If I recall correctly, you also recommended to stretch out the pre-benefit period for as long as it is allowed so as to keep the premiums low (which I guess should not be an issue given the planned liquidity/reserves going forward).
Yes, absolutely. If you cannot handle at least a 6 month loss of income, somehow (could even be the "Bank of Mom and/or Dad" if it's a reliable bank), then that's a separate problem to fix reasonably quickly. You don't have that problem. You would have a catastrophic problem if you lost all S$16K/month (2020 dollars) starting (for example) at age 35, for life. Although even then you'd muddle through (not recommended) through some combination of liquidating your property equity, funding your future CPF Retirement Account up to the Full Retirement Sum (and maybe even more than that at age 55), reducing your other overheads to the extent you can, and conserving the rest of your resources until you reach age 65 when CPF LIFE can take over. So my suggestion to slam pretty hard into your SA and MA is consistent with the idea of nailing down the age 65+ basic/foundational part of the equation -- with some surplus also available at age 55+ if need be. Having an adequate level of DII then takes care of the portion up to age 65 if you suffer a disability and associated complete or near-complete loss of income. (And yeah, I would go term to age 65 there, although you can play around with the premium and monthly benefit numbers if you wish.)
Ah, using household spending makes more sense. Got it, will plough about half into SSBs (which I understand may be great at this time given falling interest rates conditions).
That's my view, yes. I think this month's SSB is going to be the best for a while. I could be wrong, and if I'm wrong then, no problem, you can sell this SSB and buy another, better one in the future. SSBs can be oversubscribed on occasion, please note.
I also think ICBC's 12 month "Step Up" fixed deposit is a pretty reasonable offer since it'll pay 1.7% interest if held for the full 12 months, but it also allows premature withdrawals while still paying reasonable interest. But it's only a 12 month offer, whereas the SSB is a 10 year offer. If we're living in a ~0.8% SSB/fixed deposit interest rate world 12+ months from now, you'll wish you had bought the SSB. Of course you can buy some of both if you wish.
Will also work on boosting my IWDA and ES3 (as well as the full (not just S$7k) OA to SA transfers (up to FRS)) first before purchasing MBH.
OK, to be clear you get tax relief for SA top ups if they're cash top ups, up to $7,000 per year. OA to SA transfers don't attract additional tax relief. But I'm suggesting you do both. Neither SA cash top ups nor OA to SA transfers need to fit within the CPF Annual Limit. They only have to fit within the Full Retirement Sum and are available only strictly before your 55th birthday.
I think I understand now (but do let me know if I am misreading): if I make voluntary contributions early on in the year, and mandatory contributions (which will have to be made by both my employer and by myself) pushes me across the CPF Annual Limit near the later part of the year, my employer's portion of the mandatory contributions (for those few months in the later part of the year) will still have to be made into the various CPF accounts regardless, but the excess amounts above the CPF Annual Limit will then be returned to me without interest.
That's right.
Just one question that I'd like to clarify: will I still get tax benefits from the early-in-the-year voluntary contributions for MA (up to BHS) then (even if I do not get interest and will be refunded later on in the year)?
No, sorry, that would be cheating.