Cpf special account

[sohguanh]

The future private properties will be very expensive, so if the kids want to buy one, either they are super rich or they must have parents to help them with the down payment. The HDB to private path is now partially sealed off by HDB.

During my era the catch phrase is 5C. I look at my same era fren now going into young seniors what is their view? They say those are for young ppl. Now crossing 50 we pray for better health can live longer and to do that having monies to tide us over is important as some dun wanna work after 55 we have enough of the rat race. We want to enjoy our twilight years no more chasing the 5Cs and worst help our adulthood children with housing? They are still babies?

My post is to give you alternative views to what your view is. And I believe my views also speak for a big group of young senior ppl.

Analogy. It is like survive the Ukraine war after 1 year tour whole perspective changes as you managed to stay alive no more the vigour and zest when you young going into battle. Veteran is a good word. Wisdom another good word. Only the wise stay on to the last.

 

[andyhtc]

During my era the catch phrase is 5C. I look at my same era fren now going into young seniors what is their view? They say those are for young ppl. Now crossing 50 we pray for better health can live longer and to do that having monies to tide us over is important as some dun wanna work after 55 we have enough of the rat race. We want to enjoy our twilight years no more chasing the 5Cs and worst help our adulthood children with housing? They are still babies?

My post is to give you alternative views to what your view is. And I believe my views also speak for a big group of young senior ppl.

Analogy. It is like survive the Ukraine war after 1 year tour whole perspective changes as you managed to stay alive no more the vigour and zest when you young going into battle. Veteran is a good word. Wisdom another good word. Only the wise stay on to the last.

No worries. I'm just suggesting what the middle class may do to their demolished SA

Singapore parents skirt property cooling measures by buying homes in children's names​

Updated Aug 01, 2019

Shawn, whose loft-style apartment in Singapore's leafy central Bukit Timah region was paid for entirely by his mother, is one of a lucky few. But his ranks are growing as families seek to work around cooling measures, including raised stamp duties on second and third homes, by buying properties for their children.

Data is scant but property agents say they have seen a noticeable uptick in apartments being bought by wealthy families for their children since the property cooling measures came into effect in July 2018. Additional buyer's stamp duty, or ABSD, is now levied at 12 per cent for second homes and 15 per cent for third and subsequent properties.

https://www.straitstimes.com/busine...n=STFB&utm_source=Facebook#Echobox=1564537459

Buying condos before 35: Report finds young S'poreans make up growing share of new private property buyers​

Published January 26, 2024

Prof Qian, who is director of the NUS Institute of Real Estate and Urban Studies, acknowledged that while median monthly incomes have increased by 38 per cent over the last 10 years, so have prices for non-landed private homes that grew by a substantially higher 52 per cent over the same period.

“Obviously, wage growth has not kept pace with property price growth, so funds for pricey private apartments would logically have to originate from other sources,” she added.

Of these “other sources”, Ms Wong from ERA said: “Anecdotal observations by our (ERA’s) salespersons suggest a small proportion of young Singaporean home buyers received some form of financial help from their parents for their first home purchase.

https://www.todayonline.com/singapo...ing-share-new-private-property-buyers-2349646

 

[sohguanh]

No worries. I'm just suggesting what the middle class may do to their demolished SA

Singapore parents skirt property cooling measures by buying homes in children's names​

Updated Aug 01, 2019

https://www.straitstimes.com/busine...n=STFB&utm_source=Facebook#Echobox=1564537459

Buying condos before 35: Report finds young S'poreans make up growing share of new private property buyers​

Published January 26, 2024

https://www.todayonline.com/singapo...ing-share-new-private-property-buyers-2349646

Spore media is rank XXX for a reason. They top the list so a wise reader will read it with heavy dosages of salt.

 

[BBCWatcher]

Most people will still be working beyond 55. So their CPF SA (terminated) will go into OA automatically every month instead of earning 4%.

Only if they've met the Full Retirement Sum. I think roughly half of workers that age don't. Also, it doesn't matter too much for members making decent (or more than decent) mortgage payments with OA. They'll probably just use somewhat more OA and somewhat less unrestricted cash to make their mortgage payments. And it's still true that there's a drop in contribution rates from age 55, although the CPF Board is gradually closing that gap except for much older age workers.

That's because a lot of my friends are already doing that. Several well-off EDMW members have also declared helping their kids to buy private properties.

I want to reiterate that all the dollars we're talking about are already liquid and can already be used to buy houses for kids if desired. The loss of the higher SA interest rate on some of these dollars will, of course, encourage some members to move some of those dollars somewhere else. (And there will be fewer of those dollars because of the lower interest rate from age 55 onward, someone discouraging big commitments like home purchases.) I suppose the property sector is one possible outlet, but I just think this is awfully marginal stuff. And the government can (and surely will) quickly hike ABSD if/as necessary, neatly pushing any such additional demand back down.

More likely... I'm finally going to get my first invitation to an age 55 CPF celebration, with very expensive champagne funded by surplus liquid (former) SA and OA dollars. Why earn only 2.5% interest when you can drink those CPF dollars instead?

 

[dgeralds]

Hi all

I have the following deducted in my CPF. But the money is not deposited into my bank account and I did not receive email / letter on this.

