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BBCWatcher 28-12-2018 05:24 PM

Quote:

Originally Posted by fujitsu555 (Post 118308975)
No, she has no other income other than pocket money from me and my siblings.

OK, then I'd just collaborate with your siblings (and anybody else who loves her) to push money into her RA and thus into CPF LIFE. While the tax relief is great, she's age 63 and with extremely low balances, so I would top up above tax relief limits at this point. That's the best deal on offer, and there isn't a close second at age 63.

Let's suppose each sibling can afford $32,000 between now and January, 2019 (one month from now). Then I'd just save $7,000 for January (2019 tax relief) and trot down to the CPF office now with a $25,000 top-up to get it done and credited this year (2018). And see below about your father, since he's part of the equation.

Quote:

Oh, I didn't know she can withdraw OS/SA now at age 63. Will do as advised.
I think she can for a weird reason: her balances are too low.

Quote:

Thanks for pointing it out, but she doesn't have any income. So the priority should be RA? And we as children should maximise her RA (to at least $30k/$60k) to benefit from the bonus interest (6%/5%)?

My father's CPF balances is just as low.
Yup, slam as much money as you can into CPF RA for both of them. Try to get them both up to at least $30,000 (first tier of bonus interest) then at least $60,000 (second tier of bonus interest).

I think you ignore their MediSave Accounts for now and for a while, until their CPF LIFE income streams are healthier. They should also make sure they've nominated each other as CPF heirs while they're both living. And yes, they should get their SAs and OAs into their RAs. For emergencies they'll have to rely on their children, I think, but at least for daily living they might get enough CPF LIFE income mustered to deal with that.

Do they have any other assets whatsoever? If, for example, they own a HDB leasehold, they should have the HDB Lease Buyback Scheme available to them.

blue_line 28-12-2018 07:08 PM

Should she then apply for Additional Annuity Under CPF LIFE? I just did a RA top up to my parents (>65) and wondering if this is the correct next step that I should take.

BBCWatcher 28-12-2018 10:40 PM

Quote:

Originally Posted by blue_line (Post 118340929)
Should she then apply for Additional Annuity Under CPF LIFE? I just did a RA top up to my parents (>65) and wondering if this is the correct next step that I should take.

If they're already on CPF LIFE then CPF should adjust their monthly payouts automatically, eventually. If there's no particular urgency then I'd just let CPF handle it.

There is a deadline this year (2018) if either or both of them want to switch to the new Escalating Plan, if they are currently receiving payouts under some other plan. In general, I like the Escalating Plan very much for reasons I've explained in detail in other posts.

xorionn 29-12-2018 09:22 PM

BBCWatcher, chanced upon this thread. Thinking of opening a SRS account on Monday, doesn’t matter which bank right?

Btw if my parents are above >70, is there any scheme or way I can deposit into their CPF to offset tax as well?

addict951 29-12-2018 09:26 PM

Quote:

Originally Posted by xorionn (Post 118358641)
BBCWatcher, chanced upon this thread. Thinking of opening a SRS account on Monday, doesn’t matter which bank right?

Btw if my parents are above >70, is there any scheme or way I can deposit into their CPF to offset tax as well?

For this year 你来不及了。

linusz 29-12-2018 09:40 PM

still can open. I ever opened on last day of year.

Quote:

Originally Posted by xorionn (Post 118358641)
BBCWatcher, chanced upon this thread. Thinking of opening a SRS account on Monday, doesn’t matter which bank right?

Btw if my parents are above >70, is there any scheme or way I can deposit into their CPF to offset tax as well?


xorionn 29-12-2018 09:41 PM

Quote:

Originally Posted by linusz (Post 118358904)
still can open. I ever opened on last day of year.

Ok thanks will go OCBC Sunday branch at either Tiong Baru or Harborfront tmr

Entendre 29-12-2018 10:18 PM

Quote:

Originally Posted by xorionn (Post 118358929)
Ok thanks will go OCBC Sunday branch at either Tiong Baru or Harborfront tmr

You can actually open through OCBC iBanking. My colleague also advised me to deposit $1 to lock in the retirement age as it may be revised down the road.

BBCWatcher 30-12-2018 07:57 PM

Friendly reminder: if you're going to do anything CPF-related for crediting in 2018, your absolute deadline is 10:00 a.m. tomorrow morning (December 31, 2018), and then only if you stop by a CPF customer service office with a paper check.

Happy New Year, everyone!

addict951 30-12-2018 08:04 PM

Quote:

Originally Posted by BBCWatcher (Post 118373400)
Friendly reminder: if you're going to do anything CPF-related for crediting in 2018, your absolute deadline is 10:00 a.m. tomorrow morning (December 31, 2018), and then only if you stop by a CPF customer service office with a paper check.

Happy New Year, everyone!

I performed enets payment on Sat afternoon should be fine hor? The status says “successfully processed”. :look:

BBCWatcher 30-12-2018 09:04 PM

Quote:

Originally Posted by addict951 (Post 118373510)
I performed enets payment on Sat afternoon should be fine hor? The status says “successfully processed”. :look:

It'll be fine in the sense that CPF will receive the funds, but ordinarily it takes at least a couple business days for e-Cashier transactions to be credited. It wouldn't be surprising if your transaction is credited to your account in 2019, not in 2018.

hanayorisg 31-12-2018 08:05 AM

Currently CPF MA reached BHS 2018 54,500 already.
Is it posssibe to top up the gap between BHS 2019 and BHS 2018 57,200 - 54,500 =$2.7k?
Top up on Jan.1 2019 possible? Or the interest of 2018 will come in first, therefore the gap is very small (a few hundreds maybe). Thanks.

JuniorLion 31-12-2018 08:12 AM

Quote:

Originally Posted by hanayorisg (Post 118379960)
Currently CPF MA reached BHS 2018 54,500 already.
Is it posssibe to top up the gap between BHS 2019 and BHS 2018 57,200 - 54,500 =$2.7k?
Top up on Jan.1 2019 possible? Or the interest of 2018 will come in first, therefore the gap is very small (a few hundreds maybe). Thanks.

Yes you can top up 2700 in Jan 2019.

Interest for 2018 will flow to SA since MS limit for 2018 is 54500.

hanayorisg 31-12-2018 12:31 PM

Quote:

Originally Posted by JuniorLion (Post 118380038)
Yes you can top up 2700 in Jan 2019.

Interest for 2018 will flow to SA since MS limit for 2018 is 54500.

Thanks.
If I top up 2.7K into MA on Jan.1, 2019, and in 2019 due to bonus increase, my employment compulsory contribution reached annual limit 37,740. What will do to my 2.7K VC to MA? Will it return to my bank account? And when will it be returned?

JuniorLion 31-12-2018 01:58 PM

Quote:

Originally Posted by hanayorisg (Post 118384106)
Thanks.
If I top up 2.7K into MA on Jan.1, 2019, and in 2019 due to bonus increase, my employment compulsory contribution reached annual limit 37,740. What will do to my 2.7K VC to MA? Will it return to my bank account? And when will it be returned?

It will be refunded, without interest, by Feb 2020.


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