Child CPF SA account

[iceblendedchoc]

It seems to have some flaws in your mind

When you are gone and if they can't make it in life early to their 50s, they still need to wait to 65 or beyond to touch their CPF?

When you are bedridden (and need money) and they can't make it in life, your money stuck in their CPF and you become burden to them?

Have our own plan. Cpf plan is just one of the plan.We do not need to rely on our kids to provide money for us.
If they cannot make it in life, they can struggle until the cpfb release the monies to them. Hopefully by then they will learn something out of it when all else fails.

 

[henrylbh]

I have reasons.
Need not show everything here.

Not asking you to show everything. The 3 posts that I quoted that are not clear.

And what's your point of joining the thread and simply saying -

I put $30k in my boy's SA.
I am okay.

Okay, might as well keep it to yourself

 

[Merg91]

This is typical of those CPF FB comments who scream to have their CPF returned at 55.
No cash /little saving but few tens of k 'stuck' in CPF. They worry for money to buy 4D /toto tomorrow than expenses after 65.

If you stay healthy, many many Singaporeans would live till 80s.
Life at times are unpredictable.
I am okay & happy if I expire before 65 but pass over my $$ to my family as I don't need it in the other world.

When you are gone and if they can't make it in life early to their 50s, they still need to wait to 65 or beyond to touch their CPF?

When you are bedridden (and need money) and they can't make it in life, your money stuck in their CPF and you become burden to them?

 

[BBCWatcher]

No cash /little saving but few tens of k 'stuck' in CPF.

It's probably fair to generalize that parents, grandparents, uncles, aunts, etc. who are thinking about topping up minors' CPF accounts aren't short of savings. There are some people in this world -- many living in Singapore -- who have absolutely no problem depositing S$213,740 into a Singaporean newborn's CPF accounts ($176,000 into her Special Account -- the 2019 Full Retirement Sum -- and $37,740 into her MediSave Account, equal to the CPF Annual Limit). In relative wealth terms it might be like a typical middle class family buying dinner at McDonald's.

Another possibility is to deposit $56,000, perhaps split as $40,000 into the Special Account and $16,000 into MediSave. Why $56K? Well, Singaporean newborns get $4,000 (via the MediSave Grant for Newborns), and the first $60,000 total attracts 5% interest. Hence, $56K. (OK, pedantic point: interest will push the total balance above $60,000, and the amount above $60,000 earns 4%.)

It's an interesting idea.

 

[mummynew]

I did put $10,000 each into my kids' medisave accounts to make the interest to pay for the CPF portion of their private shield plan.

For almost every new born grand-generation kid, I also gave $5000 each into their CPF medisave account as sort of a 'gift of life'.

I prefer to 'lock' this 'basic money' that I currently have instead of giving it in liquid cash form (that some may 'anyhow spend' it away). Lock it and then forget about it while concentrating to make other $10,000 / $5000.

 

[BBCWatcher]

I did put $10,000 each into my kids' medisave accounts to make the interest to pay for the CPF portion of their private shield plan.

You can do that, but they're earning 5% interest on those dollars and presumably you're earning 4%. Also, they cannot qualify for tax relief with voluntary, well-timed MediSave Account top ups, but you (or your spouse) might. For those reasons, it'd be financially smarter to pay Integrated Shield premiums from your (or your spouse's) MediSave Account, not theirs.

 

[dgeralds]

I did put $10,000 each into my kids' medisave accounts to make the interest to pay for the CPF portion of their private shield plan.

For almost every new born grand-generation kid, I also gave $5000 each into their CPF medisave account as sort of a 'gift of life'.

I prefer to 'lock' this 'basic money' that I currently have instead of giving it in liquid cash form (that some may 'anyhow spend' it away). Lock it and then forget about it while concentrating to make other $10,000 / $5000.

Hi. My kid has a SA and some money in it. How to contribute to kids MA? It seems like I can only contribute to SA. Please let me know. I used the link below but no option to choose recipient's MA.

https://www.cpf.gov.sg/eSvc/Web/Miscellaneous/Cashier/ECashierHomepage

 

[fr33d0m]

Hi. My kid has a SA and some money in it. How to contribute to kids MA? It seems like I can only contribute to SA. Please let me know. I used the link below but no option to choose recipient's MA.

https://www.cpf.gov.sg/eSvc/Web/Miscellaneous/Cashier/ECashierHomepage

currently there is no top up MA for others. and CPF does not know who is paying anyway.

you can just input your kid's birth cert and select "member" and continue.

 

[dgeralds]

currently there is no top up MA for others. and CPF does not know who is paying anyway.

you can just input your kid's birth cert and select "member" and continue.

Yes....in members there is no option for MA. The only options available are as follows:

1.Pay HPS premium short fall
2.Contribute to my three CPF Accounts (non tax deductable)
3.Contribute to my Medisave (tax decuctable)
4.Repayment of Education Loan
5.Topup my own/recipient's RA under the Retirement Topping up Scheme
6.Topup my own/recipient's SA under the Retirement Topping up Scheme

 

[fr33d0m]

Yes....in members there is no option for MA. The only options available are as follows:

1.Pay HPS premium short fall
2.Contribute to my three CPF Accounts (non tax deductable)
3.Contribute to my Medisave (tax decuctable)
4.Repayment of Education Loan
5.Topup my own/recipient's RA under the Retirement Topping up Scheme
6.Topup my own/recipient's SA under the Retirement Topping up Scheme

contribute to my medisave(tax deductible).

 

[dgeralds]

contribute to my medisave(tax deductible).

Thank you. It works!

 

[BernardWYF]

I did put $10,000 each into my kids' medisave accounts to make the interest to pay for the CPF portion of their private shield plan.

For almost every new born grand-generation kid, I also gave $5000 each into their CPF medisave account as sort of a 'gift of life'.

I prefer to 'lock' this 'basic money' that I currently have instead of giving it in liquid cash form (that some may 'anyhow spend' it away). Lock it and then forget about it while concentrating to make other $10,000 / $5000.

Legacy for your children and grandchildren. Very noble and wise.

 

[SBC]

currently there is no top up MA for others. and CPF does not know who is paying anyway.

you can just input your kid's birth cert and select "member" and continue.

I was using AXS machine to top up to kids MA-only previously. Done SA-only top up too.

AXS machine option is now not available. Sianz

 

[reddevil0728]

I was using AXS machine to top up to kids MA-only previously. Done SA-only top up too.

AXS machine option is now not available. Sianz

Can do it via cpf website right?

 

[SBC]

Can do it via cpf website right?

Yes, using cpf portal last 1-2 mths.

Can pay via Diners card previously on AXS machine.