cpf oa for elderly

[chopra]

I understand some are putting in ocbc fixed dep. isnt a better way to withdraw via paynow whatever eligible to put into RHB?


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[reddevil0728]

I understand some are putting in ocbc fixed dep. isnt a better way to withdraw via paynow whatever eligible to put into RHB?


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if next time interest drop again then how?

 

[dork32]

if next time interest drop again then how?

if you are not working, you can redeposit back 37k a year through vc

 

[lzydata]

Assuming the elderly knows how to set up RHB and do all this, or else it will be up to TS to provide technical support

 

[chopra]

if next time interest drop again then how?

put it back slowly every 37k into ma ra oa or part of these 3 baskets . but ppl deploying my suggested query above must know the risk tt u pointed out.

to put things in a more illustrative fashion— 2.5% vs 7%, for example, is akin to putting rhb for 1yr and then u can still stomach 0% yield for 2yrs.



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[royalmix]

put it back slowly every 37k into ma ra oa or part of these 3 baskets . but ppl deploying my suggested query above must know the risk tt u pointed out.

to put things in a more illustrative fashion— 2.5% vs 7%, for example, is akin to putting rhb for 1yr and then u can still stomach 0% yield for 2yrs.



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Good luck if they do not have funds in SA and willing to lock more in MA/RA in future or have OA to refund

 

[reddevil0728]

put it back slowly every 37k into ma ra oa or part of these 3 baskets . but ppl deploying my suggested query above must know the risk tt u pointed out.

to put things in a more illustrative fashion— 2.5% vs 7%, for example, is akin to putting rhb for 1yr and then u can still stomach 0% yield for 2yrs.



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Tbh if elderly so savvy to do what you are suggesting to begin with, they probably don’t even need to bother about what you are suggesting anymore

 

[HMAN]

elderly needs to be more savvy, don't get stuck with 2.5% mindset.
even getting 1 Year gain is still better.
learn to invest earlier, the exposure and experience help alot .




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[reddevil0728]

elderly needs to be more savvy, don't get stuck with 2.5% mindset.
even getting 1 Year gain is still better.
learn to invest earlier, the exposure and experience help alot .




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It’s easier said than done about elderly needing to be more savvy, there are many ppl out there including here. Not very elderly but still want physical token over digital.

 

[dork32]

It’s easier said than done about elderly needing to be more savvy, there are many ppl out there including here. Not very elderly but still want physical token over digital.

they want physical token quite good already. many still que at bank to withdraw $50

 

[chopra]

Tbh if elderly so savvy to do what you are suggesting to begin with, they probably don’t even need to bother about what you are suggesting anymore

to put things into better context, im planning e way ahead for my parents. sure, they can maintain monies in OA but i am not sure if i can milk this for them in a better way. they are also quite ok to leave the final arrangement to me


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[chopra]

Good luck if they do not have funds in SA and willing to lock more in MA/RA in future or have OA to refund

my F and Mother are already drawing monies via cpf life or retirement scheme respectively already.

their money in oa is via cpf 37.7k VC these past yrs of low i/r.



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[royalmix]

my F and Mother are already drawing monies via cpf life or retirement scheme respectively already.

their money in oa is via cpf 37.7k VC these past yrs of low i/r.



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U never answer the most important question, are their SA empty or immaterial?

 

[yumsang]

6 years ago I had a colleague who was still managing data center servers, should be 70 by now, not sure this group of "elderly" need any help

 

[magicming]

Because RHB PP is tiered, the highest interest rate if u have exactly $1m is 6.55%. If it’s exactly $500k, then u get 6.1%. And it ends in Feb. And u need to be clever in moving the money in and out every month.
i envisage a problem at the end of this month. I want to ensure that the jan 2023 balance is low, so I will have to start moving out the funds in Dec. Last day is 31 Dec. No point transferring on 1 and 2 Jan as they are public holidays, so we won’t get interest at the “new” bank we transfer to.
Also, no point transferring into RHB on 1 and 2 Jan either. I guess the value date for interest will be 3 Jan.
I don’t really know how it works. But need to think about it.

 

[chopra]

U never answer the most important question, are their SA empty or immaterial?

SA $O. cpf life liao.



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[chopra]

Because RHB PP is tiered, the highest interest rate if u have exactly $1m is 6.55%. If it’s exactly $500k, then u get 6.1%. And it ends in Feb. And u need to be clever in moving the money in and out every month.
i envisage a problem at the end of this month. I want to ensure that the jan 2023 balance is low, so I will have to start moving out the funds in Dec. Last day is 31 Dec. No point transferring on 1 and 2 Jan as they are public holidays, so we won’t get interest at the “new” bank we transfer to.
Also, no point transferring into RHB on 1 and 2 Jan either. I guess the value date for interest will be 3 Jan.
I don’t really know how it works. But need to think about it.

ya, all beats cpf oa 2.5% for jan n February 23


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[abcde83]

Because RHB PP is tiered, the highest interest rate if u have exactly $1m is 6.55%. If it’s exactly $500k, then u get 6.1%. And it ends in Feb. And u need to be clever in moving the money in and out every month.
i envisage a problem at the end of this month. I want to ensure that the jan 2023 balance is low, so I will have to start moving out the funds in Dec. Last day is 31 Dec. No point transferring on 1 and 2 Jan as they are public holidays, so we won’t get interest at the “new” bank we transfer to.
Also, no point transferring into RHB on 1 and 2 Jan either. I guess the value date for interest will be 3 Jan.
I don’t really know how it works. But need to think about it.

No la. Rhb promo bonus int is mth on mth incremental balance. Go read the examples in the website carefully.

 

[oceanicmanta]

Also, no point transferring into RHB on 1 and 2 Jan either. I guess the value date for interest will be 3 Jan.
I don’t really know how it works. But need to think about it.

can test this coming Sun and Xmas day

 

[henrylbh]

I understand some are putting in ocbc fixed dep. isnt a better way to withdraw via paynow whatever eligible to put into RHB?


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to put things into better context, im planning e way ahead for my parents. sure, they can maintain monies in OA but i am not sure if i can milk this for them in a better way. they are also quite ok to leave the final arrangement to me


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All the comments and ideas no use because no mention of amount involved. If not much, withdraw every cents and jump from bank to bank that offer the highest yields. When yields drop, put back into CPF in one go or two by VC and TU, if acceptable. VC 37,740 to OA. MA and SA and Top up $9000 to RA. RA could be more if he never top up since age 55.