CPF after 55

[ctstalin]

Sell stay where?

Stay with one of us lor

Isn’t it the amount used from OA, plus accrued interest, up to the Full Retirement Sum (if he doesn’t have another home in Singapore to pledge)?

In this case the amount is $77K, and that’s that. I’m not sure why the repayment amount would be more than OA plus accrued interest.

Details here.

Ya lor, refund cpf used plus interest I still can accept, but unfair to penalize by eating into the cash proceeds also since even if my father didn't use cpf to pay for the house also will not be able to hit BRS

 

[jywy2005]

Can I use my SA to buy T-bills? Say 6 mths before I hit 55 yo? Then after 6 mths, upon maturity, where does the funds go? RA or back to SA? TIA.

 

[reddevil0728]

Can I use my SA to buy T-bills? Say 6 mths before I hit 55 yo? Then after 6 mths, upon maturity, where does the funds go? RA or back to SA? TIA.

Yes. Technically should be within 6m. Cause you want it to mature after turning 55yo

ifs like shielding

 

[vsvs24]

Can I use my SA to buy T-bills? Say 6 mths before I hit 55 yo? Then after 6 mths, upon maturity, where does the funds go? RA or back to SA? TIA.

Theratically can. But so far no one who has applied has reported back that they manage to get it successfully.

Goes back to SA upon maturity.

 

[BBCWatcher]

Ya lor, refund cpf used plus interest I still can accept, but unfair to penalize by eating into the cash proceeds also since even if my father didn't use cpf to pay for the house also will not be able to hit BRS

Only the proceeds from the home sale equal to OA used plus accrued interest will be redeposited. That's $77K in his situation, apparently. Yes, that's much less than the BRS at age 55. The CPF Board/government thinks that if you don't have an owner-occupied home in Singapore then a very basic lifestyle is obtainable with the Full Retirement Sum at age 55. Or in other words $77K doesn't seem like it'll be enough to fund a basic lifestyle for him unless he's fairly well advanced in age.

He has the option, but not the obligation, to fund his Retirement Account (from home sale proceeds and/or any other sources) in excess of the minimum $77K (or 100% of home sale proceeds if less than $77K) that has to be repaid to himself and his own retirement financial security. That could be a very wise thing to do, but the CPF Board won't force him to do it.

Theratically can. But so far no one who has applied has reported back that they manage to get it successfully.
Goes back to SA upon maturity.

I have seen a blog author claiming he/she tried it, and it worked. I don't think that's a surprise, really. T-bills are probably even less "exotic" than unit trusts.

 

[vsvs24]

Can I use my SA to buy T-bills? Say 6 mths before I hit 55 yo? Then after 6 mths, upon maturity, where does the funds go? RA or back to SA? TIA.

Maybe you are try with a small sum like $1000 before doing all in.

 

[henrylbh]

Can I use my SA to buy T-bills? Say 6 mths before I hit 55 yo? Then after 6 mths, upon maturity, where does the funds go? RA or back to SA? TIA.

Yes you can use all of SA above first $40k to buy T-bills any time before before 55yo with maturity after 55 yo. Upon maturity the fund will goes back to your SA. Be prepared to lose interest if T-bills yield less than 4.5%.

I am not familiar with the recent changes. If no changes, the money returned to SA will not go to make good any shortfall in FRS in RA. But you need to make good the shortfall in RA, if you wish to withdraw the SA including OA after 55 yo.

 

[dgeralds]

Hi All

Im above 56 and ERS is in place. I still have savings in OA and SA which gets interest every year. I understand last time, one can just withdraw ONLY the interests from CPF OA and SA every year, leaving the principal to collect interest.

The current withdrawal sequence is as follows from CPF website:

"If you make a partial withdrawal, the amount requested under “Withdraw your CPF savings for immediate retirement needs” will be paid from your higher interest earning account first (i.e. Retirement Account, if applicable, followed by Special Account and lastly Ordinary Account)."

My question: Is there any walkaround to this, which enables us to withdraw from OA instead from SA?

 

[fr33d0m]

Hi All

Im above 56 and ERS is in place. I still have savings in OA and SA which gets interest every year. I understand last time, one can just withdraw ONLY the interests from CPF OA and SA every year, leaving the principal to collect interest.

The current withdrawal sequence is as follows from CPF website:

"If you make a partial withdrawal, the amount requested under “Withdraw your CPF savings for immediate retirement needs” will be paid from your higher interest earning account first (i.e. Retirement Account, if applicable, followed by Special Account and lastly Ordinary Account)."

My question: Is there any walkaround to this, which enables us to withdraw from OA instead from SA?

there is still CPFIS-OA route.

 

[vsvs24]

Hi All

Im above 56 and ERS is in place. I still have savings in OA and SA which gets interest every year. I understand last time, one can just withdraw ONLY the interests from CPF OA and SA every year, leaving the principal to collect interest.

The current withdrawal sequence is as follows from CPF website:

"If you make a partial withdrawal, the amount requested under “Withdraw your CPF savings for immediate retirement needs” will be paid from your higher interest earning account first (i.e. Retirement Account, if applicable, followed by Special Account and lastly Ordinary Account)."

My question: Is there any walkaround to this, which enables us to withdraw from OA instead from SA?

Do you have CPFIS account and CDP account ?

If you have, can buy 6 mths tbills with OA. Then close the CPFIS account and transfer the tbills to your CDP. When the tbills mature, CDP will pay the tbill amount to your bank account.