CPF SA

K

Kaypohji

Supremacy Member
Joined
Jun 26, 2019
Messages
8,065
Reaction score
181
Your reasoning make sense too.

I’ve emailed cpf to clarify. I will update u after I got their reply back
77james said:
Ya I know it can’t if not wrong

So transferring from OA is not consider top up. Because eventually it yr RA

Top up RA I suppose is only using cash so entitle to max 7k tax relief. Purpose government encourage ppl use extra liquid cash to save for retirement.

Because OA and SA are already lock for RA so transfer will not give us tax relief.

So I think transfer doesn’t consider as a topup imo
Click to expand...
 
T

terence2112

Senior Member
Joined
Sep 20, 2008
Messages
721
Reaction score
56
77james said:
Ya I know it can’t if not wrong

So transferring from OA is not consider top up. Because eventually it yr RA

Top up RA I suppose is only using cash so entitle to max 7k tax relief. Purpose government encourage ppl use extra liquid cash to save for retirement.

Because OA and SA are already lock for RA so transfer will not give us tax relief.

So I think transfer doesn’t consider as a topup imo
Click to expand...

Really depends how one sees and interpret.
Yes, transferring OA to SA doesn’t give you tax relief. By CPF’s logic, transferring OA to SA is also one of the means to build up your SA, which eventually the FRS will be set aside in your RA.
 
M

maple96

Senior Member
Joined
Apr 25, 2017
Messages
2,225
Reaction score
6
The_Davis said:
Why such threads always end up with dork32, BbC and maple96 arguing?
Click to expand...

When someone always:

1. share wrong/misleading/invalid CPF rules,

2. always forced others to fit into his PHD crafted mould of one and only one secured, no-risk route to rome (retirement and longevity life) regardless of financial and other circumstances,

3. accuse/blame/insult/scold others to defend his opinion.

good luck, I will NOT join future debates here cos I have already achieved what I want!
 
Last edited:
henrylbh

henrylbh

Arch-Supremacy Member
Joined
Mar 9, 2004
Messages
16,154
Reaction score
861
77james said:
Ya I know it can’t if not wrong

So transferring from OA is not consider top up. Because eventually it yr RA

Top up RA I suppose is only using cash so entitle to max 7k tax relief. Purpose government encourage ppl use extra liquid cash to save for retirement.

Because OA and SA are already lock for RA so transfer will not give us tax relief.

So I think transfer doesn’t consider as a topup imo
Click to expand...

Topping-ups are specifically for retirement needs and nothing else.

Within limits, you can top up SA (below 55) or RA (above 55) under the Retirement Sum Topping Up Scheme.

Topping up can be in cash with tax relief up to 7k or by CPF transfer of OA to SA/RA. But CPF transfer is treated differently from cash top-ups in the streaming of subsequent payouts or property charge for BRS.
 
The_Davis

The_Davis

High Honorary Member
Deluxe Member
Joined
Mar 31, 2001
Messages
151,990
Reaction score
14,775
maple96 said:
When someone always:

1. share wrong/misleading/invalid CPF rules,

2. always forced others to fit into his PHD crafted mould of one and only one secured, no-risk route to rome (retirement and longevity life) regardless of financial and other circumstances,

3. accuse/blame/insult/scold others to defend his opinion.

good luck, I will NOT join future debates here cos I have already achieved what I want!
Click to expand...

Wait this PhD is self conferred or by others:s11:
 
The_Davis

The_Davis

High Honorary Member
Deluxe Member
Joined
Mar 31, 2001
Messages
151,990
Reaction score
14,775
henrylbh said:
Generally at 55, SA followed by OA will be transferred into RA to meet FRS, the balance (SA followed by OA) can be withdrawn anytime in any amount as you like. If FRS not met, can only withdraw $5k. MA cannot touch. Any amount above BHS in MA fixed at 65 will overflow into OA or RA, if FRS was not met at 55.

