CPF Easy Info Thread. :)

[kehyi4]

Bro, read my last post. I think you were still provided interest on your vc...
Eh wait, you mean you top up monthly for your vc? Not a lump sum top up in Jan?
If you did the latter, then my analysis is wrong. I thought you did lump sum top up in Jan.

bro, read my last post. I was already on BHS, how to top up lump sum in Jan har?

The RFDs were for the VC-MA i did in Aug, Sep, Oct and Dec respectively, as shown in the statement extract I posted. I apologise if this was not clear

 

[bladez87]

bro, read my last post. I was already on BHS, how to top up lump sum in Jan har?

The RFDs were for the VC-MA i did in Aug, Sep, Oct and Dec respectively, as shown in the statement extract I posted. I apologise if this was not clear

To my understanding, if you BHS, then cannot VC - MA, but can VC - 3 accounts.
But your statement didnt indicate was it when your VC was made ma. So I thought you did a VC in Jan and the refund came from Aug onwards when you hit the 37k limit in Aug.
Can I know what was the VC amount you made for each month? Was it the same amount as the refund?

 

[culture_counter]

Ya.. when i wrote FD above, i didnt verify if there are any FD product for SA.
i run thru a quick list.. then think the most low risk n low charges approved SA product should be this fellow:

NIKKO AM SHENTON SHORTTERM BOND(S$)

i just search thru FSM and filter based on lowest charges..
take note, i didnt consider whatever performance of individual product, i just trying to find a lowest risk to the principal amount and lowest sales charge so that majority of the capital are more or less intact for the "hack"

Can buy through which local bank???

 

[alvint86]

Any spreadsheet to calculate our CPF interest. I think there is something wrong with my calculation.

My OA is 3 times my SA. However, my OA interest is only slightly higher than my SA. How is that possible?

 

[elnewbie]

So what is your expectation ?

Don't forget that all the bonus 1% interest are all deposited into SA, which explains the narrow gap.

Any spreadsheet to calculate our CPF interest. I think there is something wrong with my calculation.

My OA is 3 times my SA. However, my OA interest is only slightly higher than my SA. How is that possible?

 

[kehyi4]

To my understanding, if you BHS, then cannot VC - MA, but can VC - 3 accounts.
But your statement didnt indicate was it when your VC was made ma. So I thought you did a VC in Jan and the refund came from Aug onwards when you hit the 37k limit in Aug.
Can I know what was the VC amount you made for each month? Was it the same amount as the refund?

well, my post did say it was for VC-MA...

If i had VC-MA in Jan, the RFD would have indicated "JAN2016" and the interest claw back would have been from Feb to Dec...

And yes, those were the amounts of VC-MA i made in those months

 

[alvint86]

I know everything is computerised so unlikely there is any mistake in computation.

I just want to find out how the numbers worked out as it doesn't tally with my own calculation.

Are you saying that the extra 1% for OA is going into SA?

OA = $300 , 2.5% interest = $7.50
SA = $80 , 5% interest = $4 + $3 from OA?

So what is your expectation ?

Don't forget that all the bonus 1% interest are all deposited into SA, which explains the narrow gap.

 

[crimsontactics]

I know everything is computerised so unlikely there is any mistake in computation.

I just want to find out how the numbers worked out as it doesn't tally with my own calculation.

Are you saying that the extra 1% for OA is going into SA?

OA = $300 , 2.5% interest = $7.50
SA = $80 , 5% interest = $4 + $3 from OA?

Yes. All extra interest goes into SA if your SA have not reach FRS.

Sent from OPPO F1s using GAGT

 

[apatheticme]

Yes. All extra interest goes into SA if your SA have not reach FRS.

Sent from OPPO F1s using GAGT

Where did you see that condition? My impression is that it goes into SA no matter what, until you turn 55, when extra interest goes into RA.

 

[crimsontactics]

Where did you see that condition? My impression is that it goes into SA no matter what, until you turn 55, when extra interest goes into RA.

Yes. But I have not read finish the FAQ yet, so just put as disclaimer.

Until SA reach FRS, all extra interest goes into FRS. After that it should also, but I have not found the info to confirm.

