Discussn CPF : Anyone alredy reached ERS ($450k) or topping up FRS to ERS ?

[mgx-alander]

4% is the floor rate. They can't go lower without getting permission from Parliament

And parliament has super majority.. going thru motion to talk but will bulldoze

Next pls

 

[KnyghtRyder]

I googled for ERS and out came $450K. I didn't realize that was for 2025 and is a moving target which increases by the year. How to keep up with the ERS ??

If you have hit ERS now means you will hit ERS in the future. Unless your money is all in OA

 

[KnyghtRyder]

And parliament has super majority.. going thru motion to talk but will bulldoze

Next pls

Paper tiger lah.. dropping SA below 4% without an outbreak of war is a career ending move

 

[need2hyde]

Nice, did you get this from a website, or your own creation?

Nice. Guess I have a good chance to make to ERS... *fingers crossed*

 

[8zaoyu]

Doesn't work as you described. If you want to withdraw until only BRS left you have to actually withdraw the money. No such thing as withdraw and leave behind to earn 2.5%

There is no withdrawal untill BRS.
You can only withdrawal ABOVE FRS
If under 55 and above FRS, withdraw from SA if any then can withdraw from OA.
Do not confuse BRS as BASIC Annuity Plan.
Basic Annuity Plan can be chosen at 65 for draw-down payout if you had not chosen any Plans yet.

 

[socratesg]

If you have hit ERS now means you will hit ERS in the future. Unless your money is all in OA

I actually hit my FRS at 39. As I am biz owner, so it's not compulsory to continue contributing to CPF other than Medisave. That's why I am wondering shd I continue to pump $ into CPF so I can hit ERS before I turn 65yo. Or use the money for other investments.

 

[mgx-alander]

Alot of young people lazy to ready about cpf until it's too late. My awakening was when I bought my hdb flat and read up on payments from cpf and the consequences.

Moi know about cpf since i helped moi parents settle their cpf life payments online

So when i started working i transfer OA to SA since im a bbfa and cant get a wife so i didnt had to worry about hdb unless got miracle

Earn alot of interest

 

[mgx-alander]

Paper tiger lah.. dropping SA below 4% without an outbreak of war is a career ending move

Simi career ending move? They stop the SA shielding but ppl still vote for them

 

[fandango]

I actually hit my FRS at 39. As I am biz owner, so it's not compulsory to continue contributing to CPF other than Medisave. That's why I am wondering shd I continue to pump $ into CPF so I can hit ERS before I turn 65yo. Or use the money for other investments.

How much salary you declare?

 

[8zaoyu]

Paper tiger lah.. dropping SA below 4% without an outbreak of war is a career ending move

To maintain SA at 4% is to have careers until 99 yo?

 

[MoeLanYong]

Moi mid 50s and past FRS
Trying to hit ERS by 65

 

[Dividends]

I've reached ERS, but I plan on only maintaining FRS in my RA account after 55. The rest of the funds, I'll decide what to do with them when I'm 55.

 

[JAson1980]

the key question is how many years do i have after 65.

You hope to have more, the govt probably hope you have less.

 

[blasterlord2]

Depends on whether you live long enough or not. If live long then ERS is worth it. Look at your parents' lifespan as a gauge.

 

[thyler_koh]

Moi know about cpf since i helped moi parents settle their cpf life payments online

So when i started working i transfer OA to SA since im a bbfa and cant get a wife so i didnt had to worry about hdb unless got miracle

Earn alot of interest

Good for you brother

 

[inmyopinion]

I googled for ERS and out came $450K. I didn't realize that was for 2025 and is a moving target which increases by the year. How to keep up with the ERS ??

After Gov closed SA and increased ERS limit to 4x BRS, it is not easy for many.

 

[inmyopinion]

Cos u plan to upgrade to condo

I want to sleep well every night.
I also don’t want my boss to hold / squeeze my balls.

So, I didn’t upgrade to condo.
I chose to play safe.

 

[KnyghtRyder]

There is no withdrawal untill BRS.
You can only withdrawal ABOVE FRS
If under 55 and above FRS, withdraw from SA if any then can withdraw from OA.
Do not confuse BRS as BASIC Annuity Plan.
Basic Annuity Plan can be chosen at 65 for draw-down payout if you had not chosen any Plans yet.

No. You misunderstand me.
I mean that if someone has sufficient OA and SA funds to make up the FRS, it will be deducted from OA and SA and used to create the RA at 55. Anything remaining you can withdraw.

But if you want to pledge property in lieu of the FRS, you can withdraw a further sum which is the BRS amount. Leaving only the BRS in your RA. That's what I meant by withdraw until BRS (left).

Many people have the mistaken idea that they will be asked what amount they want to contribute to the RA. That is not the case. CPF will automatically deduct what they can, up to the FRS when you hit 55.

If you have less than BRS, they will just deduct everything (you can withdraw $5,000).. if you have more than BRS but less than FRS they will move everything to RA and use property to pledge the rest. If you have more than FRS, they will move FRS from SA first and then OA to the RA.

 

[KnyghtRyder]

I actually hit my FRS at 39. As I am biz owner, so it's not compulsory to continue contributing to CPF other than Medisave. That's why I am wondering shd I continue to pump $ into CPF so I can hit ERS before I turn 65yo. Or use the money for other investments.

Lucky you have the option that salaried employees don't have.

 

[KnyghtRyder]

Simi career ending move? They stop the SA shielding but ppl still vote for them

Most people don't even know how to do shielding.. so stopping that option didn't even affect most people. That's why no one really cared.