Accrued interest in CPF

[reddevil0728]

nope， he is self employed. but willing to top up a large some of money to the CPF RA, but from what I gathered, the money will be depleted at around age 88-90 and the benefactors gets nothing if my father lives till this long.

is ur dad on RSS or CPF LIFE?

 

[Atrina_Boy]

still don't understand why people always say CPF not their money.

 

[twinbaby]

is ur dad on RSS or CPF LIFE?

it is RSS, since over heard him say until 88 only. I got it wrong earlier.

 

[reddevil0728]

still don't understand why people always say CPF not their money.

same as why people think COVID-19 is a plandemic rather than pandemic

it is RSS, since over heard him say until 88 only. I got it wrong earlier.

ah. then might be a good idea. If CPF LIFE then might want to reconsider.

 

[twinbaby]

same as why people think COVID-19 is a plandemic rather than pandemic

ah. then might be a good idea. If CPF LIFE then might want to reconsider.

CPF life, forget it, if let's say choy he past away at 67, I get nothing

 

[reddevil0728]

CPF life, forget it, if let's say choy he past away at 67, I get nothing

you will get the premium paid. just not the interest accrued lor.

 

[dork32]

CPF life, forget it, if let's say choy he past away at 67, I get nothing

wrong, you still get back a lot if dad dies at 67 if you are on cpflife basic. a lot as in really a lot

 

[BBCWatcher]

you will get the premium paid. just not the interest accrued lor.

Actually, with CPF LIFE the government guarantees that the member and his/her CPF nominee(s), added together, will receive at least the principal amount (as measured just before payouts start). Often more, but at least that.

Twinbaby specifically, individually, is not guaranteed any return of funds. First of all, if Twinbaby's parent merely lives long enough or longer (as we all hope), there will be no CPF LIFE residual. Second, this legally competent parent can decide who he/she wishes to be his/her CPF nominee(s). That may or may not be Twinbaby when this parent passes on -- it's up to the parent.

 

[MangoTuna65]

Gov is a loan shark la. technically we are paying almost 5% just by taking HDB loan and CPF accrued interests.. damn...
make it easy for us to use but suck us up DRY!

If they really want to suck you dry, very easy, just raise your taxes by 5%. They can get more, and immediately use it wherever they want.

 

[hwmook]

If they really want to suck you dry, very easy, just raise your taxes by 5%. They can get more, and immediately use it wherever they want.

Then the PAP government will collapse immediately.

 

[BBCWatcher]

Then the PAP government will collapse immediately.

So your prediction is the government will collapse when the GST is hiked?

 

[hwmook]

So your prediction is the government will collapse when the GST is hiked?

Sharp drop in votes just by stating the intention to raise GST by 2%.

 

[reddevil0728]

Sharp drop in votes just by stating the intention to raise GST by 2%.

Because GST is regressive. while income tax is usually progressive...

 

[The_Davis]

Is it possible to write in to request for write off of accrued interest if you already hit FRS?

 

[malthead]

Is it possible to write in to request for write off of accrued interest if you already hit FRS?

Nope. You still need to pay back

 

[SBC]

Nope. You still need to pay back

I had understood that if selling property after 55 & had attained FRS, AI can be skipped.

 

[kehyi4]

i think you think vs CPF FAQ:

https://www.cpf.gov.sg/members/schemes/schemes/housing/housing-scheme#Item1631

If you have used your CPF savings to finance your property, you will have to refund the following to your CPF account:
* the principal CPF amount (P) which you have withdrawn for the property; and
* (the accrued interest (I) which you would have earned if the savings were not withdrawn from your CPF account.
...
If you are 55 years old and above:
* You will also need to refund the pledged amount on top of the P and I if you had pledged to refund an amount withdrawn from your Retirement Account (RA) savings in cash;
* The amount refunded to your CPF account will be used to meet your retirement savings up to the Full Retirement Sum (FRS) in your RA. Thereafter, any balance will be paid to you in cash within 1 week from the time the refunds are credited to your CPF account;
...

 

[henrylbh]

Is it possible to write in to request for write off of accrued interest if you already hit FRS?

Nope. You still need to pay back

I had understood that if selling property after 55 & had attained FRS, AI can be skipped.

Before 55, it's non-negotiable that principal with accrued interest must be returned to CPF.

From 55, I remember the rule has been changed to an old rule that only amount needed to make good FRS will auto return to CPF.

For those age 55 and above with FRS, gone is the chance to leave money in OA until needed.

 

[dork32]

i think you think vs CPF FAQ:

https://www.cpf.gov.sg/members/schemes/schemes/housing/housing-scheme#Item1631

If you have used your CPF savings to finance your property, you will have to refund the following to your CPF account:
* the principal CPF amount (P) which you have withdrawn for the property; and
* (the accrued interest (I) which you would have earned if the savings were not withdrawn from your CPF account.
...
If you are 55 years old and above:
* You will also need to refund the pledged amount on top of the P and I if you had pledged to refund an amount withdrawn from your Retirement Account (RA) savings in cash;
* The amount refunded to your CPF account will be used to meet your retirement savings up to the Full Retirement Sum (FRS) in your RA. Thereafter, any balance will be paid to you in cash within 1 week from the time the refunds are credited to your CPF account;
...

this exactly wat i did 5 years ago when I took over my mom's share of my home. the P and I was refunded into the OA. when i saw that the money is in, i immediately withdraw everything.

 

[lifeafter41]

Before 55, it's non-negotiable that principal with accrued interest must be returned to CPF.

From 55, I remember the rule has been changed to an old rule that only amount needed to make good FRS will auto return to CPF.

For those age 55 and above with FRS, gone is the chance to leave money in OA until needed.

Just take to mean it’s a saving account paying 2.5% for OA.then.
It’s still your money.......

If have the cash, would make the repayment into this housing P + I thingy.....