CPF Easy Info Thread. :)

[candy crush]

BTW, have you worked out how your dad is going to continue paying the loan installments for the HDB? I kind of feel this is the most important issue to get out of the way first before thinking about topping up CPF.

Is is possible for RA to flow back to OA?

if possible I can top up his RA, and flow back to his OA when necessary

 

[tangent314]

There's no way to transfer RA to OA. RA can be paid out only under the CPF Life or the RSS scheme, and only as cash. You can of course VC that amount back, but that's a manual process.

 

[henrylbh]

I check his record la...in 2018 his account get 4.8k

but his monthly payout is $493 (I dk who set that amount)

payout until recently become 0

If you don't mind, please log in to his CPF and view his oldest annual statements (available for free up to 2010) and let me know what was his monthly payout from 2010 and whether it's consistent throughout with that in 2018 or when a change occurred. I like to understand more about your father's case as it is quite common among older generation in that they did not meet the min sum of their cohort, still got outstanding housing loan and still working and like your father who at 50 yo could still take a housing loan of 30 years till age 80 and whose monthly contributions then barely meet the monthly housing installments

 

[henrylbh]

Applicable to candy crush father.

The Day You Turn 55 Applicable Withdrawal Rule (%)

On or before 31 Dec 2008 50%
1 Jan 2009 - 31 Dec 2009 40%
1 Jan 2010 - 31 Dec 2010 30%
1 Jan 2011 - 31 Dec 2011 20%
1 Jan 2012 - 31 Dec 2012 10%

On or after 1 Jan 2013 - Cash balances can only be withdrawn after setting aside both the CPF Minimum Sum and Medisave Minimum Sum

 

[candy crush]

Applicable to candy crush father.

The Day You Turn 55 Applicable Withdrawal Rule (%)

On or before 31 Dec 2008 50%
1 Jan 2009 - 31 Dec 2009 40%
1 Jan 2010 - 31 Dec 2010 30%
1 Jan 2011 - 31 Dec 2011 20%
1 Jan 2012 - 31 Dec 2012 10%

On or after 1 Jan 2013 - Cash balances can only be withdrawn after setting aside both the CPF Minimum Sum and Medisave Minimum Sum

yup my father is 65 in 2013

 

[henrylbh]

yup my father is 65 in 2013

Age 65 has no significance to your father - only 55 (min sum kicks in) and 62 (payout starts, upon application).

65 only affect those born 1958 and after as they are stuck with CPF Life and has to chose 1 of 3 plans, between 65 and 70, or they will be automatically put in standard plan.

 

[candy crush]

Age 65 has no significance to your father - only 55 (min sum kicks in) and 62 (payout starts, upon application).

65 only affect those born 1958 and after as they are stuck with CPF Life and has to chose 1 of 3 plans, between 65 and 70, or they will be automatically put in standard plan.

when my father is 55

the year is 2003

I cannot access the statement alrdy

I dk what is the scheme for his cohort

but I will find 2013 for u

anyway, can the payout amount change? or is it fixed?

Reason I ask is becos, I want to put $7000 in his RA, but I dun want it to every month payout $400 to him, it will nt be able to last

 

[henrylbh]

when my father is 55

the year is 2003

I cannot access the statement alrdy

I dk what is the scheme for his cohort

but I will find 2013 for u

anyway, can the payout amount change? or is it fixed?

Reason I ask is becos, I want to put $7000 in his RA, but I dun want it to every month payout $400 to him, it will nt be able to last

For your father, payout will depend on RA balance at time of request.

The payout then fixed and will remain till RA exhaust. It will not change unless RA increases beyond a certain amount and request is made for higher payout.

His payout has stopped when RA was exhausted. In his case, as I understand, there will be no payout when you top up his RA, unless he makes a another request.

 

[candy crush]

For your father, payout will depend on RA balance at time of request.

The payout then fixed and will remain till RA exhaust. It will not change unless RA increases beyond a certain amount and request is made for higher payout.

His payout has stopped when RA was exhausted. In his case, as I understand, there will be no payout when you top up his RA, unless he makes a another request.

Understand, thanks

 

[candy crush]

If you don't mind, please log in to his CPF and view his oldest annual statements (available for free up to 2010) and let me know what was his monthly payout from 2010 and whether it's consistent throughout with that in 2018 or when a change occurred. I like to understand more about your father's case as it is quite common among older generation in that they did not meet the min sum of their cohort, still got outstanding housing loan and still working and like your father who at 50 yo could still take a housing loan of 30 years till age 80 and whose monthly contributions then barely meet the monthly housing installments

Hi this is my father CPF statement on 2013

I have nt read in detail yet, havent make any idea out of it

 

[tangent314]

Hmm... whatever goes into his OA and SA comes straight back out to pay for the housing loan, even when his OA+SA was at $0. So... the rest of the loan gets auto deducted from his bank cash account?

 

[candy crush]

Hmm... whatever goes into his OA and SA comes straight back out to pay for the housing loan, even when his OA+SA was at $0. So... the rest of the loan gets auto deducted from his bank cash account?

from what I understand is like that

so if I want to help him, I shld top up his RA account right

 

[henrylbh]

Hi this is my father CPF statement on 2013

I have nt read in detail yet, havent make any idea out of it

Thank you for the interesting specimen. His statement is longer than most people statements

 

[henrylbh]

Hi this is my father CPF statement on 2013

......

I have nt read in detail yet, havent make any idea out of it

If you read and understand his statement, I must salute you.

Every month's contributions to OA and SA are deducted to pay the housing loan. In other words, OA and SA would be zero immediately after the deduction.

