Here's what you need to know about your CPF Yearly Statement of Account

Some CPF members often look forward to the start of the year for their personalised copy of their CPF Yearly Statement of Account (YSOA). Unlike previous years, CPF will no longer be issuing a hardcopy of the YSOA, but you can now access it conveniently in your CPF account, or via an email sent by the CPF Board. This digital document not only provides insights into your CPF contributions and growth but can also be saved and used for applications like credit cards or loans, offering an overview of your financial health.

How to get your CPF contribution history and yearly statements

Accessing your CPF contribution history and CPF contribution statement is simple with your CPF Yearly Statement of Account (YSOA). The YSOA provides a comprehensive breakdown of your contributions across all CPF accounts, including personal, employer, and government contributions. To view both your contribution history and statement, follow these steps:

1. Log in to your CPF account
2. On the home page, scroll down to ‘View transactions’ and click ‘View yearly statement’

3. Choose the CPF YSOA year that you want to view
4. Scroll to the section reflecting inflows and outflows for contribution breakdowns 

Why should you care about your YSOA? 

Here are three important reasons to pay attention to your CPF Yearly Statement of Account:

1. See your "hard-earned" interests and contributions across your CPF accounts

Detractors of CPF often lament that their CPF contributions and interest earned are opaque. After all, CPF rules are complicated and require time and effort to understand.

The CPF YSOA cleanly summarises the incremental change in your CPF account since last year. The statement cleanly segregates the different inflows into categories such as:

1. Your personal contributions, be it mandatory contributions as an employee or those you top-up at your own discretion
2. Employer contributions
3. Government contributions, such as interest payments

There are also helpful tool tips for you to understand the details of each breakdown.

You can view the base interest — around 2.5% for your CPF Ordinary Account (OA) and around 4% for your Special Account (SA) and Medisave Account (MA). Note that the SA and MA interest rates fluctuate slightly, with recent rates being just over 4%. For the latest rates, visit CPF's official page.

If you are below 55, there is an extra 1% interest on the first $60,000 of your CPF savings (capped at $20,000 for OA). If you are 55 or older, the first $30,000 will earn an extra 2% interest, and extra 1% for the next $30,000. 

Based on our calculations, you would have maxed out the extra interest you can receive if you:

1. received $600 (for those who are below 55 years old)
2. received $900 (for those who are 55 years old and above)

If you have not received the above maximum interest, you can consider either topping up your own CPF through voluntary contribution or the retirement sum top-up scheme.

Alternatively, you may get your family members to top-up your CPF balance as well.

A useful tip: CPF interest is calculated based on the monthly lowest balance. In the event that you want to make a voluntary contribution, do it at the end of the month instead, since interest is not accrued daily.

2. Get an overview of your CPF withdrawals and usage

Not only do you see the inflows in your CPF account, but you also get a breakdown of the outflows as well. These are categorised under housing, retirement, healthcare and others.

• Housing: Reflects CPF OA withdrawals for down payments, mortgage payments, and other housing-related expenses.
• Retirement: Includes withdrawals related to CPF LIFE premiums and payouts from your RA
• Healthcare: Shows Medisave usage, such as MediShield Life and CareShield Life premiums.
• Others: Covers schemes like the Dependant's Protection Scheme and withdrawals under the CPF Investment Scheme (CPFIS).

One of the key reasons that many Singaporeans are unable to rely on CPF for retirement is because they may have used too much of their CPF OA monies on housing. 

Many Singaporeans wipe out their monthly OA contributions to pay for mortgages. Having an overview of your CPF inflows and outflows can help you understand if you are getting closer to your CPF retirement goals as every year passes.

If you have used most of your CPF for your mortgage payment, then consider investing your cash for retirement. Alternatively, you can use cash to pay for your mortgage while you keep your CPF monies to compound at a higher interest rate.

You can read more about the considerations behind using CPF or cash for your housing expenses here.

3. Track the progress of your CPF monies

By comparing your previous CPF statements, you understand how much you have grown your CPF over the years and also reflect on the different milestones you have reached in your life.

For example, you might have earned more interest in your CPF annually prior to using CPF for your housing expenses. After reviewing the statements, you may want to pay off more of your mortgage using cash instead, so you can rebuild your retirement nest egg.

How to optimise your CPF for tax reliefs and higher interest returns

Now that you have a clearer picture of your CPF account and its past activity, it's time to optimise it to ensure you get the most out of CPF savings.

1. Top up your spouse’s or parents’ CPF

Help your loved ones build their retirement savings through CPF account top-ups. You may enjoy tax relief of up to S$8,000 by doing so, while they earn interest on their savings.

2. Top up CPF early in the year

Top up your CPF in January instead of December to earn more interest throughout the year. Early top-ups maximise the compounding effect of CPF interest.

3. Voluntary contributions for extra interest

Max out your CPF contributions with the Voluntary Contribution (VC3A) scheme, allowing you to top up all three CPF accounts—Ordinary, Special, and Medisave—and enjoy attractive interest rates.

Want to take your CPF planning to the next level? Explore how Endowus can help you optimise your CPF investments for retirement and beyond. Start with our personalised advice and strategies designed to make the most of your CPF funds.