A century ago, the best savings plan available was a good thick mattress to stuff with fistfuls of hard-saved notes. These days, most of us have at least a passing understanding of financial planning, but some of the following money mistakes can leave you as badly-off as the mattress stuffing generation, perhaps worse. Read on to find out if you are endangering your financial future by committing any of these mistakes.

CPF Changes

The CPF Minimum Sum (MS) was increased to $106,000 on 1^st July 2008, and the MS 50% withdrawal rule began to be phased out from 1^st January 2009. By 2013, the MS would have increased to $120,000, and the Medisave Required Amount (MRA) to $25,000.

Investing Costs – Impact on Retirement

I received in my mailbox a 4-page colour brochure, “Do Not Open – If You Know All About Growing Your Money”.

Among other things, it states that “So, how can we help you GROW YOUR MONEY… Grow Your Capital… 0% you pay nothing upfront… we focus on performance. If we don’t beat the previous high, you don’t pay us anything!”