As a reminder, there’s usually nothing to do today unless you’re trying to outrun CPF contributions from your employer’s December payroll cycle or an expected reimbursement to your MediSave Account. For example, if you expect your December payroll contributions to be credited on January 10 then you can make your cash deposit(s) for tax relief on January 8 (2 days ahead). Set a reminder to yourself on your smartphone or smartwatch, and enjoy the extra week of bank interest on your cash.
If you want to transfer funds today between family members — for example, your spouse transferring his/her OA dollars to your SA or RA, or vice versa — you can if you wish. Just leave enough room for tax relief(s) if you want to do that. Note that OA to SA/RA transfers make take several days if you’ve never done one so that the CPF Board can review your marriage certificate, for example. You can also transfer SA dollars to RA now if you’re ready to do that, but wait for OA to RA transfers first if you’re doing those. (SAs will be closing sometime in the latter half of this month for all CPF members age 55+. SA dollars transferred directly to RA will earn 4% p.a. interest for this month.) No rush, though. You’ve probably got a couple weeks to do that if you wish.
Happy New Year (2025)!
