CPF Accounts Value thread

[The_Davis]

Use DBS internet banking would save you the trouble of trying to figure out this thing.

using ocbc also no such problem

 

[The_Davis]

we have uncle kenny here. for him 5x ers also can

10x frs possible?

 

[JuniorLion]

10x frs possible?

100000x also no problem.

 

[rrr2015]

apologizes, should have made myself clearer.

I was thinking about the year when i turned 55, if I'm able still be able to VC. I understand that at 55 I can do RSTU, just not clear if am able to do VC

learn something new about CPF contribution to newborn. thanks!

What's a birthday year? Your birthday falls on leap year only?

Perhaps rrr2015 is asking about newborn Singaporeans? Yes, newborn Singaporeans are allowed to make voluntary contributions to themselves. However, ordinarily newborns struggle with writing checks or using AXS at age zero, and compulsory contributions aren't too common within that cohort. (A few infants with careers as models?)

 

[SKenny]

apologizes, should have made myself clearer.

I was thinking about the year when i turned 55, if I'm able still be able to VC. I understand that at 55 I can do RSTU, just not clear if am able to do VC

learn something new about CPF contribution to newborn. thanks!

You can do VC beyond 55, and even beyond 65!

However please note that the portion going into SA drops significantly post 55.

 

[rrr2015]

noted & thanks! waaa ... SA portion going to drop more than 50%!

You can do VC beyond 55, and even beyond 65!

However please note that the portion going into SA drops significantly post 55.

 

[henrylbh]

Use DBS internet banking would save you the trouble of trying to figure out this thing.

No really correct. I used dbs internet banking to transfer 35k to cpf but was not successful. I have to log in to dbs to change my 2dpay limit from 30k to higher limit.

 

[henrylbh]

I may not be 100% correct but I will give it a shot.

- in order to reach ERS you will need to do a top up from FRS to ERS.
- If you then opt for BRS, only the FRS portion is considered (ie topups are excluded from the calculation of the withdrawal portion.)
- the portion that you can withdraw is FRS-BRS (= BRS). The topup from FRS to ERS will have to remain in our RA together with the initial BRS. The amount remains in RA will be = 2xBRS (or FRS).
- Hence you will now have BRS+(ERS-FRS) for your CPFLife, plus a charge against your property for BRS plus interest. You can withdraw BRS from your RA with this charge.

Better check with CPF Board. Last time I remember that if I top up RA from FRS to ERS, I cannot opt for BRS later on. But if I opt for BRS first, I can later on top up RA to ERS.

How nice it would be if I could top up RA to ERS to earn the interest and later on take it out, if I wish to.

 

[henrylbh]

noted & thanks! waaa ... SA portion going to drop more than 50%!

65 and beyond, only 8% of total VC will go into SA.

 

[henrylbh]

After you start payout at 65, all your RA goes into CPFLife Premiums, and your RA becomes $0 right?

In this case, you can top up again to ERS.

So it means 2xERS (1 ERS in CPFLife, and 1 ERS in RA) ?

No, you can't.

If you have 176k at 55 and all of it, including accumulated interest, goes into CPF Life Premium (for Standard and Escalating Plans), you can only top up RA to the prevailing ERS less FRS of 176k.

 

[henrylbh]

just wondering during birthday year ... are we still allow to make VC to self?

You can VC every and any year in bits and pieces as you like for as long as you live and as along as the total VC plus MC is within the annual limit.

 

[henrylbh]

Perhaps rrr2015 is asking about newborn Singaporeans? Yes, newborn Singaporeans are allowed to make voluntary contributions to themselves. However, ordinarily newborns struggle with writing checks or using AXS at age zero, and compulsory contributions aren't too common within that cohort. (A few infants with careers as models?)

What an imagination!

 

[JuniorLion]

No, you can't.

If you have 176k at 55 and all of it, including accumulated interest, goes into CPF Life Premium (for Standard and Escalating Plans), you can only top up RA to the prevailing ERS less FRS of 176k.

Ok thanks!

 

[JuniorLion]

Anyone managed to do the following:
Hit FRS (without transferring from OA to SA) before 40?

 

[terence2112]

Anyone managed to do the following:
Hit FRS (without transferring from OA to SA) before 40?

Quite impossible without transferring Nor topping up.

 

[BBCWatcher]

Quite impossible without transferring Nor topping up.

The Full Retirement Sum is $176,000 for 2019. The maximum inflow into the Special Account for those under age 35 is $6,120 per year, rising to $7,140 from age 35 to 45. Excluding interest, and focusing on the lower figure, that's equal to about 28 years of contributions.

A well compensated actor or model who starts working in Singapore as a child could pull this off (hit the FRS before age 40 without OA to SA transfers or SA top ups). That's not altogether impossible, but it's pretty darn difficult.

 

[OngHuatHuat]

Finally hit FRS, next will be max MA.

 

[jeffrey745]

Can check with u guys, at age 55 I understand that $$ from OA and SA will be transferred to RA acct. So this amt will be left to accumulate interest and compound for 10yrs till 65?

When do we choose our cpf life plan? At 55 based on our RA acct amt?

How much can 1 withdraw at 55 if his/her RA acct has slightly more than BRS(about 100k) but less than FRS? 5K?

 

[hwmook]

The Full Retirement Sum is $176,000 for 2019. The maximum inflow into the Special Account for those under age 35 is $6,120 per year, rising to $7,140 from age 35 to 45. Excluding interest, and focusing on the lower figure, that's equal to about 28 years of contributions.

A well compensated actor or model who starts working in Singapore as a child could pull this off (hit the FRS before age 40 without OA to SA transfers or SA top ups). That's not altogether impossible, but it's pretty darn difficult.

A female grad who start working at 23 years old with good paying job can reach FRS before 40.

 

[dork32]

The Full Retirement Sum is $176,000 for 2019. The maximum inflow into the Special Account for those under age 35 is $6,120 per year, rising to $7,140 from age 35 to 45. Excluding interest, and focusing on the lower figure, that's equal to about 28 years of contributions.

A well compensated actor or model who starts working in Singapore as a child could pull this off (hit the FRS before age 40 without OA to SA transfers or SA top ups). That's not altogether impossible, but it's pretty darn difficult.

bro, good effort in putting in numbers. you already mentioned that that you excluded interest. 4% interest for so many years is very significant.

also did you consider ma overflow into sa? this is also another large sum.