CPF Accounts Value Thread 2021

[polyglob]

A guy in the 1M65 group shared his CPF - 1.6 mil total, 1.1 mil in OA. Power!

 

[highsulphur]

A guy in the 1M65 group shared his CPF - 1.6 mil total, 1.1 mil in OA. Power!

What's his age?

 

[polyglob]

What's his age?

He say he 59

 

[highsulphur]

He say he 59

Does that exclude his RA?

 

[polyglob]

Does that exclude his RA?

His pie chart got 4 slices. But he only showed number for total and OA.

 

[highsulphur]

His pie chart got 4 slices. But he only showed number for total and OA.

Ok then it's 1.6m for OA, SA, RA and MA at 59. Possible

 

[hwmook]

ur taxing savings is 15% over 20 years. normally of cos is tax savings of 10-15% per year, not over 20 years. tax savings 15% over 20 years of cos lesser people would want to do so.

just take simple example of 4% of $7000 a year = $280.

if you save $560 on that in tax savings you already earn 8% on that $7000 without any risk. of cos the downside is money is trapped.

Sorry, your maths fail. Go back and think again. There is no recurring tax savings on the SAME $7000. Don't want to waste my time explaining to you.

 

[yongsaver]

A guy in the 1M65 group shared his CPF - 1.6 mil total, 1.1 mil in OA. Power!

most likely he
1. used minimal or no CPF OA for housing or has refunded OA used for housing,
2. raised OA & SA shield when he was 55 &
3. is still working

 

[Gambler.]

thought it would be quicker to ask here:

if I make 3K top up to my MA, and 7K RSTU to my SA, do I get total of 10k tax reliefs for this year?

 

[WWH123]

Got a question.
Thought MA Limit was raised To 63k already.
Mine was slightly above 61K.
How come transferred the excess 1k plus to OA?

 

[highsulphur]

Got a question.
Thought MA Limit was raised To 63k already.
Mine was slightly above 61K.
How come transferred the excess 1k plus to OA?

Your excess came from the interest right? Interest was added on 31 Dec when the limit was still 60k and hence any excess will be transferred out

 

[zoneguard]

Your excess came from the interest right? Interest was added on 31 Dec when the limit was still 60k and hence any excess will be transferred out

And he also hit FRS in SA hence goes to OA not SA.

 

[zoneguard]

thought it would be quicker to ask here:

if I make 3K top up to my MA, and 7K RSTU to my SA, do I get total of 10k tax reliefs for this year?

Personal tax relief cap of 80K. https://www.iras.gov.sg/irashome/In...tions-for-Individuals/CPF-Cash-Top-up-Relief/

 

[Gambler.]

Personal tax relief cap of 80K. https://www.iras.gov.sg/irashome/In...tions-for-Individuals/CPF-Cash-Top-up-Relief/

Yea I’m aware of that. For simplicity, I believe my scenario still holds since I haven’t hit FRS means I can get 10k tax reliefs for topping up 3k to hit BHS in my MA and 7k to SA under RSTU for 2021

 

[IronMan123]

What's the benefit of transfer cash to MA to make it $63k? This one no tax relief right?

 

[zoneguard]

What's the benefit of transfer cash to MA to make it $63k? This one no tax relief right?

https://www.iras.gov.sg/irashome/In...pulsory-and-Voluntary-Medisave-Contributions/

 

[IronMan123]

https://www.iras.gov.sg/irashome/In...pulsory-and-Voluntary-Medisave-Contributions/

Got it. Thanks.

 

[Niaoson]

Is it just me or....the new PDF statement format is many steps back from the previous years'?!

 

[maumu]

Is it just me or....the new PDF statement format is many steps back from the previous years'?!

same for me too. i tot i downloaded the wrong/outdated document

 

[sellbuyboy]

can i make a VC to MA now to get tax relief for YA2021?