CPF Accounts Value thread

[grenoble]

1 million OA uncle is jin satki

I am a 36 yo BBFA staying with parents

OA: 236.7k
SA: 105.9k
MA: 54.5k

clap clap, how u accumulated?

 

[alt2015]

withdraw 20% is for the no money people. at 65, they dont have frs. but they want some money to shiok shiok. so garmen let them draw a bit.

for uncle, he would have cleared his frs. he probably got 1 mil to withdraw from his oa and sa. he will not be allowed to draw from is sa.

If have frs in Ra at age 55, at 65( before payout) , cannot draw 20% ?

 

[crimsontactics]

OA - around 8-10k (SMRT)
SA - around 15-18k (insurance product)

It's ok. I'm taking them as a lesson learnt. Just be smarter in the future (hopefully)




Posted from PCWX using SM-G935F

What insurance product did you buy with SA?

Why will lose money?

Sent from . using GAGT

 

[lls0101]

I don't know if it's recommended or not, but that is how i structured by home loan - to finish at 54y 11mth so that i don't need to worry about it when i hit 55.

Brilliant idea... except that it doesn't work. CPF is well aware this potential loophole and it's well and truly closed:

notice the bit that says: -(Amount withdrawn for investments)

Thanks for the advice.

I guess I will dump the OA to shorten loan period to age 55 and keep around 5-10k in OA as backup in case sh*t happens.

Also thanks for the update on SA rules. I'm consistently doing RSTU for a number of years. Estimated that I can only do for another 4-5 years before I hit FRS for that year. Was thinking of ways to go around it so I can continue RSTU.



Posted from PCWX using SM-G935F

 

[lls0101]

What insurance product did you buy with SA?

Why will lose money?

Sent from . using GAGT

Can't remember the details. Only know one of my friends join insurance company and approach me.

Never had spare cash but got a fair bit in SA due to working for a number of years. So he got me a investment product that invest SA. Next thing I know, fund prices went down... liquidate it after few years and lost a fair bit.

Taking it as lesson learnt... painfully though. Lol.

Posted from PCWX using SM-G935F

 

[a4973]

I don't know if it's recommended or not, but that is how i structured by home loan - to finish at 54y 11mth so that i don't need to worry about it when i hit 55.


Brilliant idea... except that it doesn't work. CPF is well aware this potential loophole and it's well and truly closed:

notice the bit that says: -(Amount withdrawn for investments)

does this mean cannot shield SA even if SA 40K + OA can meet FRS?

 

[crimsontactics]

Can't remember the details. Only know one of my friends join insurance company and approach me.

Never had spare cash but got a fair bit in SA due to working for a number of years. So he got me a investment product that invest SA. Next thing I know, fund prices went down... liquidate it after few years and lost a fair bit.

Taking it as lesson learnt... painfully though. Lol.

Posted from PCWX using SM-G935F

Still friends with that guy?

Sent from . using GAGT

 

[lls0101]

Still friends with that guy?


Sent from . using GAGT

Lost contact. Last heard he jump shipped to another insurance company but never approach me again.

Guess he felt paiseh too.

Posted from PCWX using SM-G935F

 

[cal3135]

Bro, below not illustration of SA shielding.
It is prior turning 55; to shield 🛡 SA; use OA to build up RA.
Then unshield SA to have good interest rate of 4% after set up of RA.

Brilliant idea... except that it doesn't work. CPF is well aware this potential loophole and it's well and truly closed:

notice the bit that says: -(Amount withdrawn for investments)

 

[a4973]

Bro, below not illustration of SA shielding.
It is prior turning 55; to shield � SA; use OA to build up RA.
Then unshield SA to have good interest rate of 4% after set up of RA.

So will your before 55 shielding work?

Sent from Nextbit ROBIN using GAGT

 

[TabascoSauce]

Can't remember the details. Only know one of my friends join insurance company and approach me.

Never had spare cash but got a fair bit in SA due to working for a number of years. So he got me a investment product that invest SA. Next thing I know, fund prices went down... liquidate it after few years and lost a fair bit.

Taking it as lesson learnt... painfully though. Lol.

Posted from PCWX using SM-G935F

Really a scum going all out to eat ur commission.

If he has atleast abit of conscience, he would not advise his client to forgo their high interest risk free assets

 

[lls0101]

Really a scum going all out to eat ur commission.

If he has atleast abit of conscience, he would not advise his client to forgo their high interest risk free assets

The world is like that. Full of all kinds of people.

At least the losses is still bearable. Just learn and move on.

At least now I'm slightly more knowledgeable(hopefully) in the type of products to avoid.

Posted from PCWX using SM-G935F

 

[cal3135]

Bro, the shielding is more for prior 55 whom has FRS or near FRS in both OA and SA. With his house fully paid. It’s beneficial to do the SA shield.
Myself, will review if to do this when nearing 55.

So will your before 55 shielding work?

Sent from Nextbit ROBIN using GAGT

 

[crimsontactics]

The world is like that. Full of all kinds of people.

At least the losses is still bearable. Just learn and move on.

At least now I'm slightly more knowledgeable(hopefully) in the type of products to avoid.

Posted from PCWX using SM-G935F

You got scold your friend?

Sent from . using GAGT

 

[lls0101]

You got scold your friend?


Sent from . using GAGT

As mentioned previously, lost contact. He jumped ship to another insurance company.

In fact, when I liquidate the policy, he already left. Not able to get him to do it. In the end, the insurance company assign another agent to me and help me surrender the policy (at a loss).

As such, did not scold him or should I said, no chance to scold.

Actually seen this happened a few times... Buy insurance policies to support friends or loan them money, in the end, they play radio silent and ignore my messages or act blur. Normally I chase for a few times then I just give up. Take it as paying a small fee to learn more about their personality.

Now not so trusting like previously. Treat friends to a meal or coffee is ok. Loan money, insurance, mlm or business opportunities, I just say "sorry, no money".

Posted from PCWX using SM-G935F

 

[fluffydream]

Bro, the shielding is more for prior 55 whom has FRS or near FRS in both OA and SA. With his house fully paid. It’s beneficial to do the SA shield.
Myself, will review if to do this when nearing 55.

So it should work ?

 

[crimsontactics]

As mentioned previously, lost contact. He jumped ship to another insurance company.

In fact, when I liquidate the policy, he already left. Not able to get him to do it. In the end, the insurance company assign another agent to me and help me surrender the policy (at a loss).

As such, did not scold him or should I said, no chance to scold.

Actually seen this happened a few times... Buy insurance policies to support friends or loan them money, in the end, they play radio silent and ignore my messages or act blur. Normally I chase for a few times then I just give up. Take it as paying a small fee to learn more about their personality.

Now not so trusting like previously. Treat friends to a meal or coffee is ok. Loan money, insurance, mlm or business opportunities, I just say "sorry, no money".

Posted from PCWX using SM-G935F

God Bless You Bro lls0101...

Sent from . using GAGT

 

[cal3135]

It will bro, if u nearing 55.
House fully paid
FRS in OA and SA.

U may consider do the SA shield.
Just share with my colleague whom reaching 55 this year .
He is interested to do similarly

So it should work ?

 

[Summer78]

It will bro, if u nearing 55.
House fully paid
FRS in OA and SA.

U may consider do the SA shield.
Just share with my colleague whom reaching 55 this year .
He is interested to do similarly

The SA shield sounds complicated...

heng it's a problem many years away from now...

 

[Nofear40]

The SA shield sounds complicated...

heng it's a problem many years away from now...

Can any kind soul explain how it works?