Do anybody know when will the amount be deposited into my bank account. Fyi, CPF board has my bank account.

*******
25 Jul 2024
Refund of contributions to employer / employee / self-employed person or of Government Cash Grant
VOLUNTARY CONTRIBUTIONS, for Dec 2023. -$3,445.57
OA -$3,445.57


25 Jul 2024
Refund of contributions to employer / employee / self-employed person or of Government Cash Grant
VOLUNTARY CONTRIBUTIONS, for Dec 2023 -$1,071.43
SA -$1,071.43

********

 

[savinmax]

were the voluntary contributions done by yourself directly ? If so, check your NRIC-linked PayNow account.

if the contributions were done by your Employer, refund should be to your employer bank account.

just to note, contribution were for Dec 2023.....so you need to clarify there

 

[dgeralds]

were the voluntary contributions done by yourself directly ? If so, check your NRIC-linked PayNow account.

if the contributions were done by your Employer, refund should be to your employer bank account.

just to note, contribution were for Dec 2023.....so you need to clarify there

I did voluntary contribution in Dec 2023. So it should be returned to me. But money did not come into my account.

 

[reddevil0728]

I did voluntary contribution in Dec 2023. So it should be returned to me. But money did not come into my account.

have you managed to get hold of CPF board?

 

[royalmix]

I did voluntary contribution in Dec 2023. So it should be returned to me. But money did not come into my account.

Wah, many years ago, I purposely overpay (hack), and refund occurs in Jan/Feb. Now take so long, lose big big interest lol!

 

[dgeralds]

I did voluntary contribution in Dec 2023. So it should be returned to me. But money did not come into my account.

Just called CPF. They said it will take 5 working days. Also informed the officer that there was no email or notification regarding the refund ...

 

[badsector]

Hi all

I have the following deducted in my CPF. But the money is not deposited into my bank account and I did not receive email / letter on this.

Do anybody know when will the amount be deposited into my bank account. Fyi, CPF board has my bank account.

*******
25 Jul 2024
Refund of contributions to employer / employee / self-employed person or of Government Cash Grant
VOLUNTARY CONTRIBUTIONS, for Dec 2023. -$3,445.57
OA -$3,445.57


25 Jul 2024
Refund of contributions to employer / employee / self-employed person or of Government Cash Grant
VOLUNTARY CONTRIBUTIONS, for Dec 2023 -$1,071.43
SA -$1,071.43

********

mine occurs on 24 Jun, refund received on 26 Jun

 

[BBCWatcher]

Last year (2023) the government announced an increase in the monthly salary ceiling for compulsory contributions. It made this announcement on February 14, 2023, with the first salary ceiling increment going into effect on September 1, 2023. I know one CPF member who carefully computed and made a VC3A in late January, 2023, only to discover that a portion had to be refunded, without interest, because of the 4 higher salary ceiling months toward the end of 2023 that pushed the total a little over the CPF Annual Limit. There are probably some other CPF members who had this same problem. If the first salary ceiling increment had gone into effect on January 1, 2024 (4 months later), there would’ve been no refund. Or the government could’ve ignored the overage for VC3As made prior to the announcement and allowed the “excess” to remain inside CPF, as long as the pre-announcement VC3A would’ve fit with the CPF Annual Limit based on the $6,000/month salary ceiling. But unfortunately neither of those things happened.

 

[dgeralds]

Wah, many years ago, I purposely overpay (hack), and refund occurs in Jan/Feb. Now take so long, lose big big interest lol!

yes, last time the refund comes back in march.....now like almost August. This year must calculate properly before voluntary contribution.

 

[dgeralds]

have you managed to get hold of CPF board?

Yes, finally did. They said it will take 5 working days. Also informed the officer that there was no email or notification regarding the refund. The officer said that she will highlight to her boss.

 

[dgeralds]

From 2025, after 55 years old, where does the CPF voluntary contribution go to? To OA and RA? What will be the percentage?

 

[royalmix]

From 2025, after 55 years old, where does the CPF voluntary contribution go to? To OA and RA? What will be the percentage?

If you already meet FRS in RA and max out MA to BHS, all will land into OA!

If you already meet FRS in RA and did not max out MA to BHS, it will be allocated to MA and OA with excess from MA overflowing into OA.

No different from current, except SA is gone!

 

[dgeralds]

In 2025, is it possible to top-up RA more than ERS, 426K ?

 

[gobin74]

In 2025, is it possible to top-up RA more than ERS, 426K ?

i also have the intention to move out sa funds to say tbill ? if yes how can we move sa funds to tbill /9/ mi know yields may be less than 4 %) - but this bcoz sa will be put into oa in 2025..

any other option apart for tbill pl advise ...

any inputs is apprecuate d

 

[reddevil0728]

i also have the intention to move out sa funds to say tbill ? if yes how can we move sa funds to tbill /9/ mi know yields may be less than 4 %) - but this bcoz sa will be put into oa in 2025..

any other option apart for tbill pl advise ...

any inputs is apprecuate d

hmmm? u can always withdraw the cash if is already at FRS right?

 

[dork32]

Some people can really come up with ideas that does not work