CPF SA

[gold_eagle36]

After reading so much and well I plan to leave sg leaving my property in Sg to generate income while I enjoy overseas for my retirement. Is my following understand right?
If I have 186k now in SA and 63k in BHS, I do foresee to be working still till 2040, the year
interest will cover the increment and that every month contribution from work will flow from MA to OA while those that are for SA will be in SA where by come 30dec 21 my SA May be 192k? While MA is still cap at 63k? I can no longer do cash TOP up to reduce my taxes?

If your tax bracket is high, you can consider top up to SRS account to reduce taxes...provided you invest all your SRS.

I would recommend Endowus because its flat 0.4% access fee. Add the funds, it will be ard 0.8% all in fees iirc.

 

[livingston]

Hi, a noob question,
Can i transfer my OA to my spouse if my SA haven;t reach FRS?
i try but it seem cannot work.. or need to wait OA have 20k, then the surplus only can transfer to the spouse?

 

[reddevil0728]

Hi, a noob question,
Can i transfer my OA to my spouse if my SA haven;t reach FRS?
i try but it seem cannot work.. or need to wait OA have 20k, then the surplus only can transfer to the spouse?

https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-topping-up-scheme
See under:
How much CPF savings can I transfer to my loved ones?

 

[compro_1975]

If your tax bracket is high, you can consider top up to SRS account to reduce taxes...provided you invest all your SRS.

I would recommend Endowus because its flat 0.4% access fee. Add the funds, it will be ard 0.8% all in fees iirc.

yup srs is the 1st i will use to reduce my taxes, 15,300 yearly......

 

[compro_1975]

yup srs is the 1st i will use to reduce my taxes, 15,300 yearly......

to add on i wanna leave a lifeline not to topup to max so that i can reduce my tax of 15,300 + 7,000

 

[Nofear40]

Anyone top up using voluntary cpf? Will there be a portion still flowing to SA? I am thinking to increase my SA directly but I already max FRS

 

[highsulphur]

Anyone top up using voluntary cpf? Will there be a portion still flowing to SA? I am thinking to increase my SA directly but I already max FRS

you mean contributing to all 3 accounts? yes SA will still get the allocation even if you hit FRS

 

[Nofear40]

you mean contributing to all 3 accounts? yes SA will still get the allocation even if you hit FRS

Yes. Thanks

 

[BBCWatcher]

Just remember the “all three account” Voluntary Contribution has to fit within the CPF Annual Limit and is not eligible for tax relief unless you’re self-employed. If your MediSave Account is below the Basic Healthcare Sum you may wish to contribute to that one account before you go for the “all three” VC. It depends on how you’d like to play the game.

 

[Sambuca78]

I have a question... Noob here.

Right now I have 155k in SA and 63k in MA and I planning to buy a house this year.

So if I transfer 31k from OA to SA now to hit the 186k, am I right to say the monthly contribution of SA and MA will overflow to OA ? in another words, rather than monthly $1260 to OA,I will have $2220 to OA?

Thus... assuming my monthly home loan repayment is $2000, OA $1260, cash top up $740

But by transferring OA to SA, I do not have to top up any cash and yet have a surplus of $220 to OA every month.


Correct ma? Thanks in advance.

 

[reddevil0728]

I have a question... Noob here.

Right now I have 155k in SA and 63k in MA and I planning to buy a house this year.

So if I transfer 31k from OA to SA now to hit the 186k, am I right to say the monthly contribution of SA and MA will overflow to OA ? in another words, rather than monthly $1260 to OA,I will have $2220 to OA?

Thus... assuming my monthly home loan repayment is $2000, OA $1260, cash top up $740

But by transferring OA to SA, I do not have to top up any cash and yet have a surplus of $220 to OA every month.


Correct ma? Thanks in advance.

monthly contribution as in from employment?

If not wrong only $ that goes into MA and if is above BHS and if SA is at FRS then that amount will overflow to OA.

but those mandatory contribution due to employment, that goes into SA will remain in SA.

 

[Sambuca78]

monthly contribution as in from employment?

If not wrong only $ that goes into MA and if is above BHS and if SA is at FRS then that amount will overflow to OA.

but those mandatory contribution due to employment, that goes into SA will remain in SA.

Yes, from employment. This is why I am confused...

Right now, contributions are as such : OA ($1260) : SA ($420) : MA ($540)

So after top up SA to 186k, the mthly contribution to OA will be $2220 (1260+420+540) OR $1800 (1260+540)?

Thanks!

 

[reddevil0728]

Yes, from employment. This is why I am confused...

Right now, contributions are as such : OA ($1260) : SA ($420) : MA ($540)

So after top up SA to 186k, the mthly contribution to OA will be $2220 (1260+420+540) OR $1800 (1260+540)?

Thanks!

SA can increase infinitely via MC/VC if not wrong. but for MA will overflow according to the illustration.

 

[zoneguard]

SA can increase infinitely via MC/VC if not wrong. but for MA will overflow according to the illustration.

Not infinitely. Annual limit $37,740 is there. And the allocation ratio to SA by age tiers change and slow down as one ages. There is definitely a ceiling value.

 

[reddevil0728]

Not infinitely. Annual limit $37,740 is there. And the allocation ratio to SA by age tiers change and slow down as one ages. There is definitely a ceiling value.

the ceiling is when u stop working or in fact die no?

so "infinite" in that sense.

 

[zoneguard]

so "infinite" in that sense.

No of remaining years in life span X 37,740 X ( Allocation Ratios to SA by age until end of life span). Not infinity.

 

[reddevil0728]

No of remaining years in life span X 37,740 X ( Allocation Ratios to SA by age until end of life span). Not infinity.

sure.. given that life span is undefined... it can technically be infinity. but i wouldn't argue with you on that. but i get what you mean. but i will still use that to make the same point.

 

[BBCWatcher]

It's possible to have more than one employer. Each has a separate CPF Annual Limit.

 

[ivxrzexc]

Hello, I've been doing OA to SA transfers + cash top up to SA for tax relief, just hit FRS last month. MA has about $52k, I think I will do cash top up to MA for tax relief.

After hitting FRS and BHS, is it still can do cash top up under VC, but no tax relief? Top up will be distributed across OA, SA?

What else can be done to grow OA/SA? Investments? Thinking of using endowus.

What other methods to reduce tax? I have no kids and parents still working so can't claim parent relief.

Oh also a bit confused about what can be withdrawn at 55 above BRS/FRS. Cash top ups can be withdrawn but not OA to SA transfers?

Thank you.

 

[karakorum1999]

Yes, from employment. This is why I am confused...

Right now, contributions are as such : OA ($1260) : SA ($420) : MA ($540)

So after top up SA to 186k, the mthly contribution to OA will be $2220 (1260+420+540) OR $1800 (1260+540)?

Thanks!

Definitely $1,800.
My MA has been maxed for several years, and I can see how it works from my accounts.
SA mandatory contributions from employment always accrue to SA, even if SA>FRS and even after age 55.