CPF Accounts Value thread

[Summer78]

No, up to FRS only.

Then how and when do you need to elect for ERS?

 

[iMac]

No, up to FRS only.

If you want up the amount from FRS to ERS. You have to do it yourself via the eNET Kiosk?

 

[JuniorLion]

Then how and when do you need to elect for ERS?

Earliest day is the day you turn 55.

 

[shaowei14]

Good informative thread on the CPF..

Got a question that if one reaches 55 (achieved FRS) and the RA is created with the BHS at ceiling. How will the spill over of the mandatory contribution/VC be from 55 onwards? Will the excess BHS contributions go to OA or SA?

 

[nautilus]

Earliest day is the day you turn 55.

Can the funds for ERS at 55 come from the excess OA?

 

[JuniorLion]

Good informative thread on the CPF..

Got a question that if one reaches 55 (achieved FRS) and the RA is created with the BHS at ceiling. How will the spill over of the mandatory contribution/VC be from 55 onwards? Will the excess BHS contributions go to OA or SA?

Mandatory contributions/VC will be to SA.

Can the funds for ERS at 55 come from the excess OA?

Only if your SA is $0.

 

[Tiger9119]

Mandatory contributions/VC will be to SA.

I don't think you are right, I did VC and it go into OA/SA if BHS is at the limit. Majority of the VC goes into OA. I am above 55.

 

[JuniorLion]

I don't think you are right, I did VC and it go into OA/SA if BHS is at the limit. Majority of the VC goes into OA. I am above 55.

To clarify what the person is asking.

Question: "The amount that is supposed to go into Medisave - will it overflow to OA or SA".

Answer: "It will overflow to SA".

VC has an OA portion, an SA portion, and a Medisave portion (according to the CPF contribution rate). See link: https://www.cpf.gov.sg/Employers/Em...butions/cpf-contribution-and-allocation-rates

So your VC goes into OA, because it is allocated exactly according to the rate. Only the Medisave portion overflows into SA.

 

[Tiger9119]

Can the funds for ERS at 55 come from the excess OA?

If above 55, I think you can transfer from SA/OA.

From CPF:

You can top up via CPF transfer or cash to your own and/or your loved ones’ Special Accounts (SA) (for recipients below age 55) up to the current Full Retirement Sum (FRS), or Retirement Accounts (RA) (for recipients aged 55 and above), up to the current Enhanced Retirement Sum (ERS).

 

[peacefulday]

maxed MA

Last Contribution (received before 02/01/2019)
02/01/2019
VOLUNTARY CON TO MEDISAVE A/C
For 01/2019
$2,700.00
(OA:$0.00 SA:$0.00 MA:$2,700.00)

 

[JuniorLion]

If above 55, I think you can transfer from SA/OA.

From CPF:

You can top up via CPF transfer or cash to your own and/or your loved ones’ Special Accounts (SA) (for recipients below age 55) up to the current Full Retirement Sum (FRS), or Retirement Accounts (RA) (for recipients aged 55 and above), up to the current Enhanced Retirement Sum (ERS).

SA first. Then OA.

 

[Tiger9119]

To clarify what the person is asking.

Question: "The amount that is supposed to go into Medisave - will it overflow to OA or SA".

Answer: "It will overflow to SA".

VC has an OA portion, an SA portion, and a Medisave portion (according to the CPF contribution rate). See link: https://www.cpf.gov.sg/Employers/Em...butions/cpf-contribution-and-allocation-rates

So your VC goes into OA, because it is allocated exactly according to the rate. Only the Medisave portion overflows into SA.

For my VC in Dec 2018, the MA portion overflow into OA. Even the MA interest for 2018 also goes into OA.

 

[cal3135]

U reached FRS on SA that y overflow OA

For my VC in Dec 2018, the MA portion overflow into OA. Even the MA interest for 2018 also goes into OA.

 

[Tiger9119]

U reached FRS on SA that y overflow OA

I am above 55, RA already created, SA balance is less than 10k.

 

[cal3135]

Ur RA reached BRS/FRS, MA will overflow OA

I am above 55, RA already created, SA balance is less than 10k.

 

[Tiger9119]

Ur RA reached BRS/FRS, MA will overflow OA

I just don't understand why the MA interest for 2018 goes in my OA since 2019 BHS increased to $57,200. The interest credited on 31Dec 2018 is less than the increment. The interest was transfered to OA on 01Jan 2019.

 

[cal3135]

MA Annual interest credited 31 Dec, hence it will overflow to OA “immediately”..

01 jan new BHS set in, & immediately we are short of 2.7k to hit ceiling

I just don't understand why the MA interest for 2018 goes in my OA since 2019 BHS is increased to $57,200. The interest credited on 02Jan19 is less than the increment.

 

[iMac]

Currently my

OA: $50K
SA: $187K (hit FRS)
MA: $54.5K (hit BHS)

I just checked the CPF website, it stated ...

"You can still contribute $37,740.00 * as Voluntary Contribution to your Ordinary, Special and Medisave Accounts.

* If there are other contribution being processed before this payment, the Voluntary Contribution may exceed the CPF Annual limit/Member’s Basic Healthcare Sum and will be refunded without interest."

My question is....if i VC $37,740 into the 3 acct now. On 31 Jan (my Jan19's Pay day), my normal CPF contribution still able to put in? (because I already max-out the annual quota $37,740).

If yes, am I right the Pay day contribution only goes to OA & SA.

If no, what will happen to my Jan19 contribution? CPF will return to me?

 

[Calthron]

Above 55, after setting amount in RA, we can withdraw anytime from OA and SA? Can we withdraw and put in cash like a bank account but with higher interest?

I am above 55, RA already created, SA balance is less than 10k.

 

[hwmook]

Currently my

OA: $50K
SA: $187K (hit FRS)
MA: $54.5K (hit BHS)

I just checked the CPF website, it stated ...

"You can still contribute $37,740.00 * as Voluntary Contribution to your Ordinary, Special and Medisave Accounts.

* If there are other contribution being processed before this payment, the Voluntary Contribution may exceed the CPF Annual limit/Member’s Basic Healthcare Sum and will be refunded without interest."

My question is....if i VC $37,740 into the 3 acct now. On 31 Jan (my Jan19's Pay day), my normal CPF contribution still able to put in? (because I already max-out the annual quota $37,740).

If yes, am I right the Pay day contribution only goes to OA & SA.

If no, what will happen to my Jan19 contribution? CPF will return to me?

Your Jan19 contribution and all the 2019 contribution will still go in. In 2020 CPF will refund you the VC you made now without interest.