CPF after 55

[homer123]

I am self employed and only have 20K in SA . I am turning 55 soon, if I want to participate in BRS . Can I contribute a lump sum to my RA at 55 to meet BRS ?

If after 55 , I decided to put some more money to CPF SA..What will happen? Like will CPF transfer my SA money into RA to make it FRS?

 

[zoneguard]

Can I contribute a lump sum to my RA at 55 to meet BRS ?

If after 55 , I decided to put some more money to CPF SA..What will happen? Like will CPF transfer my SA money into RA to make it FRS?

You can do cash top-up to RA all the way till the current ERS. BRS is of course allowed as ERS is 3xBRS.

You cannot top-up to SA after 55, but you can top-up RA to ERS and ERS is raised every year.

 

[homer123]

You can do cash top-up to RA all the way till the current ERS. BRS is of course allowed as ERS is 3xBRS.

You cannot top-up to SA after 55, but you can top-up RA to ERS and ERS is raised every year.

So after 55, anything you top up will goto RA? If I decided to work for someone again after 55, will the employer/employee CPF contribution goto RA and MA (assuming the RA is under BRS)?

 

[zoneguard]

So after 55, anything you top up will goto RA? If I decided to work for someone again after 55, will the employer/employee CPF contribution goto RA and MA (assuming the RA is under BRS)?

Contributions continue to go to all 3 accounts (OA/SA/MA) based on the age band ratios. You can also do Voluntary Contributions as self-employed and these will flow into all 3 accounts.

Cash top-ups go to only 1 account and this goes to SA before 55 and RA from 55.

CPF nomenclature differentiates between contributions and top-ups.

 

[homer123]

Contributions continue to go to all 3 accounts (OA/SA/MA) based on the age band ratios. You can also do Voluntary Contributions as self-employed and these will flow into all 3 accounts.

Cash top-ups go to only 1 account and this goes to SA before 55 and RA from 55.

CPF nomenclature differentiates between contributions and top-ups.

Thanks for the explanation .. For contributions to OA and SA after above age 55, when can we withdraw them?

 

[delpiero_10]

Thanks for the explanation .. For contributions to OA and SA after above age 55, when can we withdraw them?

Can be withdrawn anytime, as long as you have met the Full Retirement Sum in your Retirement Account.

 

[dgeralds]

I understand after 55, we can withdraw interests ONLY from SA without touching the monies in SA. I have already met my FRS (ERS).

Can anybody explain on how to withdraw interests ONLY from SA? Thank you.

 

[twosix]

I understand after 55, we can withdraw interests ONLY from SA without touching the monies in SA. I have already met my FRS (ERS).

Can anybody explain on how to withdraw interests ONLY from SA? Thank you.

you can see in the cpf statement how much interests are earned the previous year. then choose to withdraw that amount in full or partial.

 

[homer123]

I understand after 55, we can withdraw interests ONLY from SA without touching the monies in SA. I have already met my FRS (ERS).

Can anybody explain on how to withdraw interests ONLY from SA? Thank you.

From CPF website, you can withdraw any amount not just interest anytime after 55 if your RA has hit FRS
https://www.cpf.gov.sg/members/FAQ/...avings+from+55&ajfaqid=2189289&folderid=12854

 

[dgeralds]

From CPF website, you can withdraw any amount not just interest anytime after 55 if your RA has hit FRS
https://www.cpf.gov.sg/members/FAQ/...avings+from+55&ajfaqid=2189289&folderid=12854

I know that but money will be taken out from SA first.

I want SA to earn interest and withdraw only the interest the following year.

 

[henrylbh]

I know that but money will be taken out from SA first.

I want SA to earn interest and withdraw only the interest the following year.

If you want to withdraw only interest on SA only during the year in the following year, then do what twosix mentioned in post #48 and no a single cent more unless you withdraw later than Jan.

 

[dgeralds]

you can see in the cpf statement how much interests are earned the previous year. then choose to withdraw that amount in full or partial.

Noted. Thank you.

 

[iMac]

At 56 or 57, if I want to withdraw some money from OA only (for family tour). Can I execute another "SA shielding" ? Will the first $40K in SA be "set aside" from this 2nd shielding?

 

[henrylbh]

At 56 or 57, if I want to withdraw some money from OA only (for family tour). Can I execute another "SA shielding" ? Will the first $40K in SA be "set aside" from this 2nd shielding?

Whatever stunt you can think of, that 'some money' withdrawn will certainly be from your SA, unless your have CPFIS shares to play with and that would take some time to withdraw. Or you have enough accrued interest from OA/SA to withdraw.

 

[Andrew833]

At 56 or 57, if I want to withdraw some money from OA only (for family tour). Can I execute another "SA shielding" ? Will the first $40K in SA be "set aside" from this 2nd shielding?

Best to plan everything before 55, then at 55 every thing is according to your plan.
Like @henrylbh said, you can do any stunt for that money but interest may be loss.

 

[alwaysbehind]

I understand after 55, we can withdraw interests ONLY from SA without touching the monies in SA. I have already met my FRS (ERS).

Can anybody explain on how to withdraw interests ONLY from SA? Thank you.

u just need to log in after 1st Jan to see how much u get for the interest in your account statement. Then go to My Request and withdraw your desire amount. Payment will be either Interbank Giro (takes 4 to 5 working days to process) or PayNow (immediate payment).

 

[demoforce1]

Yup, so that means for ordinary average income folks, no need to struggle to topup to ERS unless you really have spare amount of cash to do so. Just auto default FRS at 55, the rest can earn interests from SA & OA , to supplement CPFLIFE at 65 monthly payout, drawing from the total interests of OA & SA which can match the FRS monthly payout, if you wish to.

can we manually topup SA after 55?

 

[demoforce1]

You can do cash top-up to RA all the way till the current ERS. BRS is of course allowed as ERS is 3xBRS.

You cannot top-up to SA after 55, but you can top-up RA to ERS and ERS is raised every year.

How about topup to OA?

 

[zoneguard]

How about topup to OA?

Only housing refund to OA is possible as long as principal and accrued interest is still owed to self.
https://www.cpf.gov.sg/members/FAQ/...Housing+Scheme&ajfaqid=2186682&folderid=11762

 

[BBCWatcher]

I see lots of questions about withdrawing interest from CPF Special Accounts. Yes, you can do that, starting at age 55. However, interest that remains in SA continues to earn SA interest on interest. You really shouldn't be withdrawing unless you actually need the money and CPF is your next lowest yielding source of funds. A 4% yielding "on demand" account is really attractive right now.