CPF Life - Standard Plan

[ask_yip]

parking to learn more

 

[Perishable]

can you share what made you decide to go with frs sum and standard?

 

[KnyghtRyder]

i also wonder why it was not wiped? aren't all funds in RA be used as CPF Life premium?

No. It is not 100%

 

[eggie011]

by the way, how to withdraw from CPF when we reach 55 years old??? the system will paynow me a fixed sum monthly???

Just login to CPF and withdraw. You can paynow everything to your bank account in one lump sum. Of course, if you don't need the money, just leave it there for 2.5%. Just treat your OA as another savings account, but with higher interest rate.

 

[KnyghtRyder]

kind of weird... we have always been told money into RA is one way only and all meant for CPF Life premium...

From Google

Extra Savings Above the Target: If you set aside more than your required retirement sum, or if you had extra cash left over after your specific premium was calculated and deducted, the remainder stays in your account.

 

[Laguna123]

Ts intend to keep fund in OA as emergency? RA is giving 4% interest but cannot withdraw is it?

 

[philips107]

Just login to CPF and withdraw. You can paynow everything to your bank account in one lump sum. Of course, if you don't need the money, just leave it there for 2.5%. Just treat your OA as another savings account, but with higher interest rate.

There is a 50K daily withdraw limit - arising cos of scamming cases.

 

[KnyghtRyder]

Please do update us, I never knew RA can be withdrawn.

There is that 20% option less 5k withdrawal option before payout start.

 

[KnyghtRyder]

by the way, how to withdraw from CPF when we reach 55 years old??? the system will paynow me a fixed sum monthly???

No.

 

[d3n]

camping here

 

[highsulphur]

thank you TS for sharing

 

[hwarzoner]

so the RA leftover amount can be withdrawn after setting aside the FRS. the leftover you can either earning 4% or withdraw it.

 

[hotamp]

There is that 20% option less 5k withdrawal option before payout start.

i havent reach payout stage yet, but still confused abt cpf ....so after setting aside FRS at 55, what is left inside OA you can withdraw everything ? then at 65 you can withdrawl another 20% - 5k from RA?

 

[eggie011]

can you share what made you decide to go with frs sum and standard?

I didn't want to pledge my property. I also didn't want to tie up too much money in my RA. So I opted for FRS.

I have already done my will and will leave a tidy sum to my beneficiaries. So I decided that CPF is mine to enjoy. So I went with standard plan, which gives higher payout than basic plan, but the interest is pooled, so it won't go to the beneficiaries.

 

[addict951]

ts, when you were 55 that time you withdrew all your OA balance liao?


Then the RA withdrawal balance - can you leave it there forever until at a certain point in time when you’re ready to withdraw it?

 

[eggie011]

so the RA leftover amount can be withdrawn after setting aside the FRS. the leftover you can either earning 4% or withdraw it.

Still unclear to me what will happen to that RA bit. Once something happens, I'll definitely update here.

 

[eggie011]

ts, when you were 55 that time you withdrew all your OA balance liao?


Then the RA withdrawal balance - ca you leave it there forever until at a certain point in time when you’re ready to withdraw it?

I took a lot out of OA to invest. Left some in there to pay mortgage. You can see I still have some in OA still servicing my loan.

That RA bit, haha, I also donno.

 

[SaGu]

Still unclear to me what will happen to that RA bit. Once something happens, I'll definitely update here.

sagu also not sure but when you selected your CPF Life options, the system automatically deducts about 20% of your RA amount for your withdrawal and there is a checkbox option you need to select to include your full RA amount for your CPF Life premium, so sagu think the balance RA amount will now be moved to your OA after some time and anyway call CPF to find out if you still not sure



#saguwisdom

 

[bruiser69]

Probably can withdraw. I will update when that happens.

Strange. I was under the impression that all the funds in the RA will be wiped clean and used as the CPFLife premium

 

[bruiser69]

No. It is not 100%

Is it because you selected the option for them to return 20% back to your OA? (Now stay as RA then later they will transfer to your OA).

I can only think of this possible reason.

If you keep in OA you earn approx $89 interest but in CPFLife payouts for the 20% sum you get about $160 more per month.