CPF SA

[doratch]

Sorry, noob here. How is 300k enough for retirement, assuming you have 300k in sa.

From 55—85 years old. A good 30 years with 300k. Each year only 10k. Every month less than 1k to draw out.

In my case wife not working at all, but that time the 2 of us sure jiak sia one la.

You can use the CPF LIFE calculator to estimate.
Using 300k as a retirement sum at age 55, the CPF LIFE calculator estimated a monthly sum of $2116 to $2353 payout for standard plan from 65yrs old onwards.

 

[Polar Bear King]

CPF is generally a function of age

Too much in CPF means you are slowly growing old. In your 30s, 40s and 50s soon. What is that few hundred k when you are at that age

Time is more precious

Yar
Marry young get BTO raise kids
Work lifelong don’t even look at CPF
whoever don’t use CPFOA for HDB is just plain stupid

 

[hardwaregone]

Screen shot the amount in the life calculator and compare to a few years later or before.

The numbers won't remain constant and may differ alot in future.

The numbers reflected are probably base on the current cohort of PG or MG.

 

[bright_84]

that's the annual cap
but voluntary contribution no cap I think or super high that none of us has reached

FRS is the limit.

 

[darknite84]

Transfer OA to SA, once hit FRS, cannot deposit 7k cash for tax rebate anymore. Take note that for RSTU, any cpf or cash will be placed into a different bucket for cpf life. It will not be allowed to be withdrawn. So just try to make sure your RSTU amount doesn't gets too ridiculously big.

 

[darknite84]

FRS is the limit.

Wrong. You can top up as much as you want, even beyond FRS, but no tax rebate beyond FRS

 

[highsulphur]

Wrong. You can top up as much as you want, even beyond FRS, but no tax rebate beyond FRS

You need to read up more....

 

[bright_84]

Wrong. You can top up as much as you want, even beyond FRS, but no tax rebate beyond FRS

ok. I'll inform CPF board their circular salah.

Thanks bro!

https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-topping-up-scheme

https://www.cpf.gov.sg/Assets/members/Documents/Computation_of_amounts_for_recipients.pdf

 

[Gitaro]

Hi the interest from OA or SA? Thinking of doing the same.

Once you fulfill your minimum sum requirement (for me it was $176 k under FRS), any balance amount in SA and OA will continue to earn interests at prevailing rates. As I am >55 now, I can withdraw any amount anytime. I had even paid back under voluntary housing refunds so as to increase my balance in SA/OA so as to earn more interests risk-free.

If one day the rule changes and not to my favour, (I think unlikely for those of us already >55), I will just withdraw all before the rule comes into effect.

 

[KnyghtRyder]

ok. I'll inform CPF board their circular salah.

Thanks bro!

https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-topping-up-scheme

https://www.cpf.gov.sg/Assets/members/Documents/Computation_of_amounts_for_recipients.pdf

You can only top up beyond FRS if you are above 55. Otherwise topping up to the prevailing FRS is the max.. the calculation you attached shows it clearly.

 

[highsulphur]

You can only top up beyond FRS if you are above 55. Otherwise topping up to the prevailing FRS is the max.. the calculation you attached shows it clearly.

Where did it state there's no FRS cap for topup when one's above 55?

 

[KnyghtRyder]

Where did it state there's no FRS cap for topup when one's above 55?

You can top up beyond FRS after 55 because that is how for some people you get to the ERS... it is in the example shown in the message I replied to..

And I didn't say there was no cap... The cap is obviously the ERS..

 

[highsulphur]

You can top up beyond FRS after 55 because that is how for some people you get to the ERS... it is in the example shown in the message I replied to..

And I didn't say there was no cap... The cap is obviously the ERS..

Oh thanks.

 

[Mysterio2020]

Dear all,

Please advise me on the following.

