Here's how much CPF members have in their accounts: Where do you stand?
PHOTO: The Straits Times
PUBLISHED ONJune 28, 2021 2:00 AMByXue Miao
Perhaps it’s in our Asian blood, but there’s one thing that Singaporeans love: Competition.
The desire to be number one in everything has led to a classic trait found in most of us.
Being kiasu (fear of losing out) meant wanting to win in everything.
Which is why I suppose most of us would be curious where we stand in terms of our finances as well.
With most of us still largely conservative when it comes to discussing our net worth or salaries , topics like these usually remain a huge mystery.
Our Central Provident Fund (CPF) account is an integral part of our personal finances given its compulsory nature, and usually functions as part of our retirement fund.
If you don’t already know, CPF publishes annual reports which not only include financial statements, but also juicy details like CPF balances of members across different age groups.
In this article, we’ll take a look at the data provided by these reports!
TL;DR: How much an average CPF member have in his/her CPF accounts according to age group
Here’s a quick look at the median CPF balances across age groups.
| Age Group | Median CPF Balance |
|---|---|
| Up to 20 | Below $20,000 |
| > 20 - 25 | Below $20,000 |
| > 25 - 30 | $40,000 to |
| > 30 - 35 | $120,000 to |
| > 35 - 40 | $180,000 to |
| > 40 - 45 | $220,000 to |
| > 45 - 50 | $260,000 to |
| > 50 - 55 | $220,000 to |
| > 55 - 60 | $180,000 to |
| > 60 - 65 | $140,000 to |
| > 65 - 70 | $100,000 to |
| > 70 - 75 | $60,000 to |
| > 75 - 80 | $20,000 to |
| Above 80 | Below $20,000 |
Scroll down to find out more about the distribution of CPF savings and where you stand!
ALSO READ: CPF interest rates: Minimum 4% on Special, MediSave, and Retirement Accounts extended till 2021
CPF balances across age groups
CPF provided a table that indicates the distribution of regrossed CPF balances across age groups as of Dec 31, 2019.
If you’re wondering what ‘regrossed‘ means, this means that the amounts that are withdrawn under Investment, Education, Residential Properties, Non-Residential Properties, and Public Housing Schemes are included.
How to quickly read it: Locate your age group and the amount of CPF savings you have.
For instance, if you’re 30 and have $100,000 in your CPF account, you’re 1 out of the 21,500 people in that range.
| CPF Balance ($) | Age Group | Total Balance ($‘000) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Up to 20 years old | >20 - 25 years old | >25 - 30 years old | >30 - 35 years old | >35 - 40 years old | >40 - 45 years old | >45 - 50 years old | >50 - 55 years old | >55 - 60 years old | >60 - 65 years old | >65 - 70 years old | >70 - 75 years old | >75 - 80 years old | Above 80 years old | ||