Any inflow from 55 will go into OA, SA and MA (limit to prevailing BHS at 65). SA and OA can be withdrawn if FRS has been met at 55. Otherwise, shortfall in FRS at 55 need to be made good first when making withdrawal.

RA will stream out as life payout anytime (you decide) between 65 and 70.

Older cohorts may have different rules.
Click to expand...
Thanks. Previously I had heard/read about BRS will have restriction in withdrawal.

Nice to hear that FRS no such restrictions
 
Jordan

Jordan

Master Member
Joined
Jul 30, 2000
Messages
3,995
Reaction score
174
mycashewhouse said:
Is there anyway to top up OA instead, lol. At least OA can use for housing
Click to expand...

You can use cash also what. What for top up OA? And you get the flexibility of liquidity without sacrificing the need to lock the money up in OA

Posted from PCWX using ONEPLUS A6000
 
77james

77james

Supremacy Member
Joined
May 25, 2005
Messages
5,208
Reaction score
1
maple96 said:
When someone always:

1. share wrong/misleading/invalid CPF rules,

2. always forced others to fit into his PHD crafted mould of one and only one secured, no-risk route to rome (retirement and longevity life) regardless of financial and other circumstances,

3. accuse/blame/insult/scold others to defend his opinion.

good luck, I will NOT join future debates here cos I have already achieved what I want!
Click to expand...

Maybe it me which put in the wrong title. Don’t argue in this forum, lets have peace and share knowledge. If I am wrong pls correct me I am more happy.

We are learning and trying to understand how CPF rules work correctly, if someone share incorrectly as maybe interpret the rules differently. We should correct each one right?
If view differences, we should clarify with CPF board.

then based on this we decide how we going to manage our retirement fund.

Because all our thinking might be different.
Some may prefer safe investment like to earn 2.5/4 interest. Some may prefer liquid cash on hand to invest.

Some may prefer balance like invest and enjoy like holiday. Some may like cars or other hobby.

Let’s make us have understanding on CPF and the updates if there are changes.
 
77james

77james

Supremacy Member
Joined
May 25, 2005
Messages
5,208
Reaction score
1
mycashewhouse said:
Is there anyway to top up OA instead, lol. At least OA can use for housing
Click to expand...

If u use CPF for housing before u can make refund back to OA.

But u cannot just top up OA alone in cash if not wrong. I only know u can topup using cash to Medisave or SA but not OA alone.

I think u want to topup in OA is because u want to pay for housing in future plus earn 2.5-3.5 percent interest at the same time


Even VC so call voluntary contribution to CPF account will also spilt a certain percentage on each OA, SA, MA provide not exceeding the limit per year or the max amt in that account.

Not sure the percentage VC contributed to each account.
 
Last edited:
eAtNeAt

eAtNeAt

High Supremacy Member
Joined
May 21, 2011
Messages
40,568
Reaction score
4,829
peppermint7

peppermint7

Supremacy Member
Joined
Feb 1, 2018
Messages
5,992
Reaction score
878
eAtNeAt said:
It seems that cpf changed this suddenly this year. Rss will only last till 81 years old. Many will have a rude shock once they turn 81 with no income thereafter.
Click to expand...

Previously a handful complain it took too long for them to get back all their $ thus CPF decided to shorten the time to appease them? They should be happy correct?
 
eAtNeAt

eAtNeAt

High Supremacy Member
Joined
May 21, 2011
Messages
40,568
Reaction score
4,829
Maybe. But sudden unilateral policy changes for elderly is never good. No way can they start working at 81yo when they realise that the payout suddenly stops.

peppermint7 said:
Previously a handful complain it took too long for them to get back all their $ thus CPF decided to shorten the time to appease them? They should be happy correct?
Click to expand...
 
You must log in or register to reply here.
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ Forums. Forum members and moderators are responsible for their own posts. Please refer to our Community Guidelines and Standards and Terms and Conditions for more information.
Top