CPF Easy Info Thread. :)

[dork32]

checking the iras account and asking cpf are two very separate issues.

checking, all the info are there. you just check it.

asking cpf, they may ask a lost child to speak to you. these lost child may be even more lost than us. i have quoted many examples of lost child misleading my friends.

also with regards to the min payout, it is tangent that say that you get $7 for every thousand put into the ra. i just extrapolated his remarks

 

[dork32]

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?

my answer is: dont know leh. better go ask cpf yourself. dont trust wat tangent said.

like dat reply got use or not.

 

[dork32]

henry, i want to ask you wat is my income tax last year?

you give me a better reply than check iras or income tax statement, i bow to you. or else please stop all the useless remarks.

 

[dork32]

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.

if you use a bit of common sense, you will know that candy is thinking of using his parents cpf.

he can enrol them into the different cpf life schemes other than the rss. it is not wrong for him to ask these questions
and also the correct way of is like wat tangent did it, straight to the point .not all the crab that you have added. you are really beginning to sound like you know who

 

[candy crush]

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.

The payout is automatic one?

or must inform CPF after top up?

 

[candy crush]

if you use a bit of common sense, you will know that candy is thinking of using his parents cpf.

he can enrol them into the different cpf life schemes other than the rss. it is not wrong for him to ask these questions
and also the correct way of is like wat tangent did it, straight to the point .not all the crab that you have added. you are really beginning to sound like you know who

I guess I will check with CPF maybe send them some email

 

[henrylbh]

The payout is automatic one?

or must inform CPF after top up?

In general, payout is not auto. Need to apply to commence payout. Payout is auto (or compulsory) at age 70 but not for your father's cohort.

 

[Plow98]

The payout is automatic one?

or must inform CPF after top up?

Went to CPF (Jurong Branch) today and they said that money deposited (top-up) in RA will automatically be released on a monthly basis upon reaching 70 years of age.

 

[henrylbh]

Went to CPF (Jurong Branch) today and they said that money deposited (top-up) in RA will automatically be released on a monthly basis upon reaching 70 years of age.

For you, it's auto payout from 70 if you decide not to commence payout anytime from 65. But for candy crush's father, there is no auto payout at 70. He can defer indefinitely.

 

[candy crush]

can I check

My mother, she is not working, she is current 67

Her CPF RA account is earning at 6% per year

how come uh?

Is it because she havent receive 70?

* I think I know why, because she nvr work before

https://www.cpf.gov.sg/Members/AboutUs/about-us-info/cpf-interest-rates

so I can safely top up her CPF RA account now to earn interest

 

[henrylbh]

can I check

My mother, she is not working, she is current 67

Her CPF RA account is earning at 6% per year

how come uh?

Is it because she havent receive 70?

Your mother's CPF -

OA - $4,863.16 earns 2.5% + 1% +1% (that goes into RA)
SA - $1,310.09 earns 4% + 1% + 1%
MA - $1,394.87 earns 4% + 1% + 1%
RA - $631.82 earns 4% + 1% +1%

First 1% refers to extra interest.
Second 1% refers to additional extra interest (for those above 55)

An extra 1% interest per annum is currently paid on the first $60,000 of a member’s combined balances (with up to $20,000 from OA).

Extra interest received on monies in the OA will go into the member’s SA or RA to enhance his or her retirement savings

For CPF members who are aged 55 and above, an additional 1% interest per annum will be paid on the first $30,000 of their combined balances. This is paid over and above the current extra 1% interest that is earned on the first $60,000 of their combined balances. As a result, CPF members aged 55 and above will earn up to 6% interest per year on their retirement balances.

These additional extra interest received on the OA will go into the member’s RA to enhance his or her retirement savings.


I am also confused.

 

[henrylbh]

so I can safely top up her CPF RA account now to earn interest

Have your parents made CPF nomination? Are you their sole nominee?

If no nomination, CPF money will go to Public Trustee. There will some delay and deductions before the CPF money is given to the beneficiaries.

If there is nomination, CPFB will automatically (without much delay) inform the nominee to make application to withdraw the CPF or if the nominee chooses, the money can be left in the CPF account until song song then take out anytime by completing a form to withdraw. But note that after 6 years, no interest is payable.

 

[candy crush]

Your mother's CPF -

OA - $4,863.16 earns 2.5% + 1% +1% (that goes into RA)
SA - $1,310.09 earns 4% + 1% + 1%
MA - $1,394.87 earns 4% + 1% + 1%
RA - $631.82 earns 4% + 1% +1%

First 1% refers to extra interest.
Second 1% refers to additional extra interest (for those above 55)

An extra 1% interest per annum is currently paid on the first $60,000 of a member’s combined balances (with up to $20,000 from OA).