| Below 20,000 | 370,520 | 194,980 | 76,690 | 39,850 | 33,900 | 32,070 | 36,640 | 56,240 | 75,920 | 63,580 | 60,580 | 51,610 | 46,360 | 92,620 | 6,184,198 |
| 20,000 to below 40,000 | 930 | 27,220 | 48,170 | 21,330 | 15,980 | 13,800 | 14,210 | 15,730 | 17,830 | 19,420 | 20,310 | 19,090 | 15,760 | 21,830 | 8,039,421 |
| 40,000 to below 60,000 | 230 | 9,270 | 43,990 | 21,210 | 14,790 | 12,820 | 13,220 | 14,000 | 16,590 | 18,680 | 18,130 | 17,810 | 14,650 | 14,430 | 11,446,050 |
| 60,000 to below 80,000 | 130 | 3,380 | 36,560 | 22,050 | 14,340 | 12,170 | 12,330 | 13,200 | 15,420 | 16,680 | 15,530 | 14,770 | 9,510 | 5,990 | 13,401,912 |
| 80,000 to below 100,000 | 70 | 1,180 | 29,330 | 23,280 | 13,970 | 11,720 | 12,200 | 12,560 | 14,450 | 15,010 | 13,580 | 14,330 | 6,670 | 3,280 | 15,417,558 |
| 100,000 to below 120,000 | 30 | 330 | 21,500 | 24,660 | 14,280 | 11,560 | 11,570 | 12,060 | 13,180 | 13,220 | 12,540 | 11,500 | 3,820 | 1,880 | 16,704,003 |
| 120,000 to below 140,000 | 20 | 100 | 14,390 | 24,730 | 14,510 | 11,340 | 11,340 | 11,310 | 12,460 | 12,730 | 11,820 | 8,800 | 2,520 | 1,170 | 17,820,070 |
| 140,000 to below 160,000 | 20 | 30 | 8,950 | 23,440 | 15,180 | 11,440 | 10,790 | 10,680 | 11,900 | 12,870 | 11,820 | 6,530 | 1,760 | 840 | 18,917,745 |
| 160,000 to below 180,000 | 10 | 30 | 5,170 | 21,050 | 15,660 | 11,720 | 10,600 | 10,010 | 10,870 | 11,540 | 11,250 | 5,240 | 1,310 | 530 | 19,529,369 |
| 180,000 to below 200,000 | 50 | 30 | 3,070 | 18,030 | 15,700 | 11,560 | 10,200 | 9,470 | 10,450 | 11,100 | 10,470 | 4,320 | 950 | 360 | 20,075,660 |
| 200,000 to below 220,000 | 10 | 10 | 1,570 | 15,060 | 15,620 | 11,590 | 9,930 | 8,950 | 10,390 | 11,380 | 9,110 | 3,380 | 650 | 330 | 20,562,242 |
| 220,000 to below 240,000 | 20 | 20 | 890 | 12,620 | 15,120 | 11,730 | 9,610 | 8,680 | 11,360 | 12,650 | 7,370 | 2,650 | 530 | 220 | 21,487,290 |
| 240,000 to below 260,000 | 10 | #0 | 350 | 10,110 | 14,400 | 11,300 | 9,530 | 8,300 | 11,840 | 10,720 | 5,970 | 2,100 | 460 | 190 | 21,298,198 |
| 260,000 to below 280,000 | #0 | - | 170 | 8,070 | 13,570 | 11,420 | 9,290 | 8,150 | 9,850 | 8,460 | 5,080 | 1,820 | 360 | 150 | 20,613,854 |
| 280,000 to below 300,000 | #0 | #0 | 80 | 6,150 | 12,440 | 10,800 | 8,900 | 7,740 | 8,700 | 7,370 | 4,430 | 1,500 | 290 | 130 | 19,861,372 |
| 300,000 to below 400,000 | 10 | 10 | 70 | 13,120 | 48,970 | 48,370 | 41,620 | 34,160 | 36,530 | 27,530 | 15,520 | 5,220 | 910 | 370 | 94,422,584 |
| 400,000 to below 500,000 | - | - | 10 | 1,090 | 24,210 | 39,290 | 35,600 | 28,890 | 24,810 | 17,190 | 8,890 | 3,030 | 480 | 160 | 82,042,869 |
| 500,000 & above | - | - | 10 | 50 | 5,380 | 41,100 | 80,290 | 85,490 | 66,050 | 43,610 | 20,820 | 6,420 | 790 | 240 | 248,633,356 |
| # - Number of CPF members is less than 5 | |||||||||||||||
CPF balances according to age group (in per cent)
Well, that is A LOT of numbers.
Now, let’s further break down the data into percentages for a clearer view.
