CPF Life - Standard Plan

[eggie011]

i also curious to know the 17% they will take from where.... ts, just to be clear, your total sum to pay is 252,300?

See post #83 and #109.

 

[toolbox03]

What happen between 55 and 65 yo?

 

[nasilemak100]

sagu submit when you reached your 55th birthday, the $220K in your SA will be moved to your newly created RA account and if you have $700K you can consider topping up your RA account up to ERS amount of $440,800 to immediately earn the 4% interest in your RA account or leave them in OA account with the flexibility of withdrawal at any time and earn 2.5% interest in your OA account. The more money (including the 4% interest) in your RA account the higher your payout when you starts CPF Life at 65 to 70 years old but money in your RA account stays in your RA account and cannot be withdrawn.

At age 65 to 70 years old when you authorize CPF Board to commence your monthly CPF Life payouts, you will have a one-time option of withdrawing 20% of your RA amount (excluding top ups) from your RA account and if you choose to withdraw the 20%, the monthly CPF Life payout amounts will be lower than if you had not withdrawn the 20% and these differences in monthly payouts amount are demonstrated on the CPF website including selecting your CPF Life plans, ie. Standard, Basis or Escalating.


#saguwisdom

if choose to withdraw the 20%....this is which CPF Life plan? Standard or Basis? What is Escalating?

 

[cosmothecat]

What happen between 55 and 65 yo?

you get interest on your RA balance

if you are asking where to get money to spend between those 2 points, then the answer is your own cash savings

 

[PhantomOpera]

Assuming at age 55, I chose to top up to full ERS max.

1) Can I still continue to top-up RA at age 56, 57 etc since the max ERS will increase every year? Or will the compounded interest fill the gap to max ERS amt year on year?

2) Given that there’s no need for me to leave so much cash for my family as they are already well taken care of, it is better for me to top up to ERS max at age 55 and then choose the standard plan (whether at age 65 or 70), correct?

 

[eggie011]

if choose to withdraw the 20%....this is which CPF Life plan? Standard or Basis? What is Escalating?

The 20% withdrawal from RA at 65 applies to any of the 3 plans.

 

[eggie011]

Assuming at age 55, I chose to top up to full ERS max.

1) Can I still continue to top-up RA at age 56, 57 etc since the max ERS will increase every year? Or will the compounded interest fill the gap to max ERS amt year on year?

2) Given that there’s no need for me to leave so much cash for my family as they are already well taken care of, it is better for me to top up to ERS max at age 55 and then choose the standard plan (whether at age 65 or 70), correct?

1) Yes, you can top up RA to max ERS every year.

2) If you are comfortable with locking your money in RA, yes top up to ERS at 55 and choose the standard plan.

 

[New_Account]

If top up sa next time can withdraw?

 

[eggie011]

If top up sa next time can withdraw?

You can never withdraw from SA as this account is closed once you reach 55. Do you mean RA? If so, yes. You can withdraw 20% from RA at 65 if you choose to.

 

[New_Account]

You can never withdraw from SA as this account is closed once you reach 55. Do you mean RA?

If topup before 55

 

[compro_1975]

I am on Basic Plan. I get $1,031 pm. I don't see why I should subsidize other people's retirement, I want to keep all the interest in my RA for myself and my beneficiaries.

wonder did you had ers or frs when u started? i wanna be on basic too, but information is very little...

 

[eggie011]

If topup before 55

You cannot withdraw anything before 55. You can invest it, but I don't have experience with this.

 

[samba fan]

CPF will deduct the FRS and balance in RA will move back to OA account

 

[New_Account]

You cannot withdraw anything before 55. You can invest it, but I don't have experience with this.

if moi topup 100k in sa before 55, when 55 moi oa + sa = brs + 100k, then can withdraws 100k cash?

 

[Spike]

sagu submit @bruiser69 must thank the Government for creating a wealth-generating environment and forcing such a huge savings for him



#saguwisdom

Bro @bruiser69 , I thought we were in the same family! I don't even have 1/4 of yours!

I deserved to be a cat.

 

[eggie011]

if moi topup 100k in sa before 55, when 55 moi oa + sa = brs + 100k, then can withdraws 100k cash?

At 55, RA will be created and BRS amount will be transferred to it, assuming you can pledge property. Then the 100k will be transferred to OA. And yes, you can withdraw this 100K from OA.

 

[KnyghtRyder]

What happen between 55 and 65 yo?

If you have money you retire.
If you no money you work.

 

[KnyghtRyder]

if choose to withdraw the 20%....this is which CPF Life plan? Standard or Basis? What is Escalating?

None of the above.

 

[KnyghtRyder]

Assuming at age 55, I chose to top up to full ERS max.

1) Can I still continue to top-up RA at age 56, 57 etc since the max ERS will increase every year? Or will the compounded interest fill the gap to max ERS amt year on year?

2) Given that there’s no need for me to leave so much cash for my family as they are already well taken care of, it is better for me to top up to ERS max at age 55 and then choose the standard plan (whether at age 65 or 70), correct?

1) can
2) only you can decide. But if your kids are already settled then I'm thinking why not just spend the money and enjoy life? Topping up to ERS does have its own cons.

 

[KnyghtRyder]

If top up sa next time can withdraw?

Kind of . Depends how you top up and how much and your balance after.