OA: $62,996
SA: $166,311
MA: $60,000

Property
Net Amount Used (OA): $159,703
Accrued Interest: $25,639

Investment
Net Amount Used
OA: $66,929
SA: $30,000

Given that as at 1 Jan 2020:
Basic Retirement Sum (BRS) 90,500
Full Retirement Sum (2 x BRS) 181,000
Enhanced Retirement Sum (3 x BRS) 271,500

I am 53 this year. Should I top up OA or can I still top up SA? How much can I top up? At the bare minimum, I should top up OA by the net amt used + accrued interest for property so that I can enjoy the 2.5% interest, am I right?

Can I pledge my property for the ERS? What's the implication when I sell my property beyond 60 years of my age? The proceeds will go to my retirement account because of the former?
WHat elese can I do?

 

[Polar Bear King]

Dear all,

Please advise me on the following.

OA: $62,996
SA: $166,311
MA: $60,000

Property
Net Amount Used (OA): $159,703
Accrued Interest: $25,639

Investment
Net Amount Used
OA: $66,929
SA: $30,000

Given that as at 1 Jan 2020:
Basic Retirement Sum (BRS) 90,500
Full Retirement Sum (2 x BRS) 181,000
Enhanced Retirement Sum (3 x BRS) 271,500

I am 53 this year. Should I top up OA or can I still top up SA? How much can I top up? At the bare minimum, I should top up OA by the net amt used + accrued interest for property so that I can enjoy the 2.5% interest, am I right?

Can I pledge my property for the ERS? What's the implication when I sell my property beyond 60 years of my age? The proceeds will go to my retirement account because of the former?
WHat elese can I do?

you can still transfer OA to SA fill up $181k now

 

[SKenny]

52 years.... starting pay at 20 years old was $650

Sent from Xiaomi MI 9T using GAGT

I am also above 50 years old but my SA only has about $100k.

 

[highsulphur]

I am also above 50 years old but my SA only has about $100k.

But your OA is....?

 

[yoongf]

What is your spouse CPF figures?

Dear all,

Please advise me on the following.

OA: $62,996
SA: $166,311
MA: $60,000

Property
Net Amount Used (OA): $159,703
Accrued Interest: $25,639

Investment
Net Amount Used
OA: $66,929
SA: $30,000

Given that as at 1 Jan 2020:
Basic Retirement Sum (BRS) 90,500
Full Retirement Sum (2 x BRS) 181,000
Enhanced Retirement Sum (3 x BRS) 271,500

I am 53 this year. Should I top up OA or can I still top up SA? How much can I top up? At the bare minimum, I should top up OA by the net amt used + accrued interest for property so that I can enjoy the 2.5% interest, am I right?

Can I pledge my property for the ERS? What's the implication when I sell my property beyond 60 years of my age? The proceeds will go to my retirement account because of the former?
WHat elese can I do?

 

[iceblendedchoc]

Dear all,

Please advise me on the following.

OA: $62,996
SA: $166,311
MA: $60,000

Property
Net Amount Used (OA): $159,703
Accrued Interest: $25,639

Investment
Net Amount Used
OA: $66,929
SA: $30,000

Given that as at 1 Jan 2020:
Basic Retirement Sum (BRS) 90,500
Full Retirement Sum (2 x BRS) 181,000
Enhanced Retirement Sum (3 x BRS) 271,500

I am 53 this year. Should I top up OA or can I still top up SA? How much can I top up? At the bare minimum, I should top up OA by the net amt used + accrued interest for property so that I can enjoy the 2.5% interest, am I right?

Can I pledge my property for the ERS? What's the implication when I sell my property beyond 60 years of my age? The proceeds will go to my retirement account because of the former?
WHat elese can I do?

You can transfer your OA to SA if you do not want to use cash. The limit is Th e current FRS.

You can pledge your property for BRS only. If you sell your property after you pledge, they will deduct the money to make up of whatever you pledged for CPF Life first before they release the money to you in your RA.

 

[iceblendedchoc]

On the contrary, if I’m CPF board, I might be worried that many of us manages to have their FRS/ERS.
This would mean that I need to find a way to commit your LIfE payout for a lifetime.

Just work with HDB to increase hdb pricing and they will solve that problem for those who like to use cpf for housing.