CPF Account Value Thread 2023

[toBfair]

Stay cool everyone. Yes I had gained a lots of 'pro' and 'con' advises from all your inputs and it's not a waste of time reading them . Appreciated all, especially to henry, royalmix, bbc, dork32
It'll definitely help me in choose cpfl or rss payout soon. COOL COOL COOL

just an update.
after two rounds of submitting our appeals to the cpf board, my parent's RSS old scheme payout duration had granted to extend till age90 (but cannot age95). We will go ahead with this

 

[royalmix]

https://www.straitstimes.com/singap...nged?utm_campaign=stfb&utm_medium=social&utm_

 

[reddevil0728]

https://www.straitstimes.com/singap...nged?utm_campaign=stfb&utm_medium=social&utm_

Congrats! 0.01% higher lol

 

[royalmix]

Congrats! 0.01% higher lol

You are below 55, so you ignore the rest of the info?

 

[reddevil0728]

You are below 55, so you ignore the rest of the info?

Not sure how you come to that conclusion.

it could just mean I’m specifically referring to this 0.01%

 

[sg_lancelot]

Saw the title and made me happy for 5 seconds before I clicked in

 

[lzydata]

It's still a milestone, first increase from 4% since 2008

And a dry run for future changes depending on the formula.

 

[sohguanh]

It's still a milestone, first increase from 4% since 2008

And a dry run for future changes depending on the formula.

Agree. The more important change is the employer cpf contribution will increase further from present 6k cap. This mean ppl with higher salary will cost more to employer but at the same time more cpf savings for employee if he managed to be gainfully employed. So it is a double-edged sword actually.

 

[reddevil0728]

Agree. The more important change is the employer cpf contribution will increase further from present 6k cap. This mean ppl with higher salary will cost more to employer but at the same time more cpf savings for employee if he managed to be gainfully employed. So it is a double-edged sword actually.

But that news has been out for sometime.

this 0.01% is something new

 

[BBCWatcher]

Special Account "shielding" is soon slightly more valuable.

 

[reddevil0728]

Special Account "shielding" is soon slightly more valuable.

for at least 3m

 

[henrylbh]

Congrats! 0.01% higher lol

What's the big deal Even if you have $1m in SMA, it's only $1000 extra per year and only very few may have 500k before 55. After 55?

 

[s0crates]

Congrats! 0.01% higher lol

Topping up CPF SA is prudent for retirement planning they say.... Hahahahhaa. Guess that only applies when interest rates/inflation is low.

 

[henrylbh]

Next month all eligible adults would receive about $400 to $700 COL payout, more than the 0.01% increase in SMA rate.

 

[reddevil0728]

What's the big deal Even if you have $1m in SMA, it's only $1000 extra per year and only very few may have 500k before 55. After 55?

Depends on what you define as big deal. Some people are very conservative. Any additional interest is better than nothing to them.

so them might be big. And it is ok for people to have different preference

Topping up CPF SA is prudent for retirement planning they say.... Hahahahhaa. Guess that only applies when interest rates/inflation is low.

prudent for people who doesn’t dare to go beyond fd

Next month all eligible adults would receive about $400 to $700 COL payout, more than the 0.01% increase in SMA rate.

But not all cpf members are eligible.

 

[hwmook]

Next month all eligible adults would receive about $400 to $700 COL payout, more than the 0.01% increase in SMA rate.

Keyword is eligible not all.

 

[henrylbh]

https://onecms-res.cloudinary.com/i...dget2023-assurancepackage_1.jpg?itok=uYf-M1-R

 

[kehyi4]

Agree. The more important change is the employer cpf contribution will increase further from present 6k cap. This mean ppl with higher salary will cost more to employer but at the same time more cpf savings for employee if he managed to be gainfully employed. So it is a double-edged sword actually.

"However, there will be no change to the annual salary ceiling, which sets the maximum amount of CPF contributions payable for all wages received in a year.
This is currently set at $102,000 and includes both ordinary wages and additional wages."

 

[hwmook]

"However, there will be no change to the annual salary ceiling, which sets the maximum amount of CPF contributions payable for all wages received in a year.
This is currently set at $102,000 and includes both ordinary wages and additional wages."

Waiting for them to increase this ceiling. Every year increase FRS but never increase the contribution cap, how they expect people to meet the FRS going forward?

 

[jywy2005]

As I am not working, is it possible to top up MA and SA accounts only via voluntary contribution? TIA.