CPF Account Value Thread 2025

[Potent]

If my uncle ra is 3000. And oa 11000. He is 70 this year... Meaning the ra of 3000 will return to my uncle this year on his bd and nothing left? To fulfill the cpf life monthly payout, need to hit the brs?

 

[highsulphur]

If my uncle ra is 3000. And oa 11000. He is 70 this year... Meaning the ra of 3000 will return to my uncle this year on his bd and nothing left? To fulfill the cpf life monthly payout, need to hit the brs?

Call
CPF
Directly

 

[happening]

Anyone encountered employer over contribute the limit before? 102,000.
If say employer deposited the contribution for DEC on 1st Jan, roughly when will govt refund?

My overpayment together with the interest paid were deducted on 13 March 2024.

 

[BBCWatcher]

If my uncle ra is 3000. And oa 11000. He is 70 this year... Meaning the ra of 3000 will return to my uncle this year on his bd and nothing left? To fulfill the cpf life monthly payout, need to hit the brs?

Your uncle was born in 1955 if he's celebrating his 70th birthday this year. Unless he opted into CPF LIFE he's still on the classic Retirement Sum Scheme payout plan. If so, what'll probably happen is that the CPF Board will automatically sweep the $11,000 from his OA into his RA shortly before payouts start. Unless he requests otherwise (if he still has a mortgage to pay using OA). Assuming the sweep occurs that'll mean a ~$14,000 RA balance. At $350/month (the minimum payout under classic RSS), and with some interest along the way, his monthly payouts will end a few months before his 74th birthday. Then he's tapped out from CPF if there are no more dollars coming in.

He has the option to enroll in CPF LIFE. CPF LIFE monthly payouts will be much smaller but will last for his entire life, however long it lasts.

Call
CPF
Directly

Absolutely! The above is supposition based on the information provided. The CPF Board is obviously best positioned to explain exactly what'll happen.

 

[IcYFl4mEz]

My overpayment together with the interest paid were deducted on 13 March 2024.

thanks for the info, meaning they took quite long to process. doesnt matter a few k extra anyway.
means by then HR also already declared the income tax is inaccurate?

 

[happening]

thanks for the info, meaning they took quite long to process. doesnt matter a few k extra anyway.
means by then HR also already declared the income tax is inaccurate?

Unless your overpayment for employer cpf is due to overpayment of salary otherwise there is no impact on income declared for income tax.

 

[Potent]

Call
CPF
Directly

Uncle is alone. Single and Noone helping.. I wonder if my position can help...

 

[reddevil0728]

Uncle is alone. Single and Noone helping.. I wonder if my position can help...

what position?

 

[Potent]

what position?

Not the nok. I wonder if they will entertain me. Uncle. Has. Mobility issue too... Will try contact cpf. Thanks.

 

[highsulphur]

Not the nok. I wonder if they will entertain me. Uncle. Has. Mobility issue too... Will try contact cpf. Thanks.

Just give a hypothetical situation. Or just explain your situation

Better than getting answers here

 

[reddevil0728]

Not the nok. I wonder if they will entertain me. Uncle. Has. Mobility issue too... Will try contact cpf. Thanks.

Your uncle got do LPA?

 

[8zaoyu]

If my uncle ra is 3000. And oa 11000. He is 70 this year... Meaning the ra of 3000 will return to my uncle this year on his bd and nothing left? To fulfill the cpf life monthly payout, need to hit the brs?

If he did not initiate draw-down payouts from 65, CPF will start his payout monthly from his 70th BD month?, CPF will ask his bank account which will be validated. If he has not even done his nomination like quite a few, money may go to the State (after recovery of HDB loans/hospitalisation payments?)

 

[Potent]

Your uncle got do LPA?

Nope. I don't think so. His. Mental wellbeing is not good also... I don't think. Now. Can find lpa

 

[Potent]

If he did not initiate draw-down payouts from 65, CPF will start his payout monthly from his 70th BD month?, CPF will ask his bank account which will be validated. If he has not even done his nomination like quite a few, money may go to the State (after recovery of HDB loans/hospitalisation payments?)

If anyone proceed to make claim, it can be done?

 

[reddevil0728]

Nope. I don't think so. His. Mental wellbeing is not good also... I don't think. Now. Can find lpa

https://yuenlaw.com.sg/singapore-law/lose-mental-capacity-no-lpa/

If not in the position to make a LPA, then maybe apply to court to appoint deputy, so that your uncle affairs can be taken care of by someone.

 

[8zaoyu]

If anyone proceed to make claim, it can be done?

Claim Cpf draw-down monthly? Bring him to fill in his Bank Account at CPF counter best.
Claims after death with no nominations, very long-winded, as said can be all to the State after finding no Next-of-kins.
Claims after losing mental ability, still concern btw CPFB and him to settle, I think

 

[chiokcc]

My aged parent received letter saying those above age 70 can enjoy MRSS from this year onwards .....

https://www.cpf.gov.sg/member/infoh...tirement-savings-scheme-what-you-need-to-know

I have top-up $8k into their RA on 01 Jan (using my name as donor) so that I can enjoy tax rebate .... this MRSS $2k top-up is not eligible for tax relief ... so this means it is best that they top-up $2k, preferably using their own name??

 

[maumu]

My aged parent received letter saying those above age 70 can enjoy MRSS from this year onwards .....

https://www.cpf.gov.sg/member/infoh...tirement-savings-scheme-what-you-need-to-know

I have top-up $8k into their RA on 01 Jan (using my name as donor) so that I can enjoy tax rebate .... this MRSS $2k top-up is not eligible for tax relief ... so this means it is best that they top-up $2k, preferably using their own name??

if u top up $8k for them, you'll get tax relief for the $6k, while govt will top up $2k to match the $2k you top up.

so if you want max relief of $8k, you might want to top up $10k instead (so $8k personal relief + $2k govt top up for one parent), or $12k ($8k personal relief + $2k govt top up x 2 folks). Each parent gets $2k from govt on top of your $8k top up.

e.g.
F - top up $6k (he gets extra $2k from govt, you get $4k relief)
M - top up $6k (she gets extra $2k from govt, you get another $4k relief)

 

[chiokcc]

if u top up $8k for them, you'll get tax relief for the $6k, while govt will top up $2k to match the $2k you top up.

so if you want max relief of $8k, you might want to top up $10k instead (so $8k personal relief + $2k govt top up for one parent), or $12k ($8k personal relief + $2k govt top up x 2 folks). Each parent gets $2k from govt on top of your $8k top up.

e.g.
F - top up $6k (he gets extra $2k from govt, you get $4k relief)
M - top up $6k (she gets extra $2k from govt, you get another $4k relief)

Thanks.... I was thinking of getting them to login and top-up using their own CPF account to avoid ambiguity ....

 

[BBCWatcher]

Thanks.... I was thinking of getting them to login and top-up using their own CPF account to avoid ambiguity ....

What ambiguity do you think you're trying to avoid?

The Matched Retirement Savings Scheme works no matter who makes the cash top up. It's strictly based on whether the eligible member's CPF Retirement Account receives a cash top up. Even Mr. Michael Mouse could make the cash top up under the MRSS — the identity of the donor doesn't matter.

If you are trying to qualify for tax relief then yes, you should make the cash top up.

Please note that MRSS and tax relief limits are not CPF limits. The only limit for CPF Retirement Accounts is the Enhanced Retirement Sum. Tax relief and matching funds are nice, but top ups beyond those limits may still be the next best available deal.