Should I invest my CPF monies?

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I've been thinking whether it's worth it to invest my CPF-SA monies. It's quite hard to beat the CPF-SA interest rate, assuming the rate stays at 4%.

Over 30 years: ((1.04^30)-1)/30 = 7.478% CAGR
Over 20 years: ((1.04^20)-1)/20 = 5.956% CAGR

For CPF-SA, we can practically invest only into unit trusts with crazy expense ratios. And only balanced funds. No pure equity funds. For example, I put some into First State Bridge with expense ratio of about 1.43%. The expected return could be around 5-6%.

Given the risk, is it worth it? I'm not so sure. CPF-SA is practically risk-free, but there is a policy risk. We can't assume that the rate will stay at 4% forever. Hopefully we get more lower expense ratio funds, like the new LionGlobal All Seasons funds. I'm planning to invest into that new fund for the CPF-OA, instead of the STI ETF, once I hit my 35% limit for common stocks.

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