Every year, this time of year, CPF will update us on the changes to the Basic Healthcare Sum or BHS for short.
The BHS is the maximum amount capped in our CPF Medisave to accumulate towards. Excess money above the BHS will flow to your CPF SA and to your CPF OA, if your CPF SA have reached Full Retirement Sum as well.
Basic Healthcare Sum for 2024
The BHS for 2024 will be raised from $68,500 to $71,500 in 2024.
This raise is 4.3%, which is higher than the 3.8% from 2022 to 2023.
For those who wish to get some tax deduction and you have hit the max BHS of $68,500 this year, you have a small window at the turn of the year to top up about $3,000.
Interest Rate for Special, Medisave and Retirement Account Raised
Aside from that, the interest rate on Special, Medisave and Retirement Account will be raised to 4.08% p.a. from 1 Jan 2024 to 31 Mar 2024.
These rates will be updated every quarterly.
Aside from that, most of the stuff is quite standard.
I invested in a diversified portfolio of exchange-traded funds (ETF) and stocks listed in the US, Hong Kong and London.
My preferred broker to trade and custodize my investments is Interactive Brokers. Interactive Brokers allow you to trade in the US, UK, Europe, Singapore, Hong Kong and many other markets. Options as well. There are no minimum monthly charges, very low forex fees for currency exchange, very low commissions for various markets.
To find out more visit Interactive Brokers today.
Join the Investment Moats Telegram channel here. I will share the materials, research, investment data, deals that I come across that enable me to run Investment Moats.
Do Like Me on Facebook. I share some tidbits that are not on the blog post there often. You can also choose to subscribe to my content via the email below.
I break down my resources according to these topics:
- Building Your Wealth Foundation – If you know and apply these simple financial concepts, your long term wealth should be pretty well managed. Find out what they are
- Active Investing – For active stock investors. My deeper thoughts from my stock investing experience
- Learning about REITs – My Free “Course” on REIT Investing for Beginners and Seasoned Investors
- Dividend Stock Tracker – Track all the common 4-10% yielding dividend stocks in SG
- Free Stock Portfolio Tracking Google Sheets that many love
- Retirement Planning, Financial Independence and Spending down money – My deep dive into how much you need to achieve these, and the different ways you can be financially free
- Providend – Where I used to work doing research. Fee-Only Advisory. No Commissions. Financial Independence Advisers and Retirement Specialists. No charge for the first meeting to understand how it works
- Havend – Where I currently work. We wish to deliver commission-based insurance advice in a better way.
- Singapore Savings Bonds SSB April 2024 Yield Climbs to 3.04% (SBAPR24 GX24040Z) - March 1, 2024
- How to Select a Smartphone with A Decently Long Battery Life (That is not an Apple or Samsung Flagship Phone). - February 28, 2024
- 99% of CPF Members Attain Less Than 4 Times Their CPF BRS When They Turn 55. How True is This? - February 25, 2024