The contributions to OA and SA hardly reach $40 except those months that he took a second job. Obviously, the deduction from his CPF is far short of $359 needed to pay the housing loan. Hence, the difference got to be paid out of pocket from his monthly wage of about $1k and monthly payout of $486 from Jul 2013 (now kosong).

I am puzzle how he managed to have about $3k in OA and $300 in SA in Mar 2020 when every cent in OA and SA goes to pay for housing loan ... unless some extraordinary transactions took place between 2013 and 2020.

Even if he decided at some point in time to stop using CPF to pay for the housing loan, the accumulated amount of current (Mar 2020) OA and SA should be quite close or about the same in amount as monthly contribution to OA and SA is about the same (instead OA is about 10x more than SA), except for the interest credited at end of each year.

From Jul 2013, his monthly payout of $486 from RA should remain fixed, after some changes on 1 Jul, until he exhaust his RA recently.

Now he has no more monthly payout to meet the monthly housing loan, though he can still use his OA/SA to tie him over a few months. Hence, there is a real need to help him as his wage, if he is still working at 72, is not enough to support himself and his wife and meeting the housing loan in time to come (when his OA/SA is exhausted)

If you need to top up his RA so that he can continue to receive monthly payout (to meet the monthly housing loan), better meet CPFB to find out more about the topping up and payout therefrom. Suggest that you also made him withdraw all his OA/SA and dump it together with your top-up to his RA. Whatever cannot be withdrawn from OA/SA, move it to RA.

 

[candy crush]

If you read and understand his statement, I must salute you.

Every month's contributions to OA and SA are deducted to pay the housing loan. In other words, OA and SA would be zero immediately after the deduction.

The contributions to OA and SA hardly reach $40 except those months that he took a second job. Obviously, the deduction from his CPF is far short of $359 needed to pay the housing loan. Hence, the difference got to be paid out of pocket from his monthly wage of about $1k and monthly payout of $486 from Jul 2013 (now kosong).

I am puzzle how he managed to have about $3k in OA and $300 in SA in Mar 2020 when every cent in OA and SA goes to pay for housing loan ... unless some extraordinary transactions took place between 2013 and 2020.

Even if he decided at some point in time to stop using CPF to pay for the housing loan, the accumulated amount of current (Mar 2020) OA and SA should be quite close or about the same in amount as monthly contribution to OA and SA is about the same (instead OA is about 10x more than SA), except for the interest credited at end of each year.

From Jul 2013, his monthly payout of $486 from RA should remain fixed, after some changes on 1 Jul, until he exhaust his RA recently.

Now he has no more monthly payout to meet the monthly housing loan, though he can still use his OA/SA to tie him over a few months. Hence, there is a real need to help him as his wage, if he is still working at 72, is not enough to support himself and his wife and meeting the housing loan in time to come (when his OA/SA is exhausted)

If you need to top up his RA so that he can continue to receive monthly payout (to meet the monthly housing loan), better meet CPFB to find out more about the topping up and payout therefrom. Suggest that you also made him withdraw all his OA/SA and dump it together with your top-up to his RA. Whatever cannot be withdrawn from OA/SA, move it to RA.

I think I will give CPF a call and see if his monthly payout will be "reset" after 0 or remain as $494, thanks

 

[candy crush]

I think I will give CPF a call and see if his monthly payout will be "reset" after 0 or remain as $494, thanks

call CPF today

check with my father situation. The replied, even if now is 0, once I top the amount to for e.g. $5k, it will be auto trigger and the amount will be $494 regardless.

They said however my father can make a request in the CPF portal to reduce the payout amount as less as possible to let the payout don't run out so fast

 

[tangent314]

from what I understand is like that

so if I want to help him, I shld top up his RA account right

That's one way, yeah. From monthly payout go to his bank account then CPF take from his bank account to pay the house loan.

Maybe check how much his bank account is at the moment, maybe better for him to ownself topup ownself. Or even pass the money to you to top up for him so you get the tax relief.

 

[candy crush]

I gt another idea....

Can I pay my father mortage loan with my CPF OA account?

do I need to be co-owner? any disadvantage doing that? now only I am the only making money in the family

https://www.cpf.gov.sg/members/FAQ/schemes/housing/housing-scheme/FAQDetails?category=housing&group=Housing+Scheme&ajfaqid=2185326&folderid=11314

 

[eyching]

I gt another idea....

Can I pay my father mortage loan with my CPF OA account?

do I need to be co-owner? any disadvantage doing that? now only I am the only making money in the family

https://www.cpf.gov.sg/members/FAQ/schemes/housing/housing-scheme/FAQDetails?category=housing&group=Housing+Scheme&ajfaqid=2185326&folderid=11314

If i remember correctly, you be co-owner, and this property got HDB grant, means u consume your HDB grant one time.

Any property agent cn confirm?

 

[henrylbh]

I gt another idea....

Can I pay my father mortage loan with my CPF OA account?

do I need to be co-owner? any disadvantage doing that? now only I am the only making money in the family

https://www.cpf.gov.sg/members/FAQ/schemes/housing/housing-scheme/FAQDetails?category=housing&group=Housing+Scheme&ajfaqid=2185326&folderid=11314

No you can't use your OA to pay for any property if you are not an owner or joint owner.

If your parents agree to include as part owner, there are few points to consider. One is you will not be allowed to own any hdb flat in future when you decided to settle down, unless you remove your interest. In doing so, your CPF used in the jointly held flat must be returned to your CPF with accrued interest. If there is still outstanding loan in the jointly held flat, it must be settled in full as remaining joint owners are likely not eligible to obtain a housing loan due to their age and/or income.