CPF interest for 2016

[koja6049]

Did a quick spreadsheet, the rate of increase is between 6.5% to 5.1% for each individual year from 2003-2014. A special >10% increase in 2008/09. Seems to decelerated recently in 2014 and 2015 to below 5%. Last increase is 3.1% (or 2.06% if u considered the period is 1.5 yrs instead of 1yr).

But I guess nobody can tell the future rate of increase of FRS.

well, already written in black and white that it is 3% till 2020, i.e. 181k. At least u can be sure there is no sudden increase within these 4 years

 

[OngHuatHuat]

Should be ready on 5 or 6 Jan based on my past experience.

Anyone know when will the CPF 2016 Statement...can be view from CPF website?

Last check this morning still showing the 2015 Statement.

 

[WWH123]

Website stated 4 working days.

 

[lee_tired_sheep]

Relax la... See already also cannot take out.

Sent from LGE LG-H818 using GAGT

 

[henrylbh]

Website stated 4 working days.

That's for statement on trx history but may not be for annual statement which requires more time. But trx history good enough.

 

[hygge island]

well, already written in black and white that it is 3% till 2020, i.e. 181k. At least u can be sure there is no sudden increase within these 4 years

ohhh... thanks. Didn't know it was official.. Googled and found it. kumsia.

 

[iMac]

A uniquely(?) S'porean problem: sometimes even write in black and white, still got people dun know or dun believe

CPF FAQ:

Q - How much retirement sum do I need? And what are the future changes to the retirement sum?

A - For members who turn 55 in 2017, their Basic Retirement Sum (BRS) and Full Retirement Sum (FRS) are $83,000 and $166,000 respectively.

To help you better plan for your retirement, your BRS will be made known to you ahead of time. For members turning 55 from 2017 to 2020, the BRS will be increased by 3% from the cohort in the previous year to cater for long term inflation and increase in standard of living. Correspondingly, the FRS and Enhanced Retirement Sum (ERS) will be set at two times and three times the BRS respectively.

Year BRS FRS ERS
2017 $83,000 $166,000 $249,000
2018 $85,500 $171,000 $256,500
2019 $88,000 $176,000 $264,000
2020 $90,500 $181,000 $271,500

How come I cannot transfer more $ from OA to SA ? (currently SA is $166k)

I am aiming for Enhance Retirement Scheme = $249k..

 

[doody_]

How come I cannot transfer more $ from OA to SA ? (currently SA is $166k)

I am aiming for Enhance Retirement Scheme = $249k..

Because OA to SA transfer is capped at FRS aka 166k.

 

[OngHuatHuat]

ERS only for retirement account.
Currently can only allow top up till FRS

How come I cannot transfer more $ from OA to SA ? (currently SA is $166k)

I am aiming for Enhance Retirement Scheme = $249k..

 

[iMac]

Because OA to SA transfer is capped at FRS aka 166k.

So is it the remaining have to top up by cash?

 

[linusz]

How come I cannot transfer more $ from OA to SA ? (currently SA is $166k)

I am aiming for Enhance Retirement Scheme = $249k..

Why want to transfer from oa to sa. Any house to pay?

Sent from Samsung SM-N9005 using GAGT

 

[elnewbie]

I guess you are below 55 ?

For topups to ERS, can only be done to RA account, which effectively means u need to be at least 55.

So is it the remaining have to top up by cash?

 

[doody_]

So is it the remaining have to top up by cash?

No, SA can be topped up till FRS only. Doesn't matter if you're using OA transfers or cash.

 

[iMac]

Why want to transfer from oa to sa. Any house to pay?

Sent from Samsung SM-N9005 using GAGT

My current HDB still $70k outstanding.

Interest rate by HDB is 2.6%.

Is it better to clear this outstanding loan using OA ? Please advise. Thanks.

 

[edwinttt1978]

My current HDB still $70k outstanding.

Interest rate by HDB is 2.6%.

Is it better to clear this outstanding loan using OA ? Please advise. Thanks.

Had considered clearing the loan using OA too, but decided against it because, amongst other things, the accrued interest will be even more in time to come.

 

[henrylbh]

Interest on all accounts has been credited just after midnite.

 

[dork32]

Had considered clearing the loan using OA too, but decided against it because, amongst other things, the accrued interest will be even more in time to come.

if you dump in now
5 years later you will owe
more accrued interest
less principal

if you dump in 5 years later
you will owe
less accrued interest
more principal.

in other words, monetarily, there is very little difference

 

[orange_sky]

if you dump in now
5 years later you will owe
more accrued interest
less principal

if you dump in 5 years later
you will owe
less accrued interest
more principal.

in other words, monetarily, there is very little difference

of course there's a difference. It's money owing to yourself vs the bank

 

[OngHuatHuat]

Interest on all accounts has been credited just after midnite.

You really view CPF as your most important financial planning tool, but nothing wrong with that.

 

[Jumpman23]

Got 10k interest total from 3 accounts