CPF Easy Info Thread. :)

[PC-User]

According to CPF website...

"When you reach 55 years old, your Special and/or Ordinary Accounts savings will be transferred to your Retirement Account to form your retirement sum. Your retirement sum can be used to join CPF LIFE which provides you with life-long monthly payout or the Retirement Sum Scheme which provides you with a monthly payout of about 20 years.

After setting aside either the Full Retirement Sum or Basic Retirement Sum with sufficient property charge/pledge, you can choose to withdraw the remaining cash balances in your Ordinary and Special Accounts, or continue to keep your savings in CPF to earn attractive interest."

 

[apatheticme]

Oh, if I choose to set aside only BRS (with property pledge) also, still savings from OA+SA will be transferred to RA up to the FRS amount at 55?

Let say if I stop working at 55 and withdraw from RA at 60, still I need to set aside only 88,000? Or I set aside 88,000 at 55, and the interest from that 88,000 will be kept accumulate until 65 payout and can't be withdrawn?

Still not clear...

From the form ( https://www.cpf.gov.sg/assets/members/documents/form_rw_hdbpty.pdf ) interest from BRS cannot be withdrawn.

 

[PC-User]

From the form ( https://www.cpf.gov.sg/assets/members/documents/form_rw_hdbpty.pdf ) interest from BRS cannot be withdrawn.

Still the same not clear...

Ok, make it simpler, if I withdraw at 55, I need to keep aside 88,000 as BRS. If I withdraw at 56, 58 or 60, how much I need to keep aside respectively?

 

[henrylbh]

Still the same not clear...

Ok, make it simpler, if I withdraw at 55, I need to keep aside 88,000 as BRS. If I withdraw at 56, 58 or 60, how much I need to keep aside respectively?

At 55 RA is created. You can withdraw amount in RA above BRS Asumne the amount above BRS is 60k. Whether you choose to withdraw it at 55 or 65, it would still be 60k. The interest earned cannot be withdrawn

 

[henrylbh]

According to CPF website...

After setting aside either the Full Retirement Sum or Basic Retirement Sum with sufficient property charge/pledge, you can choose to withdraw the remaining cash balances in your Ordinary and Special Accounts, or continue to keep your savings in CPF to earn attractive interest."

At 55 if you have not met FRS or BRS, your post 55 contributions to OA and SA from working also cannot be withdrawn without making good the shortfall.

 

[PC-User]

At 55 RA is created. You can withdraw amount in RA above BRS Asumne the amount above BRS is 60k. Whether you choose to withdraw it at 55 or 65, it would still be 60k. The interest earned cannot be withdrawn

Huh?! Meaning it's not that we save longer we can withdraw more later, only more payout after 65? What the...

 

[nethdale]

May someone confirm with me, at 55, I met FRS and before CPF board creates my RA account; by default and based on my understanding, CPF board will take my money from SA+OA >> to form FRS. My doubt is: can I opt for BRS when I turn 56? Or once the my RA (FRS) is created CPF board, is there U-turn? If no, does it mean that the decision to opt for BRS is only at 55 not later? Many thanks.

 

[henrylbh]

May someone confirm with me, at 55, I met FRS and before CPF board creates my RA account; by default and based on my understanding, CPF board will take my money from SA+OA >> to form FRS. My doubt is: can I opt for BRS when I turn 56? Or once the my RA (FRS) is created CPF board, is there U-turn? If no, does it mean that the decision to opt for BRS is only at 55 not later? Many thanks.

Anytime any amount from 55.

 

[new-comer]

Just a question...

Understand that allowances are part of our salary and hence subjected to CPF contributions.

Is there any difference if the allowance is given on a monthly basis or given as a one lump sum on a yearly basis ? Any impact on the CPF contributions ?

Unable to find the relevant information online for this.

 

[nethdale]

Anytime any amount from 55.

Hi Henrylbh,

Just to reinforce my understanding:
- at 55, do nothing, SA+OA met FRS - formation of RA (~FRS)
- at 56, need money, can go to CPF board to downgrade to BRS.
Am I right? Thanks.

 

[henrylbh]

Hi Henrylbh,

Just to reinforce my understanding:
- at 55, do nothing, SA+OA met FRS - formation of RA (~FRS)
- at 56, need money, can go to CPF board to downgrade to BRS.
Am I right? Thanks.

Right. Anytime go ask for how much you like in excess of BRS. No need one go.

 

[heymee]

Good Day CPF Experts,

Kindly advise on Topping Up Retirement Account.

If and Elderly under CPF Life , Top Up her Current Retirement Account. Will the Funds flow into her Medisave Account?

She has about SGD160k in her CPF Life.
How much can she Top up , she is 69....

For your kind advise. Thank you very much!

 

[highsulphur]

Good Day CPF Experts,

Kindly advise on Topping Up Retirement Account.

If and Elderly under CPF Life , Top Up her Current Retirement Account. Will the Funds flow into her Medisave Account?

She has about SGD160k in her CPF Life.
How much can she Top up , she is 69....

For your kind advise. Thank you very much!

just call CPF hotline and get the most accurate answer

 

[crimsontactics]

Good Day CPF Experts,

Kindly advise on Topping Up Retirement Account.

If and Elderly under CPF Life , Top Up her Current Retirement Account. Will the Funds flow into her Medisave Account?

She has about SGD160k in her CPF Life.
How much can she Top up , she is 69....

For your kind advise. Thank you very much!

I think won't if you do under the RA top up.

If you do VC, it will split into component accounts.

Sent from OPPO F1s using GAGT

 

[RoLanTo]

is there a way on cpf website to show how much VC has been made till date? so that we know the outstanding balance to top up

 

[crimsontactics]

is there a way on cpf website to show how much VC has been made till date? so that we know the outstanding balance to top up

Don't think so.

Sent from OPPO F1s using GAGT

 

[akwl88]

will there be interest credited to our RA after 65?

understand that after 65, the interest gained would be channeled to the cpg lifelong income fund instead of RA

 

[elnewbie]

Yes for basic plan.

No for standard plan.

Choose wisely...

will there be interest credited to our RA after 65?

understand that after 65, the interest gained would be channeled to the cpg lifelong income fund instead of RA

 

[Wood41]

So how much is the yield of this 'saving account without atm card' ? Only 2.5% ?

I have more than enough SA & MA for FRS .

Right. Anytime go ask for how much you like in excess of BRS. No need one go.

 

[akwl88]

Yes for basic plan.

No for standard plan.

Choose wisely...

can sic where to find the info sir?

i cant find in cpf website