CPF Accounts Value Thread 2020

[KnyghtRyder]

30 this year.
Expecting BTO to be ready in 2021.

Should I transfer OA to SA? Or should I hold and let HDB drain my OA in 2021?

The answer to that largely depends on your future plans.. are you planning to stay in this property forever or do you wish to upgrade at some point..

 

[ulancus]

https://www.salary.sg/2015/cpf-contribution-two-multiple-concurrent-jobs-employers/

Anyone can verify this article? Interesting topic lol.

 

[KnyghtRyder]

ask you all those who using cpf OA for HDB housing loan at 2.6% rate, is it better to do voluntary refund (principal amt) back to OA or to redeem housing loan with HDB?

If you redeem housing loan your get a housing loan interest refund.. assuming you taking HDB loan.. so that's quite cool.. it will reduce your overall principal plus interest payment

Doing a voluntary refund on the other hand just helps to cap your CPF accrued interest.. I don't really see the point of doing so.

 

[BBCWatcher]

Possible. The $37740 is only for 1 contribution. If there’s 7 contributions, it’s $37740 x 7.

It does not work this way.
Max contribution, regardless of of sources, is $37.7k per year.

It does work the way Terence2112 has described it. If you have 7 concurrent employers in Singapore each paying you $6,000 per month or more in regular wages/salary plus $30,000 or more in variable pay, then yes, you would have $37,740 * 7 = $264,180 streaming into your CPF accounts. Plus possible AMCS dollars streaming into MediSave on top of that.

Needless to say, this situation is rare, but it can occur with highly compensated individuals who hold multiple corporate directorships, for example. Also, such individuals can choose to opt out of the employee contributions above the employee share of one CPF Annual Limit, but the employers must still contribute their portions ($17,340 maximum per year per employer, plus any AMCS dollars).

 

[SKenny]

It does work the way Terence2112 has described it. If you have 7 concurrent employers in Singapore each paying you $6,000 per month or more in regular wages/salary plus $30,000 or more in variable pay, then yes, you would have $37,740 * 7 = $264,180 streaming into your CPF accounts. Plus possible AMCS dollars streaming into MediSave on top of that.

Needless to say, this situation is rare, but it can occur with highly compensated individuals who hold multiple corporate directorships, for example. Also, such individuals can choose to opt out of the employee contributions above the employee share of one CPF Annual Limit, but the employers must still contribute their portions ($17,340 maximum per year per employer, plus any AMCS dollars).

Thanks. I stand corrected.

 

[terence2112]

in EDMW, i will say this smells like bu.ll sh.it
in MM, I will be more polite to say, that it's not possible..

6 different contributions for 1 pax???

I don’t blame you for not believing.. but I don’t have a reason to lie. And like what you said, this is not EDMW.
Anything is possible in CPF, one just need to know how to game it...

 

[Midlifecrisis]

Maybe a better way of sharing
OA 100k plus 580k withdrawal for prop
SA 250k
MA 57k
Age 51

I suspect those who roughly have the same sa and ma probably have the same oa+oa used for property

 

[bossjiaksai]

Interesting, so theoretically one can have 20-30 mil in CPF also?

imagine directorships in 30 companies, each contributing the max amount. Thats $37,740 x 30 in a year, which is more than 1 mil per year into CPF?

Of course, that's besides the point that if someone is of such calibre and status, a few million is just chump change

 

[henrylbh]

It does work the way Terence2112 has described it. If you have 7 concurrent employers in Singapore each paying you $6,000 per month or more in regular wages/salary plus $30,000 or more in variable pay, then yes, you would have $37,740 * 7 = $264,180 streaming into your CPF accounts. Plus possible AMCS dollars streaming into MediSave on top of that.

Needless to say, this situation is rare, but it can occur with highly compensated individuals who hold multiple corporate directorships, for example. Also, such individuals can choose to opt out of the employee contributions above the employee share of one CPF Annual Limit, but the employers must still contribute their portions ($17,340 maximum per year per employer, plus any AMCS dollars).

So you finally know that one can exceed the CPF Annual Limit.

 

[iMac]

This is impressive.

I am in my 50's and my SA is only about $100k.

Uncle...What about your OA? Should be $1.2million this year....

 

[polyglob]

Maybe a better way of sharing
OA 100k plus 580k withdrawal for prop
SA 250k
MA 57k
Age 51

I suspect those who roughly have the same sa and ma probably have the same oa+oa used for property

Does your 580k include accrued interests?

 

[Midlifecrisis]

Does your 580k include accrued interests?

Yes.All included

 

[JuniorLion]

Nice. Anyone higher than SKenny?

 

[henrylbh]

My total interest for the year 2019 is 25,511.35. Next year should be above 32k

 

[limster]

wow a lot of million dollar CPF accounts!

Pls continue to share how you max out your CPF! Like I always say, do you want to learn how to make & manage money from
(i) someone who actually has money; or
(ii) keyboard warrior just talk only?

Waiting to the end of this month to do more CPF housing refund!

 

[maple96]

wow a lot of million dollar CPF accounts!

Pls continue to share how you max out your CPF! Like I always say, do you want to learn how to make & manage money from
(i) someone who actually has money; or
(ii) keyboard warrior just talk only?

Waiting to the end of this month to do more CPF housing refund!

That's a good one! Share yours leh, include your CPFIS-OA, u made alot there!

 

[dork32]

If you redeem housing loan your get a housing loan interest refund.. assuming you taking HDB loan.. so that's quite cool.. it will reduce your overall principal plus interest payment

only car loan have interest refund. housing loan dont have interest refund.

 

[henrylbh]

Where you get the notion that car loan have interest refund? As far as I know, all car loans are calculated on fixed interest for the agreed period and interest is calculated based on rule of 78 for premature termination. That's not refund.

 

[henrylbh]

If you use the rule of 78, you would know how much loan to refund at each point of time during the tenure of the loan. In all my prematured terminations, there was no penalty ... almost exactly the amount based on rule of 78.

 

[cal3135]

Car loan Rule 78 will dampen your desire for full settlement.. unless changing ride...
Hence min car loan if possible..

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