CPF members can access a personalised dashboard which consolidates digital CPF planners, such as the retirement payout planner, home purchase planner and the health insurance planner. The dashboard also pools together curated educational resources and features a new financial fitness questionnaire, where members can conduct self-assessments on their overall financial health. Announcing the launch of PLAN with CPF, CPF Board CEO Melissa Khoo said the dashboard seeks to enable members to make more informed financial decisions across different life stages. 'As we mark our 70th anniversary, we want to build on the CPF Board's legacy of service and innovation, and strengthen our commitment to support members through life's milestones, she said. CPF will also hold a CPF70 and Life's Supermarket exhibitions at Our Tampines Hub, which runs until Jul 10.
