CPF SA

[Thoreldan]

Pls share the link you found.

Give him a break, obviously he didn't try to search lol

 

[dork32]

Are we able to see how much we had previously used for home loan in our CPF portal? how to pay back? directly on CPF portal? can pay any amount we want?

yes you can see how much you have taken. principal + accrued interest.

long ago, i go down to cpf to submit check to pay back

now you can use the cpf my request to pay back

you can pay back any amount. max at principal + accrued interest and your internet banking daily limit

 

[reddevil0728]

Give him a break, obviously he didn't try to search lol

Just confirming

 

[iMac]

You cannot just solely top-up OA, voluntary contributions will be distributed into all 3 accounts according to the allocation rates in your age group.

For "VC into 3 accounts"..I understand the VC-amount will be splitted into MA,SA & OA.

However, if both my MA & SA already full-house(reach the max requirement).

Does it mean that all the vc-amount will flows into OA account only?

 

[zoneguard]

For "VC into 3 accounts"..I understand the VC-amount will be splitted into MA,SA & OA.

However, if both my MA & SA already full-house(reach the max requirement).

Does it mean that all the vc-amount will flows into OA account only?

Only BHS is a hard limit. Contributions (MC/VC) can still flow to SA beyond FRS.

So end result: SA go beyond FRS and MA contributions flow to OA for your case.

 

[darklighter]

Give him a break, obviously he didn't try to search lol

... You guys can try google 'cpf allocation rates' yourselves

Pls share the link you found.

https://www.cpf.gov.sg/employers/em...butions/cpf-contribution-and-allocation-rates
https://endowus.com/insights/cpf-allocation-rates-how-it-changes-as-you-grow-older/

Here you go, since you guys die die wanna be mean

I find it easier to use the CPF calculator.

https://www.cpf.gov.sg/members/FAQ/...+for+Employees&ajfaqid=2301953&folderid=18087

Thanks bro. They should put the heading as 'allocation' instead of 'contribution for employees'

Want to start estimating my BTO installments so that i can put more into SA now

 

[reddevil0728]

... You guys can try google 'cpf allocation rates' yourselves



https://www.cpf.gov.sg/employers/em...butions/cpf-contribution-and-allocation-rates
https://endowus.com/insights/cpf-allocation-rates-how-it-changes-as-you-grow-older/

Here you go, since you guys die die wanna be mean

I don't understand how is it mean. by googling what you are suggesting, the 1st you you posted is also what I found and I am seeing the allocation rates under "What are the current CPF allocation rates?" did you even bother clicking on it?

the endowus link is further below but when you click on it. you have the information there no???

 

[gold_eagle36]

Well contribution refera to the total % pts to whole of CPF acc.
Allocation refers to the amount to each account (oa, sa, ma).

The heading has both terms.

 

[highsulphur]

Well contribution refera to the total % pts to whole of CPF acc.
Allocation refers to the amount to each account (oa, sa, ma).

The heading has both terms.

Ah
Good to point out the distinction

 

[ctan84]

Hi, Im under 55 & would just like to check on the following:

1) If I hit my FRS, I won't be able to A) transfer my OA to SA anymore right? B) top up my SA to ERS sum right unless Im over 55 ?

2) If I can't continue topping up my SA to ERS, would it be wise to use the $7k I set aside each year to pay back my OA + accrued interest for my housing loan? Im taking it from the bank at 1.84%, but OA rate is 2.5%. Or would it be better to use the $7k to pay down the mortgage at the end of every 2yrs as permitted by my loan T&C.

Thanks a lot for the advice.

 

[edmwing]

Hi, Im under 55 & would just like to check on the following:

1) If I hit my FRS, I won't be able to A) transfer my OA to SA anymore right? B) top up my SA to ERS sum right unless Im over 55 ?

2) If I can't continue topping up my SA to ERS, would it be wise to use the $7k I set aside each year to pay back my OA + accrued interest for my housing loan? Im taking it from the bank at 1.84%, but OA rate is 2.5%. Or would it be better to use the $7k to pay down the mortgage at the end of every 2yrs as permitted by my loan T&C.

Thanks a lot for the advice.

1) Yes for both A & B until you hit 55
2) I feel wiser to lower the debt with higher interest (i.e. OA loan from your CPF)

 

[Okenba]

Hi, Im under 55 & would just like to check on the following:

1) If I hit my FRS, I won't be able to A) transfer my OA to SA anymore right? B) top up my SA to ERS sum right unless Im over 55 ?