Sent from OPPO F1s using GAGT

 

[elnewbie]

Extra interest goes into SA or if above 55, it goes to RA. Even if you have met the FRS, the extra interest will be used to increase the Cpf life monthly payout. So In short, after age 55, it's treated in the same way as RSTU.

Google is our friend:

https://www.cpf.gov.sg/Members/FAQ/schemes/other-matters/others#faq#faq17218

Yes. But I have not read finish the FAQ yet, so just put as disclaimer.

Until SA reach FRS, all extra interest goes into FRS. After that it should also, but I have not found the info to confirm.

Sent from OPPO F1s using GAGT

 

[crimsontactics]

Extra interest goes into SA or if above 55, it goes to RA. Even if you have met the FRS, the extra interest will be used to increase the Cpf life monthly payout. So In short, after age 55, it's treated in the same way as RSTU.

Google is our friend:

https://www.cpf.gov.sg/Members/FAQ/schemes/other-matters/others#faq#faq17218

Thank you very much for the info!

Sent from OPPO F1s using GAGT

 

[alvint86]

Thanks for the info guys.

Another question, if I would to do topup $7000 tax relief

Is this the more "beneficial" sequence?

1) SA (until total sum $40k) - earns 5%
2) MA (until BHS) - earns 4%
3) SA (until FRS) - earns 4%
4) OA (until total sum $20k) - earns 3.5%
5) OA - earns 2.5%

SRS is only meant for additional tax relief so not included in above list

 

[elnewbie]

Points 4 and 5 do not get tax relief.

But generally I would follow your sequence of points 1-3.

Thanks for the info guys.

Another question, if I would to do topup $7000 tax relief

Is this the more "beneficial" sequence?

1) SA (until total sum $40k) - earns 5%
2) MA (until BHS) - earns 4%
3) SA (until FRS) - earns 4%
4) OA (until total sum $20k) - earns 3.5%
5) OA - earns 2.5%

SRS is only meant for additional tax relief so not included in above list

 

[alvint86]

So for point 2 & 3 no difference, except we can use SA for investment right? Any amount above BHS will transfer back to OA/SA too anyway.

I guess now the first thing I need to do is to transfer my OA to SA until $40k, supposingly I don't need any cash from OA to earn higher interest.

Points 4 and 5 do not get tax relief.

But generally I would follow your sequence of points 1-3.

 

[elnewbie]

Any amount above BHS will be refunded to you in cash without interest.

So for point 2 & 3 no difference, except we can use SA for investment right? Any amount above BHS will transfer back to OA/SA too anyway.

I guess now the first thing I need to do is to transfer my OA to SA until $40k, supposingly I don't need any cash from OA to earn higher interest.

 

[crimsontactics]

Thanks for the info guys.

Another question, if I would to do topup $7000 tax relief

Is this the more "beneficial" sequence?

1) SA (until total sum $40k) - earns 5%
2) MA (until BHS) - earns 4%
3) SA (until FRS) - earns 4%
4) OA (until total sum $20k) - earns 3.5%
5) OA - earns 2.5%

SRS is only meant for additional tax relief so not included in above list

For point 1, SA can give you 5% interest up till 60k.

 

[apatheticme]

No interest earned for Jan, afaik. They ain't kidding when they said "Any excess voluntary contribution made above the CPF AL will be refunded without interest". Why should CPF reward you with interest when you are not eligible in the first place due to exceeding CPF AL?

I know there's no interest but if they truly calculate interest monthly there should be a correction for Jan since the transaction date is Feb. I think there's a correction, but it's just hidden from you since they did not credit the interest. Like I said, I think this approach is very obtuse.

 

[elnewbie]

Not true. It's first 60k of combined balances.

For point 1, SA can give you 5% interest up till 60k.

 

[bladez87]

well, my post did say it was for VC-MA...

If i had VC-MA in Jan, the RFD would have indicated "JAN2016" and the interest claw back would have been from Feb to Dec...

And yes, those were the amounts of VC-MA i made in those months

What is the December refund for? You deposited 1k during Dec ah?