CPF Easy Info Thread. :)

[maple96]

Yes, quite sure. The pronoun "you," referring to PC-User, is what I wrote and has meaning. Perhaps you missed PC-User's explanation that he/she has a HDB BTO available to pledge and has a FRS-funded Retirement Account.

"quite sure" means still not very sure

Perhaps u still fail to comprehend what I am asking u, pls see the questions again below with more explanations to help u:


BBCWatcher*wrote:
That's correct. In fact, you can top up your Retirement Account by any amount up to the Enhanced Retirement Sum -- and still withdraw that $88,000 later, before CPF LIFE payout start, if you wish.*You can withdraw any increment(s) of that $88,000 -- it doesn't have to be the whole $88,000. For example, you can withdraw $3,000 on your 57th birthday, $5,000 on your 58th, and $1,500 on your 59th.

First question:
no need to comply with any conditions?

U mean he can withdraw those amts (multiple times) any time without need to do anything even tho u know he has property to pledge?

can share how u determine your answer in red above?

of course I know he owns property and has FRS, needless to say. Does he know he need to apply to pledge his property to withdraw up to 88k. If not, what u write will be very misleading to him

Second question:

CPF is pretty good at answering this withdrawal question, by the way. Have you looked at their retirement guide yet?

are u sure? Meaning CPF is pretty good as answering this withdrawal question?



See u tomorrow if I am free

 

[henrylbh]

haha, I refuse to answer anymore. U write like that, then he thinks can just withdraw with no conditions, because he dun even know he got FRS

He wants a short answer of yes or no for taking out 88k.

The one after you said in fact can top up to ERS.

 

[SBC]

He already hit FRS at 55 with RA just created

Of course, I know he had hit FRS level.

As FRS is very much a CPF Life term, I meant to ask if he plans to choose BRS, FRS or ERS for his CPF Life.

 

[maple96]

Of course, I know he had hit FRS level.

As FRS is very much a CPF Life term, I meant to ask if he plans to choose BRS, FRS or ERS for his CPF Life.

Wow, looks like all the questions and answers posted so far are not “straight questions and answers”, “what u see is not what u get”?

There are alot of hidden meanings only the writer knows and the reader might interprete it differently. There are hidden assumptions too

Quote from CPFB: "After setting aside the FRS fully with cash, or with cash (i.e. at least the Basic Retirement Sum) and property, 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."

No, never cash top-up. Have a fully paid BTO. If I leave the 88K inside for few more years, it will continue to earn the interest but the interest only contributes to the payout after 65, not withdraw-able together with the 88K itself right? Yes or no?

So I give u a short answer.

Yes, assuming u know all the CPF rules and requirements to withdraw the 88k without interest.

One more: Assume u know u can also withdraw 20% of RA at PEA.

(Short answer but not straight answer )

Good luck!

 

[henrylbh]

Hi all,

My Retirement Account has just been created and 176K from SA has been snatched without prior consent. I understand that I may still withdraw half of that if I prefer. Just to confirm if I withdraw the money a few years later, it's still the same 88K without the interest together right?

Congrats! For this milestone.

Targeting FRS?

Any plans ahead?

Not yet. For now I first wish to confirm how the interest works...

One don't know what he wrote and the other don't know what he read

Of course, I know he had hit FRS level.

As FRS is very much a CPF Life term, I meant to ask if he plans to choose BRS, FRS or ERS for his CPF Life.

The way above goes, I need to withdraw my comment Can say I fail to understand

 

[iceblendedchoc]

Is there any limit to the amount I can transfer my oa to my wife sa account?
Want to help her hit FRS faster.

 

[PC-User]

...You "already consented" by waiting for 55 to hit u. No chance to do the SA hack! U never attend the CPF@55 talks?

Never attended any talk. Not good in investment thingy. Contented with the 4%+ steady interest...

If u want to withdraw 50% of FRS (excluding cash topups to SA if any) from RA, u have to apply with property charge/pledge. This can be done any time after 55 and preferably before u start mthly payouts from 65 to 70. Yes 50% FRS is 88k, less any cash topups to SA if any. All RA balances continue to earn 4% plus the extra interest credited of max 900 before payout starts, thereafter will depend on which CPF Life plan u choose.