| CPF Balance | Up to 20 years old | >20 - 25 years old | >25 - 30 years old | >30 - 35 years old | >35 - 40 years old | >40 - 45 years old | >45 - 50 years old | >50 - 55 years old | >55 - 60 years old | >60 - 65 years old | >65 - 70 years old | >70 - 75 years old | >75 - 80 years old | Above 80 years old |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Below $20,000 | 99.59 per cent | 82.41 per cent | 26.36 per cent | 13.03 per cent | 10.66 per cent | 9.84 per cent | 10.53 per cent | 15.81 per cent | 20.05 per cent | 19.05 per cent | 23.01 per cent | 28.65 per cent | 43.01 per cent | 64.00 per cent |
| $20,000 to < $40,000 | 0.25 per cent | 11.51 per cent | 16.5 5per cent | 6.97 per cent | 5.02 per cent | 4.24 per cent | 4.08 per cent | 4.42 per cent | 4.7 1per cent | 5.82 per cent | 7.72 per cent | 10.60 per cent | 14.62 per cent | 15.08 per cent |
| $40,000 to < $60,000 | 0.06 per cent | 3.92 per cent | 15.12 per cent | 6.93 per cent | 4.65 per cent | 3.93 per cent | 3.80 per cent | 3.94 per cent | 4.38 per cent | 5.60 per cent | 6.89 per cent | 9.89 per cent | 13.59 per cent | 9.97 per cent |
| $60,000 to < $80,000 | 0.03 per cent | 1.43 per cent | 12.56 per cent | 7.21 per cent | 4.51 per cent | 3.74 per cent | 3.54 per cent | 3.71 per cent | 4.07 per cent | 5.00 per cent | 5.90 per cent | 8.20 per cent | 8.82 per cent | 4.14 per cent |
| $80,000 to < $100,000 | 0.02 per cent | 0.50 per cent | 10.08 per cent | 7.61 per cent | 4.39 per cent | 3.60 per cent | 3.51 per cent | 3.53 per cent | 3.82 per cent | 4.50 per cent | 5.16 per cent | 7.96 per cent | 6.1 9 per cent | 2.27 per cent |
| $100,000 to < $120,000 | 0.01 per cent | 0.14 per cent | 7.39 per cent | 8.06 per cent | 4.49 per cent | 3.55 per cent | 3.33 per cent | 3.39 per cent | 3.48 per cent | 3.96 per cent | 4.76 per cent | 6.38 per cent | 3.54 per cent | 1.30 per cent |
| $120,000 to < $140,000 | 0.01 per cent | 0.04 per cent | 4.95 per cent | 8.08 per cent | 4.56 per cent | 3.48 per cent | 3.26 per cent | 3.18 per cent | 3.29 per cent | 3.81 per cent | 4.49 per cent | 4.89 per cent | 2.34 per cent | 0.81 per cent |
| $140,000 to < $160,000 | 0.01 per cent | 0.01 per cent | 3.08 per cent | 7.66 per cent | 4.77 per cent | 3.51 per cent | 3.10 per cent | 3.00 per cent | 3.14 per cent | 3.86 per cent | 4.49 per cent | 3.63 per cent | 1.63 per cent | 0.58 per cent |
| $160,000 to < $180,000 | 0.00 per cent | 0.01 per cent | 1.78 per cent | 6.88 per cent | 4.92 per cent | 3.60 per cent | 3.05 per cent | 2.81 per cent | 2.87 per cent | 3.46 per cent | 4.27 per cent | 2.91 per cent | 1.22 per cent | 0.37 per cent |
| $180,000 to < $200,000 | 0.01 per cent | 0.01 per cent | 1.06 per cent | 5.89 per cent | 4.94 per cent | 3.55 per cent | 2.93 per cent | 2.66 per cent | 2.76 per cent | 3.33 per cent | 3.98 per cent | 2.40 per cent | 0.88 per cent | 0.25 per cent |
| $200,000 to < $220,000 | 0.00 per cent | 0.00 per cent | 0.54 per cent | 4.92 per cent | 4.91 per cent | 3.56 per cent | 2.85 per cent | 2.52 per cent | 2.74 per cent | 3.41 per cent | 3.46 per cent | 1.88 per cent | 0.60 per cent | 0.23 per cent |
| $220,000 to < $240,000 | 0.01 per cent | 0.01 per cent | 0.31 per cent | 4.13 per cent | 4.75 per cent | 3.60 per cent | 2.76 per cent | 2.44 per cent | 3.00 per cent | 3.79 per cent | 2.80 per cent | 1.47 per cent | 0.49 per cent | 0.15 per cent |
| $240,000 to < $260,000 | 0.00 per cent | 0.00 per cent | 0.12 per cent | 3.31 per cent | 4.53 per cent | 3.47 per cent | 2.74 per cent | 2.33 per cent | 3.13 per cent | 3.21 per cent | 2.27 per cent | 1.17 per cent | 0.43 per cent | 0.13 per cent |
| $260,000 to < $280,000 | 0.00 per cent | 0.00 per cent | 0.06 per cent | 2.64 per cent | 4.27 per cent | 3.51 per cent | 2.67 per cent | 2.29 per cent | 2.60 per cent | 2.53 per cent | 1.93 per cent | 1.01 per cent | 0.33 per cent | 0.10 per cent |
| $280,000 to < $300,000 | 0.00 per cent | 0.00 per cent | 0.03 per cent | 2.01 per cent | 3.91 per cent | 3.31 per cent | 2.56 per cent | 2.18 per cent | 2.30 per cent | 2.21 per cent | 1.68 per cent | 0.83 per cent | 0.27 per cent | 0.09 per cent |
