CPF Easy Info Thread. :)

[henrylbh]

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?

For your father's cohort, the min sum is $70,000 and payout is $537 for a duration of about 20 years from age 62.

For those who did not min the min sum, only a portion of their combined OA/SA will move to RA. If the amount moved is RA is low, the RA will be exhausted in a few years as the min payout, I think, is $250 per month.

Besides, your father could have arranged with CPFB not to move his OA/SA to RA as he needs money for his housing installments.

 

[henrylbh]

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

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

go iras to check

answer like no answer

 

[BBCWatcher]

Other possibilities, in no particular order:

1. He was self-employed for most of his working life, not required to contribute to CPF OA and SA, and didn’t.

2. He made a hardship withdrawal at some point, which was occasionally possible.

3. He was a foreign worker initially in Singapore and thus outside of CPF before his status changed later in life.

4. He worked overseas, wasn’t required to contribute, and didn’t.

5. He worked in the pre-CPF civil service (but then should have some other pension).

6. He divorced, his ex-spouse didn’t have much in her CPF accounts, and some of his balances were transferred to her.

7. He worked “off the books,” and so he and his employer illegally failed to contribute to his CPF accounts. Perhaps he also failed to pay income tax.

There are a few other even more exotic possibilities, but I think we’ve mentioned most of them.

 

[rrr2015]

do you know you can download annual reports for last 10 years? go thru the transactions will help you understand more about money flows

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?

 

[henrylbh]

do you know you can download annual reports for last 10 years? go thru the transactions will help you understand more about money flows

That what I have said earlier. Go and save the past statements to get an idea of what going on. If don't understand, we can try to give explanations for the actual numbers instead of guessing.

 

[candy crush]

For your father's cohort, the min sum is $70,000 and payout is $537 for a duration of about 20 years from age 62.

For those who did not min the min sum, only a portion of their combined OA/SA will move to RA. If the amount moved is RA is low, the RA will be exhausted in a few years as the min payout, I think, is $250 per month.

Besides, your father could have arranged with CPFB not to move his OA/SA to RA as he needs money for his housing installments.

Thanks best answer

 

[henrylbh]

Best if you could get hold of his annual CPF Statement of 2003 when he turned 55 and the following year. That will give an idea of what's going on. That would detail how much SA and OA was transferred actually transferred to RA and how much was left for withdrawal. It would also show the monthly deductions for housing installments etc.

 

[Plow98]

I am sure my problem has been discussed previously. So my apologies.

After withdrawing my CPF, I found no better place to put the fund. Please advise if I can return the money to CPF? If so, into which account, please? Thank you.

 

[Aion99]

I am sure my problem has been discussed previously. So my apologies.

After withdrawing my CPF, I found no better place to put the fund. Please advise if I can return the money to CPF? If so, into which account, please? Thank you.

Put the fund to me. I double it in one year for you.

 

[crimsontactics]

I am sure my problem has been discussed previously. So my apologies.

After withdrawing my CPF, I found no better place to put the fund. Please advise if I can return the money to CPF? If so, into which account, please? Thank you.

Depends on the amount in your RA.

If you have less than ERS, you can top up straight to your RA.

Sent from Samsung SM-N960F using GAGT

 

[Plow98]

Depends on the amount in your RA.

If you have less than ERS, you can top up straight to your RA.

Sent from Samsung SM-N960F using GAGT

What is an ERS, please?

I have $3K in my RA. Still have $180K of ex-CPF money to suitably 'rehome'.
Will appreciate your kind advice, please.

 

[crimsontactics]

What is an ERS, please?

I have $3K in my RA. Still have $180K of ex-CPF money to suitably 'rehome'.
Will appreciate your kind advice, please.

Enhanced Retirement Sum.

3x of BRS.

You have the option of pumping $180k into your RA.

But I would not recommend it as I believe one should have some liquid cash aside.

Pls include details like whether you're working, if you have emergency fund and your salary/expenses.

Sent from Samsung SM-N960F using GAGT

 

[henrylbh]

What is an ERS, please?

I have $3K in my RA. Still have $180K of ex-CPF money to suitably 'rehome'.
Will appreciate your kind advice, please.

Dumb all into QAF for final dividend of 4c. Interim dividend was 1c

Vested.

 

[tangent314]

After withdrawing my CPF, I found no better place to put the fund. Please advise if I can return the money to CPF? If so, into which account, please? Thank you.

I have $3K in my RA. Still have $180K of ex-CPF money to suitably 'rehome'.
Will appreciate your kind advice, please.

Ok, we'll need a bit more information.

1. Your current OA, SA and MA balance
2. Your age
3. Have you already started CPF Life or RSS monthly payouts, and at what age did it start, and if possible how much you had in RA when you started payouts
4. Did you use CPF monies to pay for your housing, and if you did, have you ever refunded such monies back to your CPF

 

[candy crush]

Hi Guys

so far from the information I gathered, I understanding is

1) if i choose CPF Life Basic plan, money I put inside RA gt interest, I can get interest + watever left in the premium if the holder pass away

2) if I choose CPF Life standard plan, I only get back watever left n the premium + wun get any interest if the holder pass away

3) if I choose CPF Life Escalated plan, I only get back watever left in the premium wun get any interest if the holder pass away

Is my understanding correct?

 

[tangent314]

Yep. Basically:

Basic - More for your beneficiaries
Standard - More for yourself
Escalating - More for your future

 

[henrylbh]

Hi Guys

so far from the information I gathered, I understanding is

1) if i choose CPF Life Basic plan, money I put inside RA gt interest, I can get interest + watever left in the premium if the holder pass away

2) if I choose CPF Life standard plan, I only get back watever left n the premium + wun get any interest if the holder pass away

3) if I choose CPF Life Escalated plan, I only get back watever left in the premium wun get any interest if the holder pass away

Is my understanding correct?

It may be still to far for you to care much about CPF Life plans which is applicable when your turn 65 and can defer the choice till 70. By then, there will be changes to the plans.

Better to think of how to make good use own or parents' CPF.

Example, you can consider making use of your father's zero RA. You get tax relief by contributing cash to his RA. The money in RA earns 6% on first 30k and 5% on next 30k and 4% on excess.

Your father's payout from RA can commence the month after topping up. The monthly payout will be over an estimated duration of 10 years (shorter if too little in RA) and a little longer because of the extra interest.

 

[dork32]

answer like no answer

asking candy to go iras website to check is not wrong. or else you got better answer on taxable income?

 

[henrylbh]

Best ask CPF.

like dat might as well dont answer

asking candy to go iras website to check is not wrong. or else you got better answer on taxable income?

I just trying to repeat what you said to crimsontactics.

 

[dork32]

I just trying to repeat what you said to crimsontactics.

crimson reply is really of no use. he mentioned that candy should ask cpf wat happened, when candy asked what could have happened. he gave no reply on what could have happened.

wat i have stated and wat you have stated are possible scenarios.

if i were to reply i dont know, i might as well as dont reply

i ask candy to check his taxable income. the best place is at the iras site and to login in using your singpass. do you have a better suggestion than that?

these are two separate issues, separate situations. you gave a remark that does not make sense at all.