Recently, I transferred monies from my CPF Ordinary Account (OA) into the Special Account (SA), and also made cash top-ups into the SA. Today, my CPF SA has reached the Full Retirement Sum (FRS) of $171,000. My Medisave Account (MA) has reached the Basic Healthcare Sum (BHS) of $54,500 some time back. Even if I stop working and contributing to these accounts, the monies will continue to grow over time from the interests that CPF is paying me.
To me, reaching the FRS means that my retirement living expenses would now be taken care of. The MA monies would also cover my medical expenses during retirement. Knowing this gives me peace of mind.
One of the reasons why I decided to top-up my SA to the FRS is because I might quit my current job and try another career path. Topping up my SA to the FRS at least assured myself that should my career switch turned out bad, my retirement needs is still secured.
I'm glad that I have created my own safety net.