CPF Easy Info Thread. :)

[dork32]

Whether topping up 20k on a gross of 55 is a lot or not would depend on herself. She could be using her savings.

again i am assuming mom has no savings, candy crush has 50k. i would not want to touch much of that 50k. is it my fault? not enuf info again.

 

[henrylbh]

no it is not wrong info. those are not real numbers, just an illustration. i am too lazy to do the real calculation.

for rss,i am assuming the payout is until 90. i tot dad is passed 70 already. 7k to pay for 20 years vs 19 years. it is quite natural that 20 years you get less.
for cpf life, the concept would be the same. payout would increase as the age at which the top up occurs increases.
like i said info is all over the place.

I am not disputing the numbers but the concept on how payout is determined under RSS. For CPF Life, it's worst as it's not transparent.

So topping up 7k to a zero RA may not get a payout of $x as there is a min payout and the top up will exhaust in less than 3 years or so

 

[candy crush]

again you can see that there is lack of info. i am guessing your tax bracket with your gross income. gross income is not so good. it is the taxable income that we are interested int

I dk my taxable income

 

[candy crush]

again i am assuming mom has no savings, candy crush has 50k. i would not want to touch much of that 50k. is it my fault? not enuf info again.

actually what other info u need?

can u help me list down all the info u need?

 

[candy crush]

Till now, candy crush doesn't even know whether the father is getting any monthly payout from CPF.

No payout, positive, my father is under old RSS scheme


Hence, you guess and I guess only

Because his RA is zero, my first guess was the father could have opted for CPF Life payout. But it is also possible that the father could have a low RA at 55 and hence the RA, with min payout of $250 starting at age 60 or 62 under RSS, could have been exhausted by now.

My father exhaust his CPF payout from RSS, yes, my father is under the old scheme, becos CPF life is only introduce 2009

(note - based on his age, he could have started retirement payout before the introduction of CPF Life).

By 55, we don't know how much OA he has used for payment of property as that would give an idea of how much SA he had for RA.

From 55 to date, about 70k had been paid for the property and how much is from CPF we don't know. Likely before the creation of RA at 55, he could have reserved his OA from being transferred to RA.

He never do anything that u mention above

So until candy crush finds out, both possibilities exist.

replied the question above

does it mean my father will only receive 494 if he top up $70000 in his old scheme?

 

[candy crush]

ask u guys a noob question, after I top up the CPF account for my family

do I need to do anything? or will the tax relief will compute automatically?

 

[dork32]

I dk my taxable income

go iras to check

 

[tangent314]

Ok your dad's bad situation got even worse than what I thought. Unless he is cash rich (e.g. self employed and hardly contributing to CPF during his working years), he's going to face a lot of hardship coming up, being unable to pay the housing loan instalments, and having no retirement income.

Besides the SHB scheme mentioned earlier, you may want to look into the Lease Buyback Scheme https://www.hdb.gov.sg/cs/infoweb/r...hdb-flat/for-our-seniors/lease-buyback-scheme

 

[candy crush]

Ok your dad's bad situation got even worse than what I thought. Unless he is cash rich (e.g. self employed and hardly contributing to CPF during his working years), he's going to face a lot of hardship coming up, being unable to pay the housing loan instalments, and having no retirement income.

Besides the SHB scheme mentioned earlier, you may want to look into the Lease Buyback Scheme https://www.hdb.gov.sg/cs/infoweb/r...hdb-flat/for-our-seniors/lease-buyback-scheme

Understand, thank you

 

[crimsontactics]

Understand, thank you

Just ask him to continue working.

Can solve a lot of his problems.

Sent from Samsung SM-N960F using GAGT

 

[dork32]

Ok your dad's bad situation got even worse than what I thought. Unless he is cash rich (e.g. self employed and hardly contributing to CPF during his working years), he's going to face a lot of hardship coming up, being unable to pay the housing loan instalments, and having no retirement income.

Besides the SHB scheme mentioned earlier, you may want to look into the Lease Buyback Scheme https://www.hdb.gov.sg/cs/infoweb/r...hdb-flat/for-our-seniors/lease-buyback-scheme

actually, dad situation may be bad but family as a whole is ok.

dad is not working but candy is. candy 's 55k a year is decent. it is more than enuf to give dad a small allowance and to pay for the installment.

candy is also young. it is likely that he stays with dad now. so what is wrong in paying 395 a month to stay in a flat? afterall, the flat is going to be his one day. if candy is going to a hdb on his own, it will cost him more than 395 a month.

 

[candy crush]

actually, dad situation may be bad but family as a whole is ok.

dad is not working but candy is. candy 's 55k a year is decent. it is more than enuf to give dad a small allowance and to pay for the installment.

candy is also young. it is likely that he stays with dad now. so what is wrong in paying 395 a month to stay in a flat? afterall, the flat is going to be his one day. if candy is going to a hdb on his own, it will cost him more than 395 a month.

yes I agree, but U have some doubt on the RSS thing

if I now suddenly top up his retirement account, will his RSS be activated and start the payout out of the blue? assuming he did not sign up for CPF life

 

[henrylbh]

replied the question above

does it mean my father will only receive 494 if he top up $70000 in his old scheme?

If top up 70k, payout will be much more than 494 pm.

 

[henrylbh]

yes I agree, but U have some doubt on the RSS thing

if I now suddenly top up his retirement account, will his RSS be activated and start the payout out of the blue? assuming he did not sign up for CPF life

Years ago I topped up cash to my father's zero RA after he exhausted his RA years ago before my top-up. There was no auto payout. Confirm with CPF as rule may change.

 

[candy crush]

If top up 70k, payout will be much more than 494 pm.

where does the $494 come from?

I get it from the calculator from CPF

 

[henrylbh]

where does the $494 come from?

I get it from the calculator from CPF

It depends on what you key into the RSS calculator.

If you key the correct date of birth and current amount of RA, the calculator is supposed to give the estimated monthly payout.

But for RA of 70k and payout starting next month, the payout can't be $494.

The monthly payout is supposed be be over the duration of 20 years from age 62 (PEA). Since he is now 72, the monthly payout should be more than $700 to be paid out over the remaining duration of 10 years, and a little longer with the extra interest.

 

[candy crush]

I dun understand how come my father RA can be empty

I tot there is a minimum sum in RA, must at least BRS

in what scenarios his RA account can be empty?

 

[crimsontactics]

I dun understand how come my father RA can be empty

I tot there is a minimum sum in RA, must at least BRS

in what scenarios his RA account can be empty?

No reason tbh, unless his OA and SA totally empty.

Best ask CPF.

Sent from Samsung SM-N960F using GAGT

 

[dork32]

I dun understand how come my father RA can be empty

I tot there is a minimum sum in RA, must at least BRS

in what scenarios his RA account can be empty?

when he was 55 he had a bit of oa and sa. this was transferred into ra

at 65 he started to draw down on the ra. he received a payout every month but did not tell you. because his ra is small, it is depleted quickly resulting in a 0 ra when you looked at it.

your dad continued to work after 55. he managed to get his oa and sa up and going while working. that is why the oa and sa are not 0

this is a likely scenario. again i am doing guessing.

 

[dork32]

No reason tbh, unless his OA and SA totally empty.

Best ask CPF.

Sent from Samsung SM-N960F using GAGT

like dat might as well dont answer