CPF SA

[BBCWatcher]

When should we top-up 7K in SA for 2021. Early Jan or late Jan 2021?

Usually late January, but there's one exception....

Let's suppose after your CPF interest is credited on December 31, 2020, your Special Account reaches $178,500 leaving a gap of $7,500 below the 2021 Full Retirement Sum ($186,000). And let's suppose that usually your payroll cycle contributions are credited on about the 10th day of the month. If you're trying to beat your payroll cycle so that you still have at least $7,000 of room to make your SA top up for tax relief, then you should make your top up on, say, January 6th (at least a couple days ahead of the payroll cycle contribution). That way you can make sure you can top up the whole $7,000.

 

[Sinkie]

31 Jan 2021 with Paynow, to maximize bank interest (Jan 2021) and CPF interest from Feb 2021 (computes based on lowest monthly balance)

How much bank interest you can earn for paynow on 31 jan when you mention maximise

 

[zoneguard]

How much bank interest you can earn for paynow on 31 jan when you mention maximise

Depends on the source account, an example: 2% from SingLife or take your pick from whatever hurdle bank account (DBS Multiplier/BOC Smartsaver) with high interest yield.

 

[Okenba]

How much bank interest you can earn for paynow on 31 jan when you mention maximise

Probably about 10 bucks

 

[Sinkie]

Depends on the source account, an example: 2% from SingLife or take your pick from whatever hurdle bank account (DBS Multiplier/BOC Smartsaver) with high interest yield.

That’s about $11, enough to take 2 times grab ride, 3 grabfood delivery, 1 gb of 4g data or 2 months callerids

 

[OngHuatHuat]

Enough for 6 meals.

One packet cai png split into 2 meals, use company microwave oven to heat up.

That’s about $11, enough to take 2 times grab ride, 3 grabfood delivery, 1 gb of 4g data or 2 months callerids

 

[Sinkie]

Enough for 6 meals.

One packet cai png split into 2 meals, use company microwave oven to heat up.

And 1 month of Netflix

 

[8zaoyu]

When should we top-up 7K in SA for 2021. Early Jan or late Jan 2021?

You should top up 7K annually as soon as your kid has CPF account, enough from milk feeds till Adult milk feeds when the 7K is compounded

 

[BBCWatcher]

You should top up 7K annually as soon as your kid has CPF account, enough from milk feeds till Adult milk feeds when the 7K is compounded

There's no tax relief involved in that sort of top up, so the $7,000 figure doesn't have any particular significance. You can deposit $186,000 (the 2021 Full Retirement Sum) into your newborn Singaporean citizen child's CPF Special Account and another $37,740 into her MediSave Account if you wish, in one go. Whether it's $1 or $223,740 there's no tax relief granted in any of this, so why stop at $7,000?

And even for tax relief eligible adults you're not required to limit SA/RA top ups to $7,000.

 

[Sinkie]

There's no tax relief involved in that sort of top up, so the $7,000 figure doesn't have any particular significance. You can deposit $186,000 (the 2021 Full Retirement Sum) into your newborn Singaporean citizen child's CPF Special Account and another $37,740 into her MediSave Account if you wish, in one go. Whether it's $1 or $223,740 there's no tax relief granted in any of this, so why stop at $7,000?

And even for tax relief eligible adults you're not required to limit SA/RA top ups to $7,000.

You only need to topup $100,000 when he is born, or $400 each month until he reach 21, and he will have $1m in his cpf at 55

 

[BBCWatcher]

You only need to topup $100,000 when he is born, or $400 each month until he reach 21, and he will have $1m in his cpf at 55

OK, that's nice, but S$1 million is an arbitrary figure. Also, S$1 million in the year 2076 will have a lot less real buying power than S$1 million in the year 2021. You can aim higher if you want.

 

[Sinkie]

OK, that's nice, but S$1 million is an arbitrary figure. Also, S$1 million in the year 2076 will have a lot less real buying power than S$1 million in the year 2021. You can aim higher if you want.

30 years later, min will be $330k, not sure how much the min is at 2076

Anyone know?

 

[light84]

I top up SA using enet on today, will I get tax relief?

Sent from Samsung SM-N975F using GAGT

No.. already mentioned in this thread mani mani times PayNow is the way to go for instant credit to your SA

 

[ocs_woodlands]

I top up SA using enet on today, will I get tax relief?

Sent from Samsung SM-N975F using GAGT

wah really last minute cheong toilet..... all the best man, I don't think can make it to the toilet...

 

[NewInvestor]

When does CPF credit interest for 2020? Is it today or tomorrow?


Edit : Just found out that it is tomorrow

 

[OngHuatHuat]

Last year it was reflected on 1 st Jan.

When does CPF credit interest for 2020? Is it today or tomorrow?

 

[SkyNinja]

Standby for people to post $250k to $300k SA/RA screenshots.

 

[OngHuatHuat]

Time to check you big fat interest.

When does CPF credit interest for 2020? Is it today or tomorrow?


Edit : Just found out that it is tomorrow

 

[cal3135]

Wow congrats

Time to check you big fat interest.

i12 HardwareZone Forums app

 

[The_Davis]

show off your cpf here