CPF Easy Info Thread. :)

[Sambuca78]

Just ask the CPF for VC form 1. Its called Voluntary contribution..

Max per year is $37,700. So your mama will need to split into 2 payments...

Thanks for the prompt reply.

So what is the interest rate for this $37.7k? And will she be able to withdraw as and when she like?

 

[ocs_woodlands]

work hard. aim for monthly 6k salary.
if you can..top up to CPF annual limit. currently $37,740

AND move some OA money to SA. As much as you are comfortable with..

Sent from Common Sense using GAGT

 

[elnewbie]

She can withdraw as and when she likes if its OA.

Interest rate is 2.5% for OA. (Typo in my earlier email)

Thanks for the prompt reply.

So what is the interest rate for this $37.7k? And will she be able to withdraw as and when she like?

 

[Sambuca78]

She can withdraw as and when she likes if its OA.

Interest rate is 2.5% for OA. (Typo in my earlier email)

I used the calculator based on 37.7k from https://www.cpf.gov.sg/eSvc/Web/Miscellaneous/ContributionAllocation/Recalculate

It shown...

Medisave Account 0.84 x $37,700.00 = $31,668.00
Special Account 0.08 x $37,700.00 = $3,016.00
Ordinary Account $37,700.00 - $31,668.00 - $3,016.00 = $3,016.00

So she can only withdraw the $3016 and how abt the rest? Thanks.

 

[henrylbh]

Very confuse on the retirement account.

My mama (68yo) is thinking of putting her 50k cash into retirement account due to the 6% interest, will she be able to withdraw partial or full amount whenever she want?

Basically she just wanna take this retirement account like a saving account. Thanks.

Savings in RA cannot be withdrawn except by equal installments from payout eligibility age.

In her case, PEA is 62yo which mean she can commence monthly drawdown the following month after topping up her RA until the amount in her RA is exhausted.

Interest is 6% on first 30k only and 5% on next 30k and 4% for amount above 60k.

 

[henrylbh]

I used the calculator based on 37.7k from https://www.cpf.gov.sg/eSvc/Web/Miscellaneous/ContributionAllocation/Recalculate

It shown...

Medisave Account 0.84 x $37,700.00 = $31,668.00
Special Account 0.08 x $37,700.00 = $3,016.00
Ordinary Account $37,700.00 - $31,668.00 - $3,016.00 = $3,016.00

So she can only withdraw the $3016 and how abt the rest? Thanks.

I think she may not be able to withdraw a cent except by monthly payout MA got restricted use.

Let's hear what others say.

 

[elnewbie]

She can withdraw from OA if she does a VC. Thats what my mum is doing.

I think she may not be able to withdraw a cent except by monthly payout MA got restricted use.

Let's hear what others say.

 

[badsector]

AND move some OA money to SA. As much as you are comfortable with..

he wish to buy house leh..

 

[henrylbh]

She can withdraw as and when she likes if its OA.

For those born 1954 and before, one can withdraw "50% of your Ordinary and Special Account savings, if you have not set aside the FRS or BRS".

For those born after 1957, one can withdraw "Your Ordinary and Special Account savings after setting aside the applicable Full Retirement Sum (FRS) or Basic Retirement Sum (BRS) with sufficient CPF property charge/pledge".

 

[elnewbie]

The calculator doesn't take into consideration the balances your mum has in her 3 accounts. So not accurate.

In my mum's case, her MA balance was maxed so all the MA contributions went to OA.

Its best for her to seek advice from CPF staff but please don't let her top up her RA unless she is sure...

I used the calculator based on 37.7k from https://www.cpf.gov.sg/eSvc/Web/Miscellaneous/ContributionAllocation/Recalculate

It shown...

Medisave Account 0.84 x $37,700.00 = $31,668.00
Special Account 0.08 x $37,700.00 = $3,016.00
Ordinary Account $37,700.00 - $31,668.00 - $3,016.00 = $3,016.00

So she can only withdraw the $3016 and how abt the rest? Thanks.

 

[henrylbh]

I used the calculator based on 37.7k from https://www.cpf.gov.sg/eSvc/Web/Miscellaneous/ContributionAllocation/Recalculate

It shown...

Medisave Account 0.84 x $37,700.00 = $31,668.00
Special Account 0.08 x $37,700.00 = $3,016.00
Ordinary Account $37,700.00 - $31,668.00 - $3,016.00 = $3,016.00

So she can only withdraw the $3016 and how abt the rest? Thanks.

The calculator doesn't take into consideration the balances your mum has in her 3 accounts. So not accurate.

In my mum's case, her MA balance was maxed so all the MA contributions went to OA.

Its best for her to seek advice from CPF staff but please don't let her top up her RA unless she is sure...

His mum is 68 and the CPF calculator is correct. Almost all the VC will go into MA at ratio of 0.84 and into OA and SA at ratio of .08 each. Contribution to MA is capped at 52k and excess contribution will flow into OA.

As she was born before 1954, only half the amount in OA and SA can be withdrawn anytime, if she did not meet the min sum for her cohort.

