CPF Accounts Value Thread 2020

[doody_]

my purpose of seeing such sharing is to know what is achievable by others.

is 500k SA possible? apparently is...
I wouldn't know if no one shared...

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Definitely possible if you fulfil certain conditions. SA easily exceeds 500k++ by age 55 if you are getting max CPF contributions by early 30s.

 

[terence2112]

my purpose of seeing such sharing is to know what is achievable by others.

is 500k SA possible? apparently is...
I wouldn't know if no one shared...

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Possible. I’m not sharing where, but I’ve seen before. A person in his 60s, with 6 contributions from all different companies. The OA has around 5 mil.

 

[henrylbh]

Possible. I’m not sharing where, but I’ve seen before. A person in his 60s, with 6 contributions from all different companies. The OA has around 5 mil.

That's why people like lim swee say said he smiles or laughs everytime his sees his monthly CPF statement.

 

[henrylbh]

my purpose of seeing such sharing is to know what is achievable by others.

is 500k SA possible? apparently is...
I wouldn't know if no one shared...

Sent from LGE LG-H990 using GAGT

Possible. Just dump 181k into your SA and by end of 25 years, you will have more than 500k, with zero contribution from work.

 

[ocs_woodlands]

my purpose of seeing such sharing is to know what is achievable by others.

is 500k SA possible? apparently is...
I wouldn't know if no one shared...

Sent from LGE LG-H990 using GAGT

Yup possible. Will reach that someone in 2029..

 

[romeo88]

How does one get to contribute more than 37740 each year ?

5m can only be possible from investment gains, no ?

Possible. I’m not sharing where, but I’ve seen before. A person in his 60s, with 6 contributions from all different companies. The OA has around 5 mil.

 

[decibel.]

How does one get to contribute more than 37740 each year ?

5m can only be possible from investment gains, no ?

Most likely dividends or capital gains from CPF investment. I calculated at max contribution rate for next 25 years - if you reach FRS 181K within next 2 years and let it roll, can reach 500k in SA when 55.

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[romeo88]

I quoted terence2112 mentioning 5m in OA, I wasn't referring to SA.

Most likely dividends or capital gains from CPF investment. I calculated at max contribution rate for next 25 years - if you reach FRS 181K within next 2 years and let it roll, can reach 500k in SA when 55.

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[d9_lives]

I can't top up SA to get tax deduction anymore.
Is there a way to get around this?
For ex: use SA to buy unit trust and then top up to close the gap?
Is it possible?

 

[Perisher]

I quoted terence2112 mentioning 5m in OA, I wasn't referring to SA.

Ya, OA can be used for investing with CPFIS. I’m doing that. The gains will transfer back to CPF OA.

 

[dork32]

People who has high CPF balance could mean that they either pay for their property with cash, or living in other people property (parent, rental etc). Those in the former means that they are cash rich beside their CPF balance
It tells alot about their financial situation.

or it could mean that they have not bought their homes yet.

 

[dork32]

People who has high CPF balance could mean that they either pay for their property with cash, or living in other people property (parent, rental etc). Those in the former means that they are cash rich beside their CPF balance
It tells alot about their financial situation.

i do have a decent oa balance. 220k. but this is because i took a big home loan and extend the repayment period.

i could have either a oa 220k and home loan 520k or
oa 0 and home loan 300k

this is wat i meant that cpf account alone is not meaningful

 

[terence2112]

How does one get to contribute more than 37740 each year ?

5m can only be possible from investment gains, no ?

Possible. The $37740 is only for 1 contribution. If there’s 7 contributions, it’s $37740 x 7.

 

[BBCWatcher]

this is wat i meant that cpf account alone is not meaningful

Nobody seems to be arguing that CPF balances represent a complete picture of household wealth (they don't), but I don't think CPF balances are meaningless. In particular, they give some indication whether a person has nailed down decent lifetime retirement income and (to some extent) medical expense security in Singapore.

 

[SKenny]

Possible. The $37740 is only for 1 contribution. If there’s 7 contributions, it’s $37740 x 7.

It does not work this way.

Max contribution, regardless of of sources, is $37.7k per year.

 

[kehyi4]

I can't top up SA to get tax deduction anymore.
Is there a way to get around this?
For ex: use SA to buy unit trust and then top up to close the gap?
Is it possible?

Do you think CPF would allow such a huge and obvious loophole to exist?

From CPF FAQ:
Q: How much cash top-up or CPF transfer can a recipient receive?
A: If your recipient is below 55, the amount that he/she can receive is the current Full Retirement Sum (FRS) less net Special Account (SA) balance and net amounts withdrawn from SA for investments that are still active.

 

[articland05]

Do you think CPF would allow such a huge and obvious loophole to exist?

From CPF FAQ:
Q: How much cash top-up or CPF transfer can a recipient receive?
A: If your recipient is below 55, the amount that he/she can receive is the current Full Retirement Sum (FRS) less net Special Account (SA) balance and net amounts withdrawn from SA for investments that are still active.

make sure buy high sell low can alrdy...sell so low until lower then FRS like that can top up liao..


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[ocs_woodlands]

Possible. I’m not sharing where, but I’ve seen before. A person in his 60s, with 6 contributions from all different companies. The OA has around 5 mil.

in EDMW, i will say this smells like bu.ll sh.it
in MM, I will be more polite to say, that it's not possible..

6 different contributions for 1 pax???

 

[KnyghtRyder]

hmm, i am also mid 40s uncle liao, so I should start to quickly max out SA (cash top-up, OA > SA) to hit FRS before reaching 55? Also, should I also max out my MA to 60K BHS and then allow the monthly CPF contributions to flow to SA?

You should have done all this years ago.. but better late than never.

 

[KnyghtRyder]

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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No.. think not allowed.. once SA exceed FRS only compulsory contributions and SA interest can be added.. cannot even do OA to SA transfer.