Yes I know I have to apply for property pledge, 50% of FRS less any cash topup is withdraw-able, and the amount if left inside will continue to earn interest.

Just that (Quote from CPFB), "After setting aside the FRS fully with cash, or with cash (i.e. at least the Basic Retirement Sum) and property, 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." is a tad misleading like say half don't say half like that. Then in another section only they say "...excluding interest earned, any government grants received and top-ups made under the Retirement Sum Topping-up scheme...".

I know got interest but what happen to the interest? That's the only one thing I wanted to confirm.

 

[PC-User]

One don't know what he wrote and the other don't know what he read

And I don't know what you mean...

 

[PC-User]

That's correct. In fact, you can top up your Retirement Account by any amount up to the Enhanced Retirement Sum -- and still withdraw that $88,000 later, before CPF LIFE payout start, if you wish. You can withdraw any increment(s) of that $88,000 -- it doesn't have to be the whole $88,000. For example, you can withdraw $3,000 on your 57th birthday, $5,000 on your 58th, and $1,500 on your 59th.

"Only" having higher monthly retirement income for life from age 65 (or later, starting as late as age 70 if you wish), and a higher residual for your CPF nominees (heirs) at any/every age when a residual still applies, is a very, very good deal when 4%/year interest is fueling the premium. If you do withdraw any dollars you should make sure that you actually need the money to spend on something reasonably important now (and don't have any other source of funds that's less attractive from an earning point of view), or that you have some alternative investment/savings vehicle that you are confident will do better. The latter is really hard to imagine.

This indirectly answered to why I asked about the interest. It's good advice for anyone who's facing the same 'withdraw or not withdraw' situation.

CPF is pretty good at answering this withdrawal question, by the way. Have you looked at their retirement guide yet?

No, are there better options? I'm not good in investment stuff.

 

[PC-User]

Congrats, able to share the timeline that the RA was created relative to the 55th birthday?

I think might be immediately 'upon reaching 55', 12am? Government no 跟你客气 one.

I didn't check at that timing though, only in the morning.

 

[PC-User]

He wants a short answer of yes or no for taking out 88k...

Right, and wrong - I wanted to now yes or no on the interest part. 88K part you know I know everyone knows...

 

[Tiger9119]

Is there any limit to the amount I can transfer my oa to my wife sa account?
Want to help her hit FRS faster.

I am not sure about OA to SA transfer limit but I did transferred 50K to my wife's SA in Dec 2018.

 

[PC-User]

Wow, looks like all the questions and answers posted so far are not “straight questions and answers”, “what u see is not what u get”?

There are alot of hidden meanings only the writer knows and the reader might interprete it differently. There are hidden assumptions too

Yeah true. Overwhelming information for one yes or no question.

So I give u a short answer.

Yes, assuming u know all the CPF rules and requirements to withdraw the 88k without interest.

You should just straight away answered like this at the beginning mah.

One more: Assume u know u can also withdraw 20% of RA at PEA...

Yes I know this.

 

[henrylbh]

Right, and wrong - I wanted to now yes or no on the interest part. 88K part you know I know everyone knows...

Just take it that you can kiss good bye to the interest

If you withdraw 88k (assuming that's half of prevailing FRS) at 55, there is no attributable interest to talk about.

But if you withdraw 88k, say at 65, the accumulated interest on 176k from 55 cannot be withdrawn. The interest till then will go to CPF Life according to the plan chosen.

 

[henrylbh]

I am not sure about OA to SA transfer limit but I did transferred 50K to my wife's SA in Dec 2018.

I did transfers of more than 100k (to be exact 161k plus prior 18k cash top up) from my OA to my father's RA. The limit? Prevailing FRS if below 55 and ERS if 55 and above.

 

[BBCWatcher]

No, are there better options?

No, at present there are not any better options at age 55+ for Singapore dollar retirement income from 65+ than your(*) CPF Retirement Account(s), considering overall risks and rewards per reasonable assumptions. Especially when....

I'm not good in investment stuff.

What would you do with any withdrawal?

