CPF Accounts Value thread

[iMac]

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 think bank interest not as good as CPF 3.5%.

Should just leave it inside CPF, you can also draw out money from CPF like ATM as and when you need money.

 

[hwmook]

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?

You can withdraw but not put in cash anytime you like.

 

[iMac]

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.

Really ??? Lucky I you tell me...I was about to do the VC.

 

[Tiger9119]

You can withdraw but not put in cash anytime you like.

Do you mean that once a person made a withdrawal and then he/she cannot make VC anymore?

 

[henrylbh]

Do you mean that once a person made a withdrawal and then he/she cannot make VC anymore?

What he said is not true. You can still make VC after making withdrawals.

 

[henrylbh]

Really ??? Lucky I you tell me...I was about to do the VC.

To make VC at any time, you take the annual limit less estimated MC for the year.

 

[Tiger9119]

What he said is not true. You can still make VC after making withdrawals.

That is what I thought so, if not I can still ask someone to VC to my accounts.

 

[henrylbh]

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.

MA will overflow to OA, if one meets FRS during the year and for those above 55 who have met the cohort's FRS at 55.

 

[fluffydream]

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)

Is it too late to vc the $2.7k to MA now?

 

[henrylbh]

That is what I thought so, if not I can still ask someone to VC to my accounts.

If the earlier withdrawals include part of or all of SA money, then you will be re-depositing it into OA and SA through VC? At most I would withdraw only interest earned and that month's contribution to make subsequent VC.

 

[henrylbh]

Is it too late to vc the $2.7k to MA now?

Can VC 2.7k to MA before Dec contribution is credited to MA in Jan.

 

[BBCWatcher]

Can VC 2.7k to MA before Dec contribution is credited to MA in Jan.

But do not do this unless you are reasonably confident you will have enough room below the CPF Annual Limit ($37,740) this year. If you bust the CPF Annual Limit then your MA top-up will be refunded without interest.

 

[buaytuckchek]

But do not do this unless you are reasonably confident you will have enough room below the CPF Annual Limit ($37,740) this year. If you bust the CPF Annual Limit then your MA top-up will be refunded without interest.

I believe this can be worked out mathematically based on the CPF contribution rate and work out the gross pay per month for topup up the $2.7k.

 

[JuniorLion]

I believe this can be worked out mathematically based on the CPF contribution rate and work out the gross pay per month for topup up the $2.7k.

Whether you can hit 37740 depends on your pay AND your bonus.

 

[hwmook]

What he said is not true. You can still make VC after making withdrawals.

I did not say you cannot make VC, the keyword is "anytime" you like. That guy is thinking you can use CPF like bank account which is not true. When you withdraw, money come from SA, when you top up VC, it goes into all 3. You can't decide where the money goes so how is it like a bank account? That's my point.

 

[hwmook]

Really ??? Lucky I you tell me...I was about to do the VC.

Annual limit apply at the end of the year and refunds will be made accordingly.

 

[kerwen]

Is it too late to do vc for 2018 now?

 

[fluffydream]

Whether you can hit 37740 depends on your pay AND your bonus.

Ahhh yes..thanks to all ..for pointing out

 

[kehyi4]

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.

Ur RA reached BRS/FRS, MA will overflow OA

MA will overflow to OA, if one meets FRS during the year and for those above 55 who have met the cohort's FRS at 55.

No need to argue so much: CPF has the answer

 

[Dividends Warrior]

No need to argue so much: CPF has the answer

Infographics FTW!