CPF hack #11?

[ocs_woodlands]

I was reading the 10 hacks. It was quite boring (to me) cos I have been there, done them all..

But an idea dawned upon me.

Currently I have >> FRS in my SA. If I can sweep out my SA to park in a temporary product, can I sweep in my existing OA to my SA subject to the present FRS? Then I sweep back from the temporary product into the SA.

Then possibly my SA will have =350k on 4% pa...

Is this possible?

Sent from Common Sense using GAGT

 

[elnewbie]

Of cos cannot. The amount u can sweep in also includes monies withdrawn under CPFIS-SA scheme.

I was reading the 10 hacks. It was quite boring (to me) cos I have been there, done them all..

But an idea dawned upon me.

Currently I have >> FRS in my SA. If I can sweep out my SA to park in a temporary product, can I sweep in my existing OA to my SA subject to the present FRS? Then I sweep back from the temporary product into the SA.

Then possibly my SA will have =350k on 4% pa...

Is this possible?

Sent from Common Sense using GAGT

 

[ocs_woodlands]

Of cos cannot. The amount u can sweep in also includes monies withdrawn under CPFIS-SA scheme.

In short, there is no known loophole to push more money into an SA that already has > FRS other than the usual organic way lah?

Sent from Common Sense using GAGT

 

[SBC]

Hack #11 is to forget all the 10 hacks ?

 

[elnewbie]

There is a hack discussed in a separate thread few months back but only works if u are a few months away from turning 55.

In short, there is no known loophole to push more money into an SA that already has > FRS other than the usual organic way lah?

Sent from Common Sense using GAGT

 

[ocs_woodlands]

There is a hack discussed in a separate thread few months back but only works if u are a few months away from turning 55.

Thanks. Yeah read about that. Will definitely employ that hack.

Sent from Common Sense using GAGT

 

[alt2015]

There is a hack discussed in a separate thread few months back but only works if u are a few months away from turning 55.

Where can I find this hack?

 

[existence92]

I was reading the 10 hacks. It was quite boring (to me) cos I have been there, done them all..

But an idea dawned upon me.

Currently I have >> FRS in my SA. If I can sweep out my SA to park in a temporary product, can I sweep in my existing OA to my SA subject to the present FRS? Then I sweep back from the temporary product into the SA.

Then possibly my SA will have =350k on 4% pa...

Is this possible?

Sent from Common Sense using GAGT

FRS - SA balances + CPF-INV SA.

So, no it is not possible. https://www.cpf.gov.sg/Members/FAQ/schemes/retirement/retirement-sum-topping-up-scheme

 

[WWH123]

I done it in 6 weeks. No money lost in the process. Still gain some in the process.

 

[elnewbie]

The idea is: 3 months before u turn 55, you invest your SA balance in a low risk fund. At age 55, cpf will then take money from your OA to form the RA account balance.

The hack is basically to fund the RA using funds from OA instead of SA. Then once the RA is formed, liquidate the investment and the proceeds then go back to SA. Its basically to extract an additional 1.5% interest out of your OA balance.

Where can I find this hack?

 

[SBC]

Only good for guys without outstanding mortgage obligation.

 

[Perisher]

Only good for guys without outstanding mortgage obligation.

For those reaching 55, hopefully should be clear of any housing debt.

 

[alt2015]

Only good for guys without outstanding mortgage obligation.

May I ask why?

 

[elnewbie]

Because if u can't clear your mortgage by then, chances are, you will still need the OA funds.

May I ask why?

 

[alt2015]

Because if u can't clear your mortgage by then, chances are, you will still need the OA funds.

If oa still have balance after tfr of frs to ra... oa balance still can service loan?

 

[BBCWatcher]

Because if u can't clear your mortgage by then, chances are, you will still need the OA funds.

I don't think that's a given. Moreover, cash always works to service a mortgage, and if you've got more than the Full Retirement Sum (FRS) in your combined balances (OA+SA) then anything left over can be withdrawn at age 55 or later, on demand, if need be -- and for any purpose, including loan servicing. In the meantime, you're earning higher SA interest instead of lower OA interest, and that's perfectly lovely.

 

[elnewbie]

Technically, that is true.

Practically, its unlikely your OA balance, after the transfer, will be sufficient to service your loans.

If oa still have balance after tfr of frs to ra... oa balance still can service loan?

 

[badsector]

The idea is: 3 months before u turn 55, you invest your SA balance in a low risk fund. At age 55, cpf will then take money from your OA to form the RA account balance.

The hack is basically to fund the RA using funds from OA instead of SA. Then once the RA is formed, liquidate the investment and the proceeds then go back to SA. Its basically to extract an additional 1.5% interest out of your OA balance.

but nobody confirm it works right?

too bad.. his banned

 

[henrylbh]

Technically, that is true.

Practically, its unlikely your OA balance, after the transfer, will be sufficient to service your loans.

I got enough OA to settle my housing loan in full even after I have transferred 129k to my father's RA.

 

[henrylbh]

but nobody confirm it works right?

too bad.. his banned

From my understanding, it should work for now, unless CPF Board decides to interpret it differently in subsequent years.