CPF SA

Polar Bear King

Polar Bear King

Banned
Joined
Jun 10, 2013
Messages
77,256
Reaction score
59
nautilus said:
Just a note, topping up of kid's SA under RSTU does not qualify for tax relief. Only spouse, parents and grandparents qualify, subject to conditions listed on CPF's website.
Click to expand...

yar did $7000 cash topup to aunty polar in May already,next year do on new year day:s12::s12:
 
BBCWatcher

BBCWatcher

Arch-Supremacy Member
Joined
Jun 15, 2010
Messages
24,151
Reaction score
5,346
Polar Bear King said:
yar did $7000 cash topup to aunty polar in May already,next year do on new year day:s12::s12:
Click to expand...
Not on January 1. Your recipient gets no extra interest if your top up is credited on January 1 versus January 31, but you lose almost an entire month of bank interest on your cash. True, bank interest is pretty low right now, but why not keep the bank interest?

A top up via PayNow QR on January 30 is fine. The only reason you'd do it any earlier is if you're trying to beat some other contribution (a compulsory contribution), and your recipient has very little room to some limit that applies, such as the Full Retirement Sum.
 
crimsontactics

crimsontactics

Banned
Joined
Nov 25, 2009
Messages
110,242
Reaction score
23,063
Angelical093 said:
Now best time to pump in stock market wor

:(

You do voluntary contribution and jiak cai png ah. How u hit 121k so early
:(
Click to expand...
K4y6Xk2l.jpg


Now 126k liao... :(

Lucky lor... :(

Sent from . using GAGT
 
S

StaRChO

Member
Joined
Jan 22, 2010
Messages
490
Reaction score
34
Hi All,

Example: If RSS is an option, would you choose it over CPF life if currently, your RA is around 160k? You are 63 years old now.

Appreciate your response
 
reddevil0728

reddevil0728

Great Supremacy Member
Joined
Dec 16, 2005
Messages
65,823
Reaction score
5,721
StaRChO said:
Hi All,

Example: If RSS is an option, would you choose it over CPF life if currently, your RA is around 160k? You are 63 years old now.

Appreciate your response
Click to expand...
How old do you expect yourself to live until?

That makes a difference in the decision
 
henrylbh

henrylbh

Arch-Supremacy Member
Joined
Mar 9, 2004
Messages
16,154
Reaction score
861
StaRChO said:
Hi All,

Example: If RSS is an option, would you choose it over CPF life if currently, your RA is around 160k? You are 63 years old now.

Appreciate your response
Click to expand...

First log in and note how much is your monthly payout from age 65. Next use CPF Life Estimator and note how much is the monthly payout. Next ask God hoe long you would live. The former would last to about 86+ and the latter last for life.
 
BBCWatcher

BBCWatcher

Arch-Supremacy Member
Joined
Jun 15, 2010
Messages
24,151
Reaction score
5,346
StaRChO said:
Example: If RSS is an option, would you choose it over CPF life if currently, your RA is around 160k? You are 63 years old now.
Click to expand...
A couple points:

1. "Relax." You don't have to start classic RSS or CPF LIFE payouts until as late as age 70. So you need not make any payout plan decision for 6+ more years, whereupon you have that much more information about your health. Generally speaking you should wait to start payouts until you actually need the payouts.

2. "You can change your mind, sort of." If you start classic RSS payouts, you still have the option to switch to CPF LIFE as long as you do it no later than age 79.9 (a couple months before your 80th birthday). Naturally since you've drained a significant chunk of your CPF Retirement Account by then your CPF LIFE monthly payout won't be as large compared to starting payouts from the beginning with CPF LIFE.
 
C

cscs3

Arch-Supremacy Member
Joined
Jun 4, 2000
Messages
21,724
Reaction score
133
BBCWatcher said:
A couple points:

1. "Relax." You don't have to start classic RSS or CPF LIFE payouts until as late as age 70. So you need not make any payout plan decision for 6+ more years, whereupon you have that much more information about your health. Generally speaking you should wait to start payouts until you actually need the payouts.

2. "You can change your mind, sort of." If you start classic RSS payouts, you still have the option to switch to CPF LIFE as long as you do it no later than age 79.9 (a couple months before your 80th birthday). Naturally since you've drained a significant chunk of your CPF Retirement Account by then your CPF LIFE monthly payout won't be as large compared to starting payouts from the beginning with CPF LIFE.
Click to expand...

Point #1. Is age 65 but option to extend to age 70. (Higher pay out due to interest accumulated for another 5 years).

You will receive a letter at age 64 so you can indicate to opt out from that.
 
Last edited:
BBCWatcher

BBCWatcher

Arch-Supremacy Member
Joined
Jun 15, 2010
Messages
24,151
Reaction score
5,346
cscs3 said:
Point #1. Is age 65 but option to extend to age 70. (Higher pay out due to interest accumulated for another 5 years).

You will receive a letter at age 64 so you can indicate to opt out from that.
Click to expand...
No, it's the other way around nowadays. The CPF Board won't start CPF LIFE payouts until age 70 unless you, the member, take action. If you do nothing, the default is age 70 payout start no matter how many inquisitive letters the CPF Board might send. Likewise, the default CPF LIFE payout plan is the Standard Plan. If you want another payout plan you have to take action.

For older cohorts the defaults could have been different, but that's the current policy and practice.
 
R

ranchfarm

Member
Joined
Apr 5, 2012
Messages
364
Reaction score
24
Hi, I read that topping up $7000 to SA annually with cash is the best recommendation around here. Is there any advantage to topping up more than 7000 for that 4%?
 
Last edited:
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