Extra interest received on monies in the OA will go into the member’s SA or RA to enhance his or her retirement savings

For CPF members who are aged 55 and above, an additional 1% interest per annum will be paid on the first $30,000 of their combined balances. This is paid over and above the current extra 1% interest that is earned on the first $60,000 of their combined balances. As a result, CPF members aged 55 and above will earn up to 6% interest per year on their retirement balances.

These additional extra interest received on the OA will go into the member’s RA to enhance his or her retirement savings.


I am also confused.

for my month story

only RA is 6%
her SA is 5%


what I plan to do

1) To up 29k to my mum RA account this year (she is 67, born in 1953)
2) Change my mum bank account in CPF to my bank account (I spoke to her, she is cool with it, she dk english)
3) the 30k will grow with interests from 67 to 70 years
4) 30K will become 35,730.48 in her RA account (6% growth)
5) I will receive the payout monthly from her RA after 70
6) When she pass away, I will receive 100% of her RA/OA/MA minus the monthly payout

no matter what I will get the money + interest, sooner or later in cash

 

[henrylbh]

for my month story

only RA is 6%
her SA is 5%


what I plan to do

1) To up 29k to my mum RA account this year (she is 67, born in 1953)
2) Change my mum bank account in CPF to my bank account (I spoke to her, she is cool with it, she dk english)
3) the 30k will grow with interests from 67 to 70 years
4) 30K will become 35,730.48 in her RA account (6% growth)
5) I will receive the payout monthly from her RA after 70
6) When she pass away, I will receive 100% of her RA/OA/MA minus the monthly payout

no matter what I will get the money + interest, sooner or later in cash

No matter what?

If you are willing to freeze your money till she up lorry, then go ahead. But if you are not the sole nominee, half of her CPF will go your father, if he survives her. In addition there will be delay as the money will first go to the public trustee and there will be charges.

I don't think you can change her bank account linked to CPF to your account, but you can certainly convert her bank account into a joint account.

You can receive the monthly payout anytime after topping up, upon application. If not, the monthly payout will automatically start when she turns 70.

 

[candy crush]

another question is

how come I check my father OA account

sometime I see the MA will transfer to OA one?

is there criteria before MA can transfer to OA?

I think I know why

because my father got mortage of house

 

[tangent314]

BTW, have you worked out how your dad is going to continue paying the loan installments for the HDB? I kind of feel this is the most important issue to get out of the way first before thinking about topping up CPF.

There is a Basic Healthcare Sum cap on the Medisave account. When that cap is hit, the excess flows into RA if you are over 55, unless the FRS has already been set aside into RA then it will overflow into the OA instead.

But I thought we established earlier that your dad's RA was too low at the PEA that's why it reached 0 and he's not getting anymore payout? That's not possible if he had FRS earlier... something's not right.

 

[henrylbh]

BTW, have you worked out how your dad is going to continue paying the loan installments for the HDB? I kind of feel this is the most important issue to get out of the way first before thinking about topping up CPF.

There is a Basic Healthcare Sum cap on the Medisave account. When that cap is hit, the excess flows into RA if you are over 55, unless the FRS has already been set aside into RA then it will overflow into the OA instead.

But I thought we established earlier that your dad's RA was too low at the PEA that's why it reached 0 and he's not getting anymore payout? That's not possible if he had FRS earlier... something's not right.

She said she already understood why interest on MA flowed to OA, despite RA is zero. Obviously, the father never met the requisite min sum. You established his RA was too low, not me. To me, it's also possible the RA was zero since age 55

 

[henrylbh]

Candy crush's parents are under RSS and there are few CPF rules peculiar to those generations, before 1950 (father) and before 1958 (mother).

 

[candy crush]

Have your parents made CPF nomination? Are you their sole nominee?

If no nomination, CPF money will go to Public Trustee. There will some delay and deductions before the CPF money is given to the beneficiaries.

If there is nomination, CPFB will automatically (without much delay) inform the nominee to make application to withdraw the CPF or if the nominee chooses, the money can be left in the CPF account until song song then take out anytime by completing a form to withdraw. But note that after 6 years, no interest is payable.

that one i will change to me, no worries

Sent from 我好想射.... using GAGT

 

[candy crush]

She said she already understood why interest on MA flowed to OA, despite RA is zero. Obviously, the father never met the requisite min sum. You established his RA was too low, not me. To me, it's also possible the RA was zero since age 55

I check his record la...in 2018 his RA account get 4.8k

but his monthly payout is $493 (I dk who set that amount), so it pay for like 10 months....

payout until recently become 0