Madam Goh Soh Lian, 61, is a retired mother of four.
As a certified public accountant, Madam Goh knows a thing or two about finance.
How has she used her CPF money then?
"I have largely used my CPF on the loan payment of my condominium, and I have set aside $120,000 for the Supplementary Retirement Scheme (SRS).
"And to top up my mother's and husband's CPF accounts," she says.
By contributing to her mother's and retired husband's CPF accounts in the past, she got tax savings.
With the SRS, members can choose to contribute voluntarily and get a tax relief for the entire amount.
The money in the SRS fund can be used to invest in shares, real estate investment trusts and exchange traded funds.
Madam Goh, who was a director in a multi-national company until she lost her job during a restructuring, is also an investor.
"I have invested $20,000 in unit trusts, $50,000 in shares, $100,00 in insurance and $50,000 in land banking," says Madam Goh.
She lives a largely debt-free life having finished paying for her $1.2 million condominium.
The CPF Board will be organising a series of five retirement-planning roadshows islandwide to get Singaporeans thinking about retirement planning.
The roadshows will also help them understand the role that their CPF plays in establishing a foundation for their retirement.
This article was first published on September 04, 2016.
Get The New Paper for more stories.