CPF SA Shielding hack - RIP (Obsolete)

[SBC]

If got money can dump it to Max of FRS and treat it single premium for 20 or so endowment policy?

You are expert in CPF matters lei. Haha

 

[iceblendedchoc]

In fact, should transfer progressively along the way during your working life.

More beneficial to max FRS as fast as possible let the compound run at 4% for more years

 

[KeytoFreedom]

Hello, could someone advise if SA has max limit? Or is it I can top up 7k yearly? Thanks

 

[BBCWatcher]

Hello, could someone advise if SA has max limit? Or is it I can top up 7k yearly?

As long as you haven't reached your 55th birthday, you can make any number of directed Special Account deposits up to the Full Retirement Sum. If you want to make a single deposit to elevate your Special Account up to the FRS all in one go, you can.

The $7,000 figure is only a tax relief limit, not a deposit limit.

 

[AvatarViper]

More beneficial to max FRS as fast as possible let the compound run at 4% for more years

agreed. just image you max FRS at age 35, i think you can retire when u reached 55

 

[KeytoFreedom]

As long as you haven't reached your 55th birthday, you can make any number of directed Special Account deposits up to the Full Retirement Sum. If you want to make a single deposit to elevate your Special Account up to the FRS all in one go, you can.

The $7,000 figure is only a tax relief limit, not a deposit limit.

Ok so you mean if my CPF accounts already reach the FRS then I cannot top my SA anymore?

 

[hwmook]

agreed. just image you max FRS at age 35, i think you can retire when u reached 55

Seriously, that's what it take to retire comfortably at 55?

 

[hwmook]

Ok so you mean if my CPF accounts already reach the FRS then I cannot top my SA anymore?

If your RA already reach FRS the you cannot top up anymore.

 

[BBCWatcher]

Ok so you mean if my CPF accounts already reach the FRS then I cannot top my SA anymore?

If your CPF Special Account has reached the Full Retirement Sum OR if you have reached your 55th birthday, you cannot top up your CPF Special Account (in directed fashion).

If your RA already reach FRS the you cannot top up anymore.

No, if you have a CPF Retirement Account that means you're age 55 or older. CPF Retirement Accounts can be topped up to the current Enhanced Retirement Sum. Please note that interest is NOT counted in determining whether you have any room below the current Enhanced Retirement Sum, so it is possible to add top up funds to your Retirement Account every time the ERS increases.

 

[henrylbh]

Ok so you mean if my CPF accounts already reach the FRS then I cannot top my SA anymore?

You can only top up SA to prevailing FRS, which is expected to increase annually.

Once you reached 55 with RA (whether at FRS or less), you can only top up RA to prevailing ERS, which would also increase annually. In topping up RA, interest earned is not taken into consideration. In other words, just take the prevailing ERS less FRS at 55.

 

[endlssorrow]

Wise to put ??? Coming year end liao

 

[Chua Zhiming]

If FRS is already maxed out at 35, where will the SA interest annually flow to? OA account?

If the above is the case, then it's better to max out medisave acct first right?

 

[kehyi4]

If FRS is already maxed out at 35, where will the SA interest annually flow to? OA account?

If the above is the case, then it's better to max out medisave acct first right?

SA interest stays in SA - it doesn't overflow

 

[badsector]

If FRS is already maxed out at 35, where will the SA interest annually flow to? OA account?

If the above is the case, then it's better to max out medisave acct first right?

oppo leh.

SA interest stay
MA interest flow

 

[s0crates]

Where to get official source for this? Tyia

oppo leh.

SA interest stay
MA interest flow

 

[cal3135]

•MA max, interest will flow to OA instead of SA(reached FRS).
•Interest in SA(reached FRS - will stays SA)

🍎xsmax HardwareZone Forums app

 

[ocs_woodlands]

Where to get official source for this? Tyia

I can confirm this. My MA (excess) has been flowing into OA for years... cos my SA has passed FRS sometime ago..

 

[athletic91]

if one does not even meet BRS, assuming the sgs bonds mature and go back to SA at age 56, can withdraw from SA?

 

[tangent314]

if one does not even meet BRS, assuming the sgs bonds mature and go back to SA at age 56, can withdraw from SA?

https://www.cpf.gov.sg/members/FAQ/...avings+from+55&ajfaqid=2189289&folderid=12854

You cannot withdraw from CPF OA or SA if you have not set aside FRS. You should still be able to withdraw $5000 that everyone has the unconditional option to withdraw though

 

[BBCWatcher]

You should still be able to withdraw $5000 that everyone has the unconditional option to withdraw though

Elaborating a bit, in addition to the $5K withdrawal option (not obligation!) at age 55+, if you were born in 1958 or later then you can withdraw up to 20% from age 65+, inclusive of the up to $5K earlier withdrawal(s).

You won’t be automatically enrolled in CPF LIFE if you were born before 1958, if you have less than $60K in your Retirement Account at age 64 1/2, or if you have pulled out of Singapore (you’re living in Austria and have terminated your Singaporean citizenship, for example). But, except for the last category, you can still enroll in CPF LIFE even with a “low” balance provided you do it before your 80th birthday.