CPF at 55 Years Old

[meekiatah]

Folks,

need clarification on the following...

Assuming I'm turning 55 this year, and the current cpd accounts are as follows:

OA $275
SA $147,000
MA $29,000

and I own a 3 rm hdb bought in 1978 by my parents and transferred to me on 2018.

In view that I'm unable to hit FRS, am I right to assume that:

1. $99,400 of SA will be transferred to RA for BRS
2. I can pledge my 3 rm flat for $99,400 to make up to FRS
3. I can withdraw (SA+OA)-$99,400 = $47,875
4. When payout begins at 65, I'll be receiving the payout amount for FRS?

Comments please....

 

[fr33d0m]

All your SA will go to RA when you turn 55. After that you can apply to withdraw above BRS pledging your property.

No, you don’t receive payout based on FRS. You have BRS in RA, you receive payout based on BRS.

 

[meekiatah]

All your SA will go to RA when you turn 55. After that you can apply to withdraw above BRS pledging your property.
No, you don’t receive payout based on FRS. You have BRS in RA, you receive payout based on BRS.

Thank you. So my assumption 1 to 3 is ok..


Read HWZ Forum Rules!

 

[item2sell]

If TS shield SA so that SA has $99.4K only.

At 55 CPF take SA (BRS) and he pledge property (BRS). And then he unshield SA.

possible?

 

[gold_eagle36]

RA formation will eat up all OA and SA to try to form FRS.

U pledge thereafter and they keep BRS and release the rest to you in cash. If you want to put back, you can but it will go into your RA and locked.

U can estimate the BRS payout at 65 using cpf portal.

If you sell your hdb. The proceeds will go in and fill your RA to match FRS.

 

[sohguanh]

All your SA will go to RA when you turn 55. After that you can apply to withdraw above BRS pledging your property.

No, you don’t receive payout based on FRS. You have BRS in RA, you receive payout based on BRS.

Hi can I check the process is all SA (if not enough OA) go into RA. RA formed already and then you make the decision to go for BRS, FRS, ERS ? This option is via cpf website to do ?

 

[andyhtc]

Nice to inherit your parents' flat.

You moved your OA to SA or use OA to invest?

 

[fr33d0m]

Hi can I check the process is all SA (if not enough OA) go into RA. RA formed already and then you make the decision to go for BRS, FRS, ERS ? This option is via cpf website to do ?

Yes to the first question. Bar very few exceptions, BRS is the minimum required if you have more than BRS in OA+SA. You can withdraw max amounts above BRS from RA. Even by pledging property, money going in OA/SA will still be swept to RA as long as you don’t have FRS in RA. The timing is not certain.

 

[meekiatah]

Nice to inherit your parents' flat.
You moved your OA to SA or use OA to invest?

I moved my OA to SA cos I don't foresee myself purchasing another flat as I've bought BTO before and with my parent's flat transferred to me, it should be good to last me until I kick the bucket. No point voting into further loan etc for another HDB.

I did have some investment during my younger days using my OA, but at my age now, risk appetite is low, hence going for guaranteed returns + capital protection is important and there isn't much more investment vehicle other than SA that satisfy this criteria (or at least I don't know)..

 

[meekiatah]

This is another question which I'm unsure about and hopefully members here can advise..

Unless I'm mistaken, CPF LIFE is scheduled to begin payment of BRS/FRS/ERS paspor on the 65 birthday for the cpf member and is supposed to carry on with the monthly payment until the member pass on.

What happens if the cpf member pass away shortly after payout commenced? For example, with 2 years on payout commencement? Will there be some form of "refund" (I don't know if refund is the right term to use) to the cpf member's spouse (or whoever he nominated to receive his cpf)?

 

[meekiatah]

This is another question which I'm unsure about and hopefully members here can advise..
Unless I'm mistaken, CPF LIFE is scheduled to begin payment of BRS/FRS/ERS paspor on the 65 birthday for the cpf member and is supposed to carry on with the monthly payment until the member pass on.
What happens if the cpf member pass away shortly after payout commenced? For example, with 2 years on payout commencement? Will there be some form of "refund" (I don't know if refund is the right term to use) to the cpf member's spouse (or whoever he nominated to receive his cpf)?

Ok, I did a Google search and came out with the following answer:

https://www.cpf.gov.sg/member/faq/r...ass away, your,with any remaining CPF savings.

 

[qhong61]

Folks,

need clarification on the following...

Assuming I'm turning 55 this year, and the current cpd accounts are as follows:

OA $275
SA $147,000
MA $29,000

and I own a 3 rm hdb bought in 1978 by my parents and transferred to me on 2018.

In view that I'm unable to hit FRS, am I right to assume that:

1. $99,400 of SA will be transferred to RA for BRS
2. I can pledge my 3 rm flat for $99,400 to make up to FRS
3. I can withdraw (SA+OA)-$99,400 = $47,875
4. When payout begins at 65, I'll be receiving the payout amount for FRS?

Comments please....

Why ur sa so low

 

[andyhtc]

I moved my OA to SA cos I don't foresee myself purchasing another flat as I've bought BTO before and with my parent's flat transferred to me, it should be good to last me until I kick the bucket. No point voting into further loan etc for another HDB.

I did have some investment during my younger days using my OA, but at my age now, risk appetite is low, hence going for guaranteed returns + capital protection is important and there isn't much more investment vehicle other than SA that satisfy this criteria (or at least I don't know)..

BRS payout will not be enough...

 

[meekiatah]

Why ur sa so low

I'm mostly self employed over the last 20 years..

 

[meekiatah]

BRS payout will not be enough...

Staying overseas with BRS + HDB rental. It should be enough even before touching my savings, unless hurt by medical bills..

 

[andyhtc]

Staying overseas with BRS + HDB rental. It should be enough even before touching my savings, unless hurt by medical bills..

Which country are you looking at? There is always the VISA issue.

 

[meekiatah]

Which country are you looking at? There is always the VISA issue.

I'll be staying in Batam with my Indonesian wife. Already got a house + car/bike there. I used to have to family visa where I can stay up to 1 year per trip until COVID screw up the renewal.

But we are trying to get the new family visa done next month. For the time being, we are in SG working and saving money until my HDB meet the MOP of 5 years next month. Preliminary plan is to move over to Batam next April..

 

[explorerX]

2. I can pledge my 3 rm flat for $99,400 to make up to FRS

Think u can skip no. 2 if u plan to withdraw 47k or transfer some to MA.

 

[AppleiPhone]

Folks,

need clarification on the following...

Assuming I'm turning 55 this year, and the current cpd accounts are as follows:

OA $275
SA $147,000
MA $29,000

and I own a 3 rm hdb bought in 1978 by my parents and transferred to me on 2018.

In view that I'm unable to hit FRS, am I right to assume that:

1. $99,400 of SA will be transferred to RA for BRS
2. I can pledge my 3 rm flat for $99,400 to make up to FRS
3. I can withdraw (SA+OA)-$99,400 = $47,875
4. When payout begins at 65, I'll be receiving the payout amount for FRS?

Comments please....

You mentioned "transferred HDB" to you, does it means that you (1) inherited it without using your OA or (2) you used your CPF OA to pay back your parents' CPF?

 

[meekiatah]

You mentioned "transferred HDB" to you, does it means that you (1) inherited it without using your OA or (2) you used your CPF OA to pay back your parents' CPF?

My late father willed the HDB to me. I just checked my CPF app, about $700+ was used for upgrading and stamp fee.