CPF Accounts Value Thread 2021

[czycius]

How do u make payment through paynow if u r topping from the same mobile phone?

me did VC into 3 accounts this morning via PAYNOW. near instant update.
if do e-nets, will take a while.

 

[yongsaver]

How do u make payment through paynow if u r topping from the same mobile phone?

me used desktop + mobile combo.

 

[sg_lancelot]

Was it through paynow or enets?

Which date did u top up?

PayNow QR.

2nd Jan

 

[havetheveryfun]

How do u make payment through paynow if u r topping from the same mobile phone?

u can "scan" by uploading the qr code image from your gallery instead if u using phone..


except dbs paynow sucks still ask for physical token when already registered as digital, cant top up

 

[Tsoukalos]

hi 1st time here. need to start planning (bit late liao but better than nothing)

1)is there a minimum sum to xfer to SA to qualify for tax relief?

2) is there retirement table beyond 2022? right now cannot see beyond so how to calculate how much SA or RA I need by 55 which is not inside this table?

https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-
sum-scheme

3) CPF website say better to put in Jan than Dec issit true?

https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-topping-up-scheme

 

[hwmook]

just look at all the screenshots here.. those who are willing to top up into SA are probably the higher income earners. and it is maybe more worth it for them to get down to the next lower tax bracket for tax savings.

e.g. 4% of 7000 is only $280. So if by topping up they can save 500-1000 in tax savings. why not. They then not just saved 500+ only but also gained the 280 in CPF interest.

Let's assume tax savings of 15% and you are trapped for 20 years, that just 0.75% per year. You just need to earn more than 4.75% PA and its better than topping up SA.

 

[RedsYWNA]

Let's assume tax savings of 15% and you are trapped for 20 years, that just 0.75% per year. You just need to earn more than 4.75% PA and its better than topping up SA.

This is an excellent point. I never really thought of it this way!

Esp given the limited investing options for SA. For OA, at least there are a variety of options to beat 2.5% or 4% over 30 years...

 

[Beta_Tester]

Ordinary Account (OA) $162,398.44
Special Account (SA) $51,480.95
Medisave Account (MA) $57,800.40

I haven't used my OA to buy house yet. Have 20K ish CPF investment.

Mid 30s. What should I do ah? Do you pump X amount of salary into SA? Or should I do investments with it?

Have zero liabilities or loans now. I may use the OA for house within the next 1-2 year.

 

[o2atom]

hi 1st time here. need to start planning (bit late liao but better than nothing)

1)is there a minimum sum to xfer to SA to qualify for tax relief?

2) is there retirement table beyond 2022? right now cannot see beyond so how to calculate how much SA or RA I need by 55 which is not inside this table?

https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-
sum-scheme

3) CPF website say better to put in Jan than Dec issit true?

https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-topping-up-scheme

1) For cash top-up to SA, Min $1, Max $7k/ per year until your SA reaches FRS.

2) Using an increased of 4.5% per year should be accurate enough.

3) Yes, if you top up in Jan-21, you will start earning interest from Feb-21. But if you top up in Dec-21, you will only start earning interest from Jan-22.

 

[highsulphur]

I'm close enough to 55 to do a simple spreadsheet to estimate my balance at 55 with a few simple assumptions on BHS increase and continued employment. I must say I'm looking forward to it.

 

[o2atom]

PayNow QR.

2nd Jan

Then it should be updated almost instantly.
You can go to "My Activities" to check the transaction status. You will also receive email notification from CPF upon successful top-up.

 

[zoneguard]

I'm close enough to 55 to do a simple spreadsheet to estimate my balance at 55 with a few simple assumptions on BHS increase and continued employment. I must say I'm looking forward to it.

Remember to do likewise for your wife since it's household wealth you are planning.
Can double-check against https://geek.sg/tools/cpf-forecast/ which compute BHS and FRS growth.

 

[highsulphur]

Remember to do likewise for your wife since it's household wealth you are planning.
Can double-check against https://geek.sg/tools/cpf-forecast/ which compute BHS and FRS growth.

My wife's would be much harder to predict as she is self employed. The good news is that she has hit FRS in her SA already

 

[havetheveryfun]

Let's assume tax savings of 15% and you are trapped for 20 years, that just 0.75% per year. You just need to earn more than 4.75% PA and its better than topping up SA.

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.

 

[Chua Zhiming]

For those who have reached BHS and FRS way before 40, any other things we can do do maximize our SA since top-ups no longer allowed?

Or nothing else already, just wait till 55 and top-up RA to ERS.

 

[zoneguard]

For those who have reached BHS and FRS way before 40, any other things we can do do maximize our SA since top-ups no longer allowed?

Or nothing else already, just wait till 55 and top-up RA to ERS.

VC to all 3 accounts , no tax relief.
VC to MA after shield premium/Careshield premium deduction.
CPF Annual Limit 37,740 applicable to all contributions (MC/VC).

 

[highsulphur]

For those who have reached BHS and FRS way before 40, any other things we can do do maximize our SA since top-ups no longer allowed?

Or nothing else already, just wait till 55 and top-up RA to ERS.

Nope. The only way you can influence it in a significant way is to reach FRS as early as possible and let compounding do the work for you

 

[highsulphur]

VC to all 3 accounts , no tax relief.
VC to MA after shield premium/Careshield premium deduction.
CPF Annual Limit 37,740 applicable to all contributions (MC/VC).

Nope. Vc all 3 accounts have tax relief. Just that it counts towards the annual limit of 37740

 

[zoneguard]

Nope. Vc all 3 accounts have tax relief. Just that it counts towards the annual limit of 37740

https://www.cpf.gov.sg/members/FAQ/... for Employees&folderid=11177&ajfaqid=2184968

You can make VC to:
All 3 CPF Accounts (non tax-deductible)

 

[highsulphur]

https://www.cpf.gov.sg/members/FAQ/... for Employees&folderid=11177&ajfaqid=2184968

thanks. I stand corrected