It might be feasible to top up her RA with her 50k for much higher interest and it can be withdrawn in installment the following month over a period to age 82. And if she needs a certain sum of money, she might be able to pledge her property, if any, for amount in excess of BRS which in her case is about 40k.

 

[ocs_woodlands]

I have a few questions, so please bear with me. I will give exact numbers so that I can be more precise.

Assume I am 55 & have 400k in OA & 450k in SA.

Assume the ERS = 375k, FRS = 250k and BRS = 125k respectively at that point of time.

Q1. How much will be swept into the RA @ age 55?

Q2. I know we can decide on either the standard, basic or escalating plan at 64.75 y.o. BUT when do we decide on ERS, FRS or BRS?

Q3. The remainder of what is not swept in remain in OA and SA till 65?

Q4. If Q3 is correct, what happens to the money in the 2 accounts AFTER 65?

Hope someone can enlighten me though I still have sometime to go before hitting 55

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[henrylbh]

I have a few questions, so please bear with me. I will give exact numbers so that I can be more precise.

Assume I am 55 & have 400k in OA & 450k in SA.

Assume the ERS = 375k, FRS = 250k and BRS = 125k respectively at that point of time.

Q1. How much will be swept into the RA @ age 55?

Q2. I know we can decide on either the standard, basic or escalating plan at 64.75 y.o. BUT when do we decide on ERS, FRS or BRS?

Q3. The remainder of what is not swept in remain in OA and SA till 65?

Q4. If Q3 is correct, what happens to the money in the 2 accounts AFTER 65?

Hope someone can enlighten me though I still have sometime to go before hitting 55

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Q1. At 55, $250k will move from SA to RA, leaving $200k in SA and $400k in OA and these can be withdrawn anytime.

Q2. FRS you no choice - at 55 automatically. ERS and BRS anytime from 55 but don't know by when you need to exercise your option - most probably before you start your monthly payouts which can be deferred to age 70 only.

Q3. Whatever left in OA and SA after 55 will remain there and continue to earn the prevailing interest at long as you please or until they change the rules.

 

[ocs_woodlands]

Q1. At 55, $250k will move from SA to RA, leaving $200k in SA and $400k in OA and these can be withdrawn anytime.

Q2. FRS you no choice - at 55 automatically. ERS and BRS anytime from 55 but don't know by when you need to exercise your option - most probably before you start your monthly payouts which can be deferred to age 70 only.

Q3. Whatever left in OA and SA after 55 will remain there and continue to earn the prevailing interest at long as you please or until they change the rules.

Thanks Henry for your reply.

For Q2 - so they will sweep in FRS amount at 55. If later I tell them I want ERS, presumably they will sweep in another 125k from the SA?

FOR Q3 - so there is no age limit to when we can keep the money in SA/OA until?

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[kehyi4]

Thanks Henry for your reply.

For Q2 - so they will sweep in FRS amount at 55. If later I tell them I want ERS, presumably they will sweep in another 125k from the SA?

FOR Q3 - so there is no age limit to when we can keep the money in SA/OA until?

Sent from Common Sense using GAGT

lemme try to answer:

For ERS - you have to ownself transfer, they won't do it for you. You can do it anytime you want though after 55. And yes, it has to come from SA first, then OA if SA not enough

For SA/OA - these continue to exist for as long as you exist (or even longer... *grin*)

 

[henrylbh]

lemme try to answer:

For ERS - you have to ownself transfer, they won't do it for you. You can do it anytime you want though after 55. And yes, it has to come from SA first, then OA if SA not enough

For SA/OA - these continue to exist for as long as you exist (or even longer... *grin*)

For ERS, better to top with cash instead of with SA followed by OA if SA not enough.

 

[henrylbh]

For SA/OA - these continue to exist for as long as you exist (or even longer... *grin*)

They including MA and RA exist even after one is gone if nominee do nothing and the accounts will continue to earn respective interest till end of year when death occurs.Then all will be merged to OA and continue to earn interest at OA rate. After 7 years, interest payment cease if nominee still does not want to withdraw the CPF.

 

[ocs_woodlands]

lemme try to answer:

For ERS - you have to ownself transfer, they won't do it for you. You can do it anytime you want though after 55. And yes, it has to come from SA first, then OA if SA not enough

For SA/OA - these continue to exist for as long as you exist (or even longer... *grin*)

Thanks Kehyi.

If SA will exist forevermore then it is worthwhile to do the hack of moving all SA out once before 55 (and moving it back later) and another time before 65 (and moving it back later)..

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[pirates]

They including MA and RA exist even after one is gone if nominee do nothing and the accounts will continue to earn respective interest till end of year when death occurs.Then all will be merged to OA and continue to earn interest at OA rate. After 7 years, interest payment cease if nominee still does not want to withdraw the CPF.

May I know where did u get the above info from?

 

[zuppeur]

For ERS, better to top with cash instead of with SA followed by OA if SA not enough.

Why is it better to top up with cash?