2) If I can't continue topping up my SA to ERS, would it be wise to use the $7k I set aside each year to pay back my OA + accrued interest for my housing loan? Im taking it from the bank at 1.84%, but OA rate is 2.5%. Or would it be better to use the $7k to pay down the mortgage at the end of every 2yrs as permitted by my loan T&C.

Thanks a lot for the advice.

How large is the loan and what will happen when interest rates rise?
If you sock more into OA, and then rates rise and you end up needing to pay >2.5% for your loan, will you lose in the long run?

 

[ctan84]

How large is the loan and what will happen when interest rates rise?
If you sock more into OA, and then rates rise and you end up needing to pay >2.5% for your loan, will you lose in the long run?

Currently about $460k and im refinancing end of this yr / early next. Doubt the interest rate for loan will double within a year bah.

 

[BBCWatcher]

2) If I can't continue topping up my SA to ERS, would it be wise to use the $7k I set aside each year to pay back my OA + accrued interest for my housing loan? Im taking it from the bank at 1.84%, but OA rate is 2.5%. Or would it be better to use the $7k to pay down the mortgage at the end of every 2yrs as permitted by my loan T&C.

2) I feel wiser to lower the debt with higher interest (i.e. OA loan from your CPF)

How large is the loan and what will happen when interest rates rise?
If you sock more into OA, and then rates rise and you end up needing to pay >2.5% for your loan, will you lose in the long run?

Currently about $460k and im refinancing end of this yr / early next. Doubt the interest rate for loan will double within a year bah.

Whoa, there's a lot of bad advice here!

First of all, if you're under age 55, your MA has reached the Basic Healthcare Sum, and your SA has reached the Full Retirement Sum, you're still allowed to make an "all three account" Voluntary Contribution if you have room below the CPF Annual Limit. An "all three account" VC will be allocated to your SA and OA, meaning some of your money will earn 4.0% instead of 2.5% interest. That's a better deal in terms of interest than repaying OA funds used for housing. You may also have family options. "Don't forget your spouse/partner," in particular.

OK, that said, 2.5% OA interest beats 1.84% mortgage interest every month. If those are your two choices (earning 2.5% interest on your money, or accelerating repayment on a 1.84% interest mortgage), take the higher interest! Enjoy it! That'll mean every whole month you are becoming wealthier, guaranteed. Why on earth would you not want to become wealthier?

*IF* mortgage interest rates spike a lot, no problem, you can use OA funds to accelerate repayment on your mortgage at that point in time. And you'll have more OA dollars because you've been earning 2.5% interest. Magical!

Why, oh why, is this so difficult to understand?!?! Please stop and THINK. Thanks.

 

[dgeralds]

Hi All

Im planning to do the SA hack. How many weeks before turning 55 should I invest the money that is inside SA (i.e. buy unit trust using SA)?

Note that I already did a buy /sell trial using a small amount from SA....and it seems like I can buy a week before turning 55.

Please advice.

 

[polyglob]

Hi All

Im planning to do the SA hack. How many weeks before turning 55 should I invest the money that is inside SA (i.e. buy unit trust using SA)?

Note that I already did a buy /sell trial using a small amount from SA....and it seems like I can buy a week before turning 55.

Please advice.

Most people suggest a few days before your 55 bday. That's what I am going to do.

Remember after shielding and RA formed, your SA balance is 0. If you cross calendar month boundary with your shield, then for 2 months your lowest SA balance is 0. CPF interest is based on lowest balance in a calendar month.

 

[dgeralds]

Hi polyglob.

Noted. Thank you.

Also after shielding can I quickly transfer the monies from OA to SA? Or should I wait until RA is formed and money automatically will be moved from OA to RA?

Most people suggest a few days before your 55 bday. That's what I am going to do.

Remember after shielding and RA formed, your SA balance is 0. If you cross calendar month boundary with your shield, then for 2 months your lowest SA balance is 0. CPF interest is based on lowest balance in a calendar month.

 

[polyglob]

Hi polyglob.

Noted. Thank you.

Also after shielding can I quickly transfer the monies from OA to SA? Or should I wait until RA is formed and money automatically will be moved from OA to RA?

RA takes money from SA then OA. With the shield up, SA is left 40k. RA is formed from SA 40k and OA 146k, to make up 186k, the 2021 FRS.

 

[dgeralds]

So its auto.....thank you.

RA takes money from SA then OA. With the shield up, SA is left 40k. RA is formed from SA 40k and OA 146k, to make up 186k, the 2021 FRS.

 

[falseflush]

Anyone waiting for month-end to do lump sum SA top up for this year? I read that this is the best strategy to earn interest for the whole year.