Contribution to Parents CPF

[henrylbh]

waseh, accrued interest at recipient's doesn't go back to donor, only principal nia.

So if one do a CPF top up of recipient, if the recipient uplorry, you can only have the principal amount refunded back to your CPF. So in actual fact, it is worse off for you when compared to leaving the money in your own CPF account as you wld have accrue interest.
This also means that whatever accrued interest in recipients account at the time of uplorry will be distributed as per nomination.

Any other interpretation?

You will face this problem only if the recipient don't drawdown what you have topped up.

I have topped up my father's RA with 18k from cash and 102k from my OA over the years. Now his RA left 73k and all will go back my OA if he uplorry anytime.

 

[orange_sky]

Did you read 2 posts before instead of just saying what you want?

Sorry didn't realize you guys are talking about cpf top up rather than cash.

Why would anyone use cpf to top up when there's no tax benefits?

 

[tmkedmw]

You will face this problem only if the recipient don't drawdown what you have topped up.

I have topped up my father's RA with 18k from cash and 102k from my OA over the years. Now his RA left 73k and all will go back my OA if he uplorry anytime.

Do note that not ALL recipients qualify to drawdown as they may not have reached the so call payout eligibility age.


Year of Birth Payout Eligibility Age
___________________________
1943 and before 60
1944 to 1949 62
1950 and 1951 63
1952 and 1953 64
1954 and after 65

 

[leo leon]

I transferred my OA to my father's RA and he got his payout of $1,100 immediately the month after This Jan I am going to transfer some more to his RA and I estimated that the monthly payout will be about $2,300

Hi, yr dad can get monthly payout of 2.3k? how to do that?
currently my dad RA got 45k but monthly payout only $750.
can advise me tks

 

[henrylbh]

Hi, yr dad can get monthly payout of 2.3k? how to do that?
currently my dad RA got 45k but monthly payout only $750.
can advise me tks

I am wondering how could your dad monthly payout be $750 when his current balance of 45k only. Something is amiss? $750 is for cohort with min sum of $94.6k at age 55, if his flat is not pledged/charged.

There is no magic as how much your dad can drawdown monthly depends on how much he has in his RA, his age, whether he has pledged his flat and whether he has delayed his drawdown.

 

[badsector]

anyone manage to topup for 2017 yet?

i keeps getting "Sorry, service not available. Please try again later " messages.
from DBS

 

[RoLanTo]

yesterday already topped up SA for own account using OCBC ibanking

 

[henrylbh]

yesterday already topped up SA for own account using OCBC ibanking

Top-up only starts to earn interest from Feb. Why top up now instead of near month end?

 

[RoLanTo]

Top-up only starts to earn interest from Feb. Why top up now instead of near month end?

wah.. i dunnoe interest only earn from feb onwards..
main thing is.. is it consider 2017 top up? if it is.. then nvm

i mainly is do it before i forget about it

 

[henrylbh]

wah.. i dunnoe interest only earn from feb onwards..
main thing is.. is it consider 2017 top up? if it is.. then nvm

i mainly is do it before i forget about it

Not that top-ups earn interest from Feb. Interest in Jan is calculated on lowest balance in the balance which in most cases will be 1st Jan.

 

[Niaoson]

anyone manage to topup for 2017 yet?

i keeps getting "Sorry, service not available. Please try again later " messages.
from DBS

Yes, getting the same error as well.

Don't think the problem is with DBS though. I tried with SCB and also cannot go through.

 

[leo leon]

I am wondering how could your dad monthly payout be $750 when his current balance of 45k only. Something is amiss? $750 is for cohort with min sum of $94.6k at age 55, if his flat is not pledged/charged.

There is no magic as how much your dad can drawdown monthly depends on how much he has in his RA, his age, whether he has pledged his flat and whether he has delayed his drawdown.

Hi, my dad currently is 81yrs old and I transfer 40k to his RA account and submit thru econceige for higher monthly payout

 

[henrylbh]

Hi, my dad currently is 81yrs old and I transfer 40k to his RA account and submit thru econceige for higher monthly payout

Now that explained why he is getting 750 though his RA is only 45k.

In his case, his RA sum will be paid as monthly payout over a period of about 5 years starting from the time he requested drawdown.

 

[leo leon]

Now that explained why he is getting 750 though his RA is only 45k.

In his case, his RA sum will be paid as monthly payout over a period of about 5 years starting from the time he requested drawdown.

Hi, is there any other way to increase my father monthly payout beside keep topping up to his RA account..?
I have not much cpf left over to top up to his RA account and he need more monthly payout for his daily expenses..
thanks for help

 

[leo leon]

Hi, how to request for more parents monthly payout from their RA account?
I been writing to cpf thru econceige but always increase very less..

 

[havetheveryfun]

Hi, how to request for more parents monthly payout from their RA account?
I been writing to cpf thru econceige but always increase very less..

then what are you going to do if they increase the payout now but later the RA account become empty even faster? request for free money ?

 

[henrylbh]

Hi, how to request for more parents monthly payout from their RA account?
I been writing to cpf thru econceige but always increase very less..

No way. Might as well request for a total withdrawal. As I mentioned, because of his age, what he has will be paid monthly over period lasting 5 years from the time of top-up and commencement of withdrawal. Unlikely CPFB will shorten the period by giving higher payout.

Let see how CPF replied to my query when my father made a total withdrawal of his RA some years ago when he was actually getting a monthly payout of $230 or $297 before that. And his RA ..... was from my cash top-ups I raised this query because I have recently transferred about 100k to my father's RA and I don't want him to withdraw all at one go. It was meant for his living expenses should I uplorry before him.

 

[leo leon]

No way. Might as well request for a total withdrawal. As I mentioned, because of his age, what he has will be paid monthly over period lasting 5 years from the time of top-up and commencement of withdrawal. Unlikely CPFB will shorten the period by giving higher payout.

Let see how CPF replied to my query when my father made a total withdrawal of his RA some years ago when he was actually getting a monthly payout of $230 or $297 before that. And his RA ..... was from my cash top-ups I raised this query because I have recently transferred about 100k to my father's RA and I don't want him to withdraw all at one go. It was meant for his living expenses should I uplorry before him.

Hi, you transfer 100k to yr father RA account from your OA? you meet the min sum of 161k and still got extra to top up to yr father RA?
my father need more monthly payout because he need to spent money on medical bills and food.. monthly 700 is not enough for him to spent..
I have no more OA to transfer to him so I want request cpf to increase his monthly payout to 1000..
you think possible? thanks for yr advise

 

[Laneige]

i think my bro asked my mum to top up her CPF acc so he can use it for some tax deduction? then ask my father issue Chq to my mum CPF acc
wa super win for him

 

[Calander]

i think my bro asked my mum to top up her CPF acc so he can use it for some tax deduction? then ask my father issue Chq to my mum CPF acc
wa super win for him

tax relief for a-dollar-to-a-dollar can be obtain from CPF top-ups to parents and spouse. or topping up to your own OA/SA or SRS.