CPF Account Value Thread 2023

[Oldnerd79]

Mid 40s.

I will just cruise along in my job when I hit 50s.

Mid 50s to retire by default, if no stress then max 60.

That is provided your job allows you to cruise.. we are probably around the same age and I know my days at my current job are numbered. Want to cruise along also cannot.

 

[henrylbh]

This year this thread is relatively quiet.

I guess most, likely myself, have shifted their OA into T-Bills.

Quiet because no money to talk about. Left about 23k in OA. End next year, then think about shielding SA. Now wait for Tbill to mature next month and thinking of dumping into shares but very limited because of investible limit on shares.

 

[Dividends Warrior]

CPF wishes me happy birthday.

 

[epigram]

Hoping to reach ERS seems impossible without doing OA to SA transfer. The interest can hardly keep up with the annual increase. Anyone managed just from regular contributions alone?

 

[BBCWatcher]

Hoping to reach ERS seems impossible without doing OA to SA transfer. The interest can hardly keep up with the annual increase. Anyone managed just from regular contributions alone?

It’s more likely if you make Voluntary Contributions to MediSave (for tax relief), reach the Basic Healthcare Sum, and (thus) redirect compulsory MediSave contributions into your Special Account until it reaches the Full Retirement Sum.

Even then you won’t get a Retirement Account funded to the Enhanced Retirement Sum unless someone takes action when you reach age 55+.

 

[Shion]

CPF to launch nationwide project to encourage mature members to think about retirement plans​

SINGAPORE – Think beyond short-term gains and losses: This is one of the key messages the Central Provident Fund Board hopes to drive home in its members.

The board wants to encourage them to rethink their retirement plans and improve their financial situation through an islandwide project in the second half of 2024.

The Heartlands Engagement Project’s primary target audience is mature CPF members between the ages of 36 and 54. They would have been in the workforce for a few years, and still have sufficient time to make a significant impact on their retirement planning.

https://www.straitstimes.com/singap...ature-members-to-think-about-retirement-plans

I think they should slow the increment of minimum sum and give more flexibility in withdrawals first then talk...

 

[starlight318]

I think they should slow the increment of minimum sum and give more flexibility in withdrawals first then talk...

Increment of minimum sum depends on inflation so ultimately govt needs to be able to slow down inflation. There is already flexibility in withdrawal by allowing you to pledge HDB and only set aside BRS. It is challenging to allow more flexibility without jeopardizing future tax payers if people end up squandering away their CPF savings

 

[s0crates]

I think they should slow the increment of minimum sum and give more flexibility in withdrawals first then talk...

What type of flexibility in withdrawal you looking at?

I don't think minimum sum incremental slow down will be appreciated by the CPF hackers here that just want to pump money in for risk free rates lol. The real problem is the base line cpf interest (across all accounts) have largely stagnated relative to the crazy spike in inflation. Cpf is not so great for retirement if ain't adjusting along with inflation isn't it?

The older Singaporeans will be in a rude shock on how little their cpf income is with the impact of inflation

 

[0218crawford]

This year this thread is relatively quiet.

I guess most, likely myself, have shifted their OA into T-Bills.

yep. if show big amount in OA now means either in between t-bills or not financially savvy.

 

[andyhtc]

yep. if show big amount in OA now means either in between t-bills or not financially savvy.

I just realised that I can fully pay off my house loan using my existing CPF OA and cash. Currently, the loan is still under lock-in until 2026. Mentally, I feel so much more relaxed now

 

[0218crawford]

I just realised that I can fully pay off my house loan using my existing CPF OA and cash. Currently, the loan is still under lock-in until 2026. Mentally, I feel so much more relaxed now

yep. eventho there wil be detractors who will suggest not paying housing loan in full....

 

[sohguanh]

The one issue I don't like about CPF is they are unable to also show our CPF investment with their returns that is outside from CPF. This means for ppl who do CPF investment (like me for so many years) it is hard for us to visualize our "actual" final CPF balances in a central place like CPF.

This I discover when later I want to do a top-up they refuse (even though from online screen numbers show I am under that limit) until I ask and guess then know the CPF is count everything including your CPF investment you have taken out. The screen should really in one way or another show that information.

Already feedback but as always govt entities slow to implement something they found not of value to them whereas the other got value to them is "lock ppl monies" within themselves.

 

[dork32]

I just realised that I can fully pay off my house loan using my existing CPF OA and cash. Currently, the loan is still under lock-in until 2026. Mentally, I feel so much more relaxed now

for some people like me, if i have 500k oa and 500k home loan, i sleep very well. this is because i know i have the ability to pay up anytime.

for others, they can only sleep well if they have 0 oa and 0 home loan.

 

[tkdboi]

for some people like me, if i have 500k oa and 500k home loan, i sleep very well. this is because i know i have the ability to pay up anytime.
for others, they can only sleep well if they have 0 oa and 0 home loan.

hehe I am same as you. especially with a low rate home loan for another 4 years no point paying off


Read HWZ Forum Rules!

 

[royalmix]

Wah!

From Jan 1, 2024, the basic healthcare sum (BHS) will be raised to S$71,500 from S$68,500 for CPF members below 65 years of age. It will be fixed at S$71,500 for those turning 65 in 2024.

 

[royalmix]

Wah wah!

CPF interest rates for Special, MediSave and Retirement accounts raised to 4.08%​

WITH the Special and MediSave Account (SMA) pegged rate exceeding the floor rate of 4 per cent, Central Provident Fund (CPF) members’ savings in the SMA will earn 4.08 per cent from Jan 1, 2024, to Mar 31, 2024.

Likewise, savings in the Retirement Account (RA) will earn the same interest rate over this period, as the RA interest rate peg is aligned to that of the SMA. The RA interest rate peg will be computed quarterly instead of annually from Jan 1, 2024.

The Ordinary Account (OA) interest rate will remain unchanged at 2.5 per cent, as the pegged OA rate remains below the floor rate of 2.5 per cent.

 

[wenguang]

Wah!

From Jan 1, 2024, the basic healthcare sum (BHS) will be raised to S$71,500 from S$68,500 for CPF members below 65 years of age. It will be fixed at S$71,500 for those turning 65 in 2024.

can topup 3000 in january liao

 

[sohguanh]

can topup 3000 in january liao

Just to share it is not say you want to topup they will take one. Me try cannot. Jan 2024 I try my luck again.

 

[wenguang]

Just to share it is not say you want to topup they will take one. Me try cannot. Jan 2024 I try my luck again.

huh, past 3 years all ok

 

[petromax]

CPF wishes me happy birthday.

target is 1M65