CPF Easy Info Thread. :)

[dork32]

Again, that’s not enough. Candy Crush would still need adequate liquidity to cope with any family emergency — including a father with dementia — and have no better outlet for discretionary dollars than paying off a 2.6% interest loan. These are not givens.

this is wat i meant by not enuf info provided.

 

[dork32]

now a dementia stubborn old ppl with no saving or retirement plan in mind

that is how i scold my dad when i am pissed with him. dementia sometimes does not mean real dementia

 

[dork32]

one last point to take. your dad has limited savings almost no cpf to support for the years to come. as fillial kids, it is likely that you give him some allowance to prevent him of becoming a destitute.

Topping up his ra, and using the ra payout as his allowance is one idea. it will make him keeping and wasting his ra payout less painful.

 

[BBCWatcher]

One more point to mention is that repaying a mortgage now, then selling the home, might not release much if any cash as cash. His OA, plus accrued interest, would be repaid first. And since he evidently didn’t meet the minimum sum for his cohort then I wonder whether that OA could even be withdrawn in a lump sum....

....If that’s how it’d (not) work, that seems like a much worse roundtrip than just depositing funds directly into his RA — with tax relief, I should also mention. It seems fairly reasonable to assume that a 73 year old parent with basically no income and no assets to his name except MediSave and HDB leasehold equity ought to sell off his HDB leasehold equity to pay for food, electricity, clothing, soap, etc., maybe now, especially if the home is too big in the circumstances. So I’d be very seriously considering the Silver Support Scheme with him, or a simulation of the Silver Support Scheme if he’s not actually eligible for it.

 

[candy crush]

that is how i scold my dad when i am pissed with him. dementia sometimes does not mean real dementia

I pretty sure he have dementia, BUT he refused to see doc, I am still trying to psycho/persuade him to see doc

but u know


old ppl are very "cooperative"

 

[dork32]

One more point to mention is that repaying a mortgage now, then selling the home, might not release much if any cash as cash. His OA, plus accrued interest, would be repaid first. And since he evidently didn’t meet the minimum sum for his cohort then I wonder whether that OA could even be withdrawn in a lump sum....

....If that’s how it’d (not) work, that seems like a much worse roundtrip than just depositing funds directly into his RA — with tax relief, I should also mention. It seems fairly reasonable to assume that a 73 year old parent with basically no income and no assets to his name except MediSave and HDB leasehold equity ought to sell off his HDB leasehold equity to pay for food, electricity, clothing, soap, etc., maybe now, especially if the home is too big in the circumstances. So I’d be very seriously considering the Silver Support Scheme with him, or a simulation of the Silver Support Scheme if he’s not actually eligible for it.

can withdraw oa and sa. if they dont want you to withdraw, they would have put it into the ra.

we sg people love our home, especially the ah pek and ah mah. we do not wish to uproot to another unfamiliar environment. selling hdb is usually the last option.

one more thing is we sg family unit tends to function as a whole. father no money, son give allowance. father dies, son get the whole hdb. i really dont see the need to sell the hdb.

 

[candy crush]

good thing to do.

yes you can top up oa instead.

your dad would have used a lot from the oa to pay for the house. paying back the withdrawal is not a problem

but wat is the point of putting oa for 2.5% while you pay hdb at 2.6%.

400 per month for 7 years is only 20+k. it is not a lot of money. many people have the ability to clear it up on the spot.

So u recommend me to one shot pay everything in cash?

 

[BBCWatcher]

we sg people love our home, especially the ah pek and ah mah. we do not wish to uproot to another unfamiliar environment. selling hdb is usually the last option.

Yes, and thus many people end up “property rich” and otherwise broke. Which is better than totally broke, of course.

one more thing is we sg family unit tends to function as a whole. father no money, son give allowance. father dies, son get the whole hdb. i really dont see the need to sell the hdb.

Sure, but generous family support doesn’t necessarily or even very often mean an otherwise broke parent with declining faculties ought to live alone in a 5 room flat, for example.

By the way, this isn’t just a Singaporean thing. (Why would you think Singaporeans are special in this particular regard?) It happens rather often everywhere home equity has at least decent value and especially in weak elder social safety net countries. That’s not just Singapore — far from it.

 

[crimsontactics]

So u recommend me to one shot pay everything in cash?

Depends.

Some ppl prefer to have a long installment. If they die, the insurance will pay for the remainding loan.

But personally, I prefer to pay everything and save the interest as the chances of someone dying before the loan ends is very low.

Sent from Samsung SM-N960F using GAGT

 

[BBCWatcher]

But personally, I prefer to pay everything and save the interest as the chances of someone dying before the loan ends is very low.

We don’t know if there’s mortgage insurance, but the homeowner is 73 years old and may have dementia. Would you like to revise and extend your remarks?

 

[candy crush]

We don’t know if there’s mortgage insurance, but the homeowner is 73 years old and may have dementia. Would you like to revise and extend your remarks?

my father is in home protection scheme, but he unlikely will die in 7 years

 

[henrylbh]

can I choose which account I want to top up in CPF?

like can I choose to top up OA only instead of RA and OA?

You can 'top up' his OA, but no tax relief.

 

[henrylbh]

We don’t know if there’s mortgage insurance, but the homeowner is 73 years old and may have dementia. Would you like to revise and extend your remarks?

Mortgage insurance is a must.

 

[henrylbh]

his oa and sa is live and can be withdrawn any time. there is one problem, he may not have the ability to enjoy the benefits.

Where you get that notion?

 

[candy crush]

if I only put 1K in my father RA account how much will he receive per month?

I not very sure how the RA thing work, is there a minimum amount before there will be a payout?

and shld I just sign up a CPF Life for him?

 

[candy crush]

You can 'top up' his OA, but no tax relief.

How come ?

then how I get tax relief?

 

[tangent314]

At age 73, you will get about $7 per month for $1000, whether under the RSS scheme (which pays out until age 90) or CPF Life scheme (which pays out for life).

 

[darklighter]

Need some helpful advice on what i can do with my 69 year-old mother's CPF. She has no financial commitments, and is generally healthy other than having the elderly 3 Highs. Her CPF Life is only paying out about $400 per month

OA $99k
SA $2.4k
MA $31k
RA $42k

 

[semiret]

Hi CPF experts,

Currently I'm not working. Don't foresee will start work again in near future. I've few questions regarding CPF :

1.) If @ 55yrs after FRS I still have some money left in OA & SA. But my MA
has below BHS. Will the amount that I can withdraw need to deduct the
difference in BHS?
2.) Any one know the interest rates for OA & SA in details after transfer to RA?
3.) As I'm not working, if I decide to left some money OA. But understand that
BHS will increase yearly till 65yrs. Will it affect the amount that I can
withdraw later maybe before 65yrs?

Have a Nice Day. Thanks!

 

[dork32]

So u recommend me to one shot pay everything in cash?

my other post says you have only 50k. not too good to down 30k. maybe 5 or 10k would be nice.