(*) "Your" includes your spouse/partner. Specifically, if your spouse/partner is not collecting all available bonus interest, and if there's no other source of dollars available, then shifting some of your Retirement Account to your spouse's/partner's can make financial sense on a household basis.

 

[maple96]

Yeah true. Overwhelming information for one yes or no question.

You should just straight away answered like this at the beginning mah.

Yes I know this.

Bingo!

I have answered it many times before but u failed many times to comprehend, even with one straight line one sentence

So since both of u are in discussions with "coded" language, from SBC's reply, I suspected it, something is amiss. So decided to make many assumptions before I finally throw in that answer to spoon feed u.

Other assumptions I made: u know why u want and should withdraw 88k anytime after 55, u know what to do until 65/70, u know which CPF Life Plan is good for u (ie Basic, Standard or Escalating Plan), and what u have.

Some others always talk about choice of BRS/FRS/ERS, but never talk about Basic, Standard or Escalating Plan to choose is the more important decision, eg is SBC.

Never attended any talk. Not good in investment thingy. Contented with the 4%+ steady interest...

Yes I know I have to apply for property pledge, 50% of FRS less any cash topup is withdraw-able, and the amount if left inside will continue to earn interest.

I know got interest but what happen to the interest? That's the only one thing I wanted to confirm.

Now u change your question to something else, different from your original question. Hope u know the difference in your questions. So now I dun know what u want, I think I need to change my assumptions but u should be able to find the answers in other threads which have already heavily discussed all the questions, no need for me to spoon feed u further.

This indirectly answered to why I asked about the interest. It's good advice for anyone who's facing the same 'withdraw or not withdraw' situation.

No, are there better options? I'm not good in investment stuff.

Now u change your question or your doubts again plus asking a question which is not related to the answer. u quote Oops what is happening in your mind?

Ok my conclusion, based on all the assumptions I made, your very first question had been answered, there is no need for me to participate in any further discussions here as u can find answers to all those questions in other threads. So good luck to u!

 

[justwakeup]

Nowadays whenever i go into any CPF- related threads, i can expect to see the few usual guys arguing like school boys

I really appreciate the information provided by these guys, but it would be better for them to set aside their ego and stop the schoolboy arguments. You know who you are.

 

[maple96]

Nowadays whenever i go into any CPF- related threads, i can expect to see the few usual guys arguing like school boys

I really appreciate the information provided by these guys, but it would be better for them to set aside their ego and stop the schoolboy arguments. You know who you are.

U are very sharp! There is a saying “Old folks behave like kids”

Then there are folks like U who likes to hide and read, never or dun like to participate or contribute, because they think they are too young, too early to worry or think about it as CPF rules might change when their turn comes.

Then there are some who are very active, dunno what motives, read this from another thread

Some guys spend 1 hour a day on these forums alone.

You can see them posting and being active here all the time.

Unless you are Shiny Things making money selling his book through this forum, this is stupidity.

Such debates keep the forum alive! Such debates help to determine the “FAKE” from the Real (CPFB's latest focus).

If there is only “one route to rome”, no debate is needed.

If u dun like to see, there is such a thing call ignore list

 

[PC-User]

...I understand that I may still withdraw half of that if I prefer. Just to confirm if I withdraw the money a few years later, it's still the same 88K without the interest together right?

...Please someone answer my question straight - if I withdraw the money say 3 years later, it's still 88K NOT 88K x1.04 x1.04 x1.04 right?

...If I leave the 88K inside for few more years, it will continue to earn the interest but the interest only contributes to the payout after 65, not withdraw-able together with the 88K itself right? Yes or no?

...I know got interest but what happen to the interest? That's the only one thing I wanted to confirm.

...Now u change your question to something else, different from your original question. Hope u know the difference in your questions. So now I dun know what u want, I think I need to change my assumptions but u should be able to find the answers in other threads which have already heavily discussed all the questions, no need for me to spoon feed u further....

Huh?? I think even AI could understand better right?

And answering a simple Yes or No is called spoon feed?? Even the questions are self explanatory needing no further effort. It's not like asking 'Someone please tell me how the whole thing works'.

Probably too simple an answer is not sufficient to show off one's knowledge on the topic...