| $300,000 to < $400,000 | 0.00 per cent | 0.00 per cent | 0.02 per cent | 4.29 per cent | 15.40 per cent | 14.85 per cent | 11.96 per cent | 9.61 per cent | 9.65 per cent | 8.25 per cent | 5.90 per cent | 2.90 per cent | 0.84 per cent | 0.26 per cent |
| $400,000 to < $500,000 | 0.00 per cent | 0.00 per cent | 0.00 per cent | 0.36 per cent | 7.61 per cent | 12.06 per cent | 10.23 per cent | 8.12 per cent | 6.55 per cent | 5.15 per cent | 3.38 per cent | 1.68 per cent | 0.45 per cent | 0.11 per cent |
| $500,000 & above | 0.00 per cent | 0.00 per cent | 0.00 per cent | 0.02 per cent | 1.69 per cent | 12.62 per cent | 23.08 per cent | 24.04 per cent | 17.45 per cent | 13.07 per cent | 7.91 per cent | 3.56 per cent | 0.73 per cent | 0.17 per cent |
As expected, the majority of individuals below 25 years old have less than $40,000 in their CPF account.
The distribution starts to vary greatly especially for those aged between 30 to 40.
This period is also where most of us are on different career trajectories as well.
What’s interesting to note is that there is a whopping 15.4 per cent of individuals between 35 to 40 years old with CPF balances between $300,000 to $400,000 .
And 7.61 per cent having between $400,000 to $500,000 .
If you’re one of them, you’ll well on your way to becoming a CPF millionaire .
It’s also heartening to note that about 39.5 per cent of those aged between 40 to 45 years old have at least $300,000 in their accounts.
There’s also a whopping 23.08 per cent of individuals aged from 45 to 50 with more than $500,000 in their accounts.
ALSO READ: I'm a Singaporean millennial: How much CPF do I need to retire?
How does my CPF balance compare to those in my age group?
Now you might be wondering – how do I fare against my peers in the same age group?
Here’s where we can look at the median CPF balances (i.e. 50 per cent percentile) across the age groups.
Note: We look at the median instead of the mean due to the skewed distribution across some age groups (e.g. below 20 and above 80).
Using this graph above, we can see the variations across different age groups, showing how the concentration of individuals with high CPF balances increases accordingly, and then decreases again when individuals reach retirement.
As for the median CPF balances, here are the results:
| Age Group | Median CPF Balance |
|---|---|
| Up to 20 | Below $20,000 |
| > 20 - 25 | Below $20,000 |
| > 25 - 30 | $40,000 to |
| > 30 - 35 | $120,000 to |
| > 35 - 40 | $180,000 to |
| > 40 - 45 | $220,000 to |
| > 45 - 50 | $260,000 to |
| > 50 - 55 | $220,000 to |
| > 55 - 60 | $180,000 to |
| > 60 - 65 | $140,000 to |
| > 65 - 70 | $100,000 to |
| > 70 - 75 | $60,000 to |
| > 75 - 80 | $20,000 to |
| Above 80 | Below $20,000 |
Ways to increase CPF savings
Now you’ve seen the numbers and have a rough gauge of where you stand.
If you have more in your CPF account than an average Singaporean, congratulations!
But if you have yet to reach those numbers, don’t worry as well.
There are various ways to increase your CPF savings and make your CPF money work for you.
Some of these methods have been widely covered by our existing articles, which include:
- Topping up your CPF Special Account
- Transfer from your CPF Ordinary Account to Special Account
- Keep $20,000 in your CPF Ordinary Account instead of wiping it out for HDB loan
- Doing voluntary top-ups to CPF accounts
- Invest using the CPF Investment Scheme
By starting some of these hacks early, you can still ride on the compounding effect of the attractive interest rates that CPF offers.
That being said, as we all know that CPF top-ups are irreversible, please only do so if that is something that aligns with your financial goals, and do assess your own financial situation before making any decisions.
This article was first published in Seedly. All content is displayed for general information purposes only and does not constitute professional financial advice.
