CPF Accounts Value thread

kehyi4

kehyi4

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jeffrey745 said:
When do we choose our cpf life plan? At 55 based on our RA acct amt?
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There is this thing called CPF FAQs. They are nice. You should try reading them sometimes:

Q When do I have to choose my CPF LIFE plan?
A If you are a Singapore Citizen or Permanent Resident born in 1958 or after and have to join CPF LIFE, we will write to you six months before you reach your payout eligibility age to explain the options you have and the choices you have to make.
You will only need to choose your CPF LIFE plan when you wish to start receiving your CPF LIFE monthly payouts, which is anytime from your payout eligibility age [which is currently 65] to age 70. The age at which you start receiving your payout is your payout start age. If you do not choose a plan before age 70, we will automatically place you on the CPF LIFE Standard Plan.
 
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SKenny

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yyhwin said:
Cd9Bd7E.jpg


Finally hit FRS, next will be max MA.
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Congratulation!!! :s12::s12::s12:
 
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maple96

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dork32 said:
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.
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did u hit with 4% compounded, without topups to SA/MA?
 
rrr2015

rrr2015

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yes currently it's nice but interest rate may go up in future. so becomes less attractive if that happens
JuniorLion said:
2.5% is still good by the way. And you could still use the CPFIS-OA for investment beyond 55.

Or, a very safe 2.5% bank account.
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madtari

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Spot on by dork... just to share my case (BTW I won't be able to hit FRS by 40, but if I'm a scholar and joined my workplace right after graduation, I should be able to).

I'm 37+yo now, currently on MSO scheme, where I will get an extra of $140 per mth into my MA. I've also hit my CPF OW & AW ceiling, so I'm getting the max contribution into my CPF accounts. As my MA was maxed out, I was getting $1099.70 per mth into my SA based on OW alone (excluding bonus). Total in 2018, my SA increased by $21,836 (inclusive of $4.19k interest). As of 31 Dec 2018, my SA was $101k. By the time I reached 40yo, my SA should have more than $155k.

So ya... overflow of MA and compounded interest will make a hell lot of difference over the long term and for a high flyer who hit CPF ceiling early in his/her career, it is certainly possible to hit FRS by 40yo w/o top up.

JuniorLion said:
Anyone managed to do the following:
Hit FRS (without transferring from OA to SA) before 40?
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BBCWatcher said:
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.
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dork32 said:
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.
Click to expand...

Oldnerd79 said:
Not possible unless u do top ups.

Sorry but what's the point of this question??
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Toni90

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madtari said:
Spot on by dork... just to share my case (BTW I won't be able to hit FRS by 40, but if I'm a scholar and joined by workplace right after graduation, I should be able to).

I'm 37+yo now, currently on MSO scheme, where I will get an extra of $140 per mth into my MA. I've also hit my CPF OW & AW ceiling, so I'm getting the max contribution into my CPF accounts. As my MA was maxed out, I was getting $1099.70 per mth into my SA based on OW alone (excluding bonus). Total in 2018, my SA increased by $21,836 (inclusive of $4.19k interest). As of 31 Dec 2018, my SA was $101k. By the time I reached 40yo, my SA should have more than $155k.

So ya... overflow of MA and compounded interest will make a hell lot of difference over the long term and for a high flyer who hit CPF ceiling early in his/her career, it is certainly possible to hit FRS by 40yo w/o top up.
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Wow. U have a good job.
 
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