CPF Accounts Value Thread 2020

[articland05]

yups paynow this morning

why so early topup? shld wait just before ur Jan salary is credited. so the 2.8k can earn interest in ur bank account

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[polyglob]

This year I plan to do monthly $1k CPF Housing loan refund! I'll consider it like a regular savings plan!

In CPF optimization best practices, is this step 1, step 5, or ...? What I mean is, are there other optimization to come first before doing this?

 

[Thoreldan]

why so early topup? shld wait just before ur Jan salary is credited. so the 2.8k can earn interest in ur bank account

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my company pays my dec cpf in the next few days. it's pretty close, in case i missed or forgot about it.

 

[articland05]

my company pays my dec cpf in the next few days. it's pretty close, in case i missed or forgot about it.

i see...urs is special case then

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[decibel.]

Can use paynow to top up SA and MA? Via cpf website?

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[articland05]

Can use paynow to top up SA and MA? Via cpf website?

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can. but u wanna top up now for 2021 tax relief ah?

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[decibel.]

can. but u wanna top up now for 2021 tax relief ah?

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For interest in 2020. BTW if hit FRS still can transfer from OA to SA right? Just that can't cash top up?

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[undiscern]

Interest in already! Congratulations all!

 

[articland05]

For interest in 2020. BTW if hit FRS still can transfer from OA to SA right? Just that can't cash top up?

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wah FRS!!!
I still got some distance away from that milestone...


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[OngHuatHuat]

For interest in 2020. BTW if hit FRS still can transfer from OA to SA right? Just that can't cash top up?

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cannot transfer anymore.

Once you hit FRS, the interest growth will be more than the annual limit growth. Sweet trouble.

 

[undiscern]

FRS club, can top up cash to MA now to fill the gap for BHS?

 

[tomicaguy]

Waiting for >500K total GPGT

 

[Thoreldan]

FRS club, can top up cash to MA now to fill the gap for BHS?

i just did this morning

 

[undiscern]

i just did this morning

Great! This will count towards tax relief for YA2020 yeah?

 

[Thoreldan]

Great! This will count towards tax relief for YA2020 yeah?

yups

there some discussion on another thread.

best scenario is to top up MA just before your monthly CPF contribution takes place.

e.g. you receive cpf on 10 Jan, you top up to MA BHS on 8 Jan.

 

[articland05]

need some advise here.

I would like to have tax relief of 7k top up to SA but my OA is more then enough to trf to SA to hit FRS of 181k. but doing means I no longer can claim the 7k tax relief.

what would be the better approach for best of both worlds?

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[Thoreldan]

need some advise here.

I would like to have tax relief of 7k top up to SA but my OA is more then enough to trf to SA to hit FRS of 181k. but doing means I no longer can claim the 7k tax relief.

what would be the better approach for best of both worlds?

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do 7k cash to sa first
any shortfall to FRS, use oa->sa

 

[undiscern]

Thanks Bro!

yups

there some discussion on another thread.

best scenario is to top up MA just before your monthly CPF contribution takes place.

e.g. you receive cpf on 10 Jan, you top up to MA BHS on 8 Jan.

 

[rizhal]

need some advise here.

I would like to have tax relief of 7k top up to SA but my OA is more then enough to trf to SA to hit FRS of 181k. but doing means I no longer can claim the 7k tax relief.

what would be the better approach for best of both worlds?

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Use spreadsheet to find optimal strategy.
Use your tax bracket % on 7k, this is what you save on tax.
If not using 7k cash, what will your money earning outside?
Your number of working years.
Intention to buy house.
Bank loan, partial/full redemption.
You can find out for yourself to OA->SA is wise or not?

 

[articland05]

do 7k cash to sa first
any shortfall to FRS, use oa->sa

I can only execute this one time. cos once my SA hit FRS subsequent yrs I can nv do cash top up anymore...

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