CPF Accounts Value Thread 2021

[Sinkie]

It is the time of the year again. When you receive your CPF interests for 2020, you will feel rich. But what's the point of feeling rich if you can't show off?

I invite you to show off the amount you have in your CPF. Post a picture showing the sum total. Make sure to show the first 2 digits of your NRIC so we know if you are the richest in your age group.

The bragging rights is yours.

So, showoff away.

No picture no talk.

Show yours too

 

[BBCWatcher]

Sorry to barge in. So if my SA is few k short of FRS and MA is say 58000, is there advantage to top up to 2021 FRS (186000) and BHS (63000) or let my employment contributions slowly fill it up?

It sounds like the way to go is to top up end of this month to 186k and 63k respectively?

The advantage is to maximize tax relief based on 2021 income (for Year of Assessment 2022). First of all, do you have a December, 2020, or January, 2021, payroll cycle of compulsory contributions that'll hit sometime this month (January, 2021)? Do you have any MediSave withdrawals that'll hit this month, such as an Integrated Shield, MediShield Life, or CareShield Life premium? If so, and if you want to maximize tax relief and interest, you should try to beat those events by a couple days.

Let's suppose for example your December, 2020, payroll cycle contributions usually hit on the 10th day of the month and you have an Integrated Shield premium payment coming out of MediSave on January 25. Here's what I would do:

1. Boost your MediSave Account to $63,000 and your Special Account to $186,000 on January 7. This assumes you expect to have enough room below the CPF Annual Limit for your MediSave voluntary contribution.

2. On January 30 or 31, fill up your MediSave Account again to $63,000, again assuming you have enough room in 2021 below the CPF Annual Limit.

In order to calculate the annual cpf contribution, Is it from December 2019 salary which is credited in January?

My understanding is that the CPF Annual Limit includes compulsory contributions based on how they're "tagged," not based on when they're credited. So your December, 2019, payroll cycle (that was credited in January, 2020) counts toward the 2019 CPF Annual Limit, not the 2020 CPF Annual Limit.

 

[polyglob]

Sent from . using GAGT

S92, young man, well done!

 

[crimsontactics]

S92, young man, well done!

Old liao...

Sent from . using GAGT

 

[reddevil0728]

Old liao...

Sent from . using GAGT

have you been topping up a lot?

MA seems very low for the amount of SA you have (even if that includes OA that were transferred)

 

[Oldnerd79]

You top up straight away your MA?

Won't get refunded?

High chance wont get refunded.. Im expecting bonus to be cut this year.

 

[testerjp]

I'm abit confused.

For salaried personnel.
If top up $3k to MA, will that top up be eligible to Tax relief?

 

[highsulphur]

I'm abit confused.

For salaried personnel.
If top up $3k to MA, will that top up be eligible to Tax relief?

Yes but that top up counts towards your annual contribution limit of 37740 which is also subject to tax relief

 

[crimsontactics]

have you been topping up a lot?

MA seems very low for the amount of SA you have (even if that includes OA that were transferred)

Yeap. Never top up MA yet.

Sent from . using GAGT

 

[reddevil0728]

Yeap. Never top up MA yet.

Sent from . using GAGT

ok no wonder.

because if it is just from working. then MA seems abnormally low for the given amount of OA and SA

 

[decibel.]

I'm abit confused.

For salaried personnel.
If top up $3k to MA, will that top up be eligible to Tax relief?

It counts towards tax relief and it's best to top up MA. For myself, I top up MA and got tax relief and interest about 1k+ and just last month used 2k+ from MA so net out saved 1k+ hospital cost.

Sent from HUAWEI VOG-L29 using GAGT

 

[d9_lives]

How did you get that fancy chart?
S83 here u go
https://ibb.co/VYP1LB5

 

[a4973]

for a person with no mandatory contributions from employment expected in 2021 & wants to VC $37740 by end Jan 2021 but with shield plan premium deduction in Aug 2021, is there anything i can do to fill up MA after shield plan premium deduction in Aug 2021?
thanks

 

[testerjp]

Yes but that top up counts towards your annual contribution limit of 37740 which is also subject to tax relief

It counts towards tax relief and it's best to top up MA. For myself, I top up MA and got tax relief and interest about 1k+ and just last month used 2k+ from MA so net out saved 1k+ hospital cost.

Sent from HUAWEI VOG-L29 using GAGT

ok, asking that because read some other thread suggesting it's only for self employed.

 

[zoneguard]

for a person with no mandatory contributions from employment expected in 2021 & wants to VC $37740 by end Jan 2021 but with shield plan premium deduction in Aug 2021, is there anything i can do to fill up MA after shield plan premium deduction in Aug 2021?
thanks

VC to $37,740 minus shield premium value in Jan.
VC to MA premium value in Aug 2021.

 

[westtraveller]

The advantage is to maximize tax relief based on 2021 income (for Year of Assessment 2022). First of all, do you have a December, 2020, or January, 2021, payroll cycle of compulsory contributions that'll hit sometime this month (January, 2021)? Do you have any MediSave withdrawals that'll hit this month, such as an Integrated Shield, MediShield Life, or CareShield Life premium? If so, and if you want to maximize tax relief and interest, you should try to beat those events by a couple days.

Let's suppose for example your December, 2020, payroll cycle contributions usually hit on the 10th day of the month and you have an Integrated Shield premium payment coming out of MediSave on January 25. Here's what I would do:

1. Boost your MediSave Account to $63,000 and your Special Account to $186,000 on January 7. This assumes you expect to have enough room below the CPF Annual Limit for your MediSave voluntary contribution.

2. On January 30 or 31, fill up your MediSave Account again to $63,000, again assuming you have enough room in 2021 below the CPF Annual Limit.


My understanding is that the CPF Annual Limit includes compulsory contributions based on how they're "tagged," not based on when they're credited. So your December, 2019, payroll cycle (that was credited in January, 2020) counts toward the 2019 CPF Annual Limit, not the 2020 CPF Annual Limit.

Thanks BBCW. I don't get tax relief from cpf popups and the Annual Limit is maxed without further voluntary contribution. The first outgoing payment from MA is in April. The contributions from bonus (if available this year) will likely bring the MA to 63k. So my rudimentary math says that not worth to topup in Jan for 2-3 months interest on the difference between current MA and maxed MA, only to get a refund in Dec. Is this right or did I make an error?

 

[nautilus]

for a person with no mandatory contributions from employment expected in 2021 & wants to VC $37740 by end Jan 2021 but with shield plan premium deduction in Aug 2021, is there anything i can do to fill up MA after shield plan premium deduction in Aug 2021?
thanks

Contact your insurer and tell them that you’d like to pay for the premiums by cash instead of MA. They will give you a stare but will help you process it. This keeps your MA full throughout the year.

 

[fr33d0m]

Contact your insurer and tell them that you’d like to pay for the premiums by cash instead of MA. They will give you a stare but will help you process it. This keeps your MA full throughout the year.

NTUC Income can do it online. I changed my payment plan this year and now all my shield premium needs cash payment. Can set credit card, too.

 

[a4973]

Contact your insurer and tell them that you’d like to pay for the premiums by cash instead of MA. They will give you a stare but will help you process it. This keeps your MA full throughout the year.

there are 2 components , MSL & PMI. am i able to pay for both with cash? i believe MSL which is MediShield Life Premium only payable from MA ?

thanks

 

[a4973]

Yearly Statement of Account 2020 is ready!!