CPF Top up questions

[kehyi4]

Ha ha, this is what I had from CPF Board -

Please note that the Board processes all withdrawals for members who are 55
and above, using the following deduction sequence:
i) interests earned in the Medisave, Special then Ordinary Accounts from the
beginning of the year up to the month before the withdrawal, followed by
ii) contribution/refunds credited in the Medisave, Special then Ordinary
Accounts of the same month of the withdrawal, and lastly,
iii) excess monies above the Medisave Minimum Sum in the Medisave
Account, Special Account then Ordinary Account.

May be they have dropped Medisave (in 2018)?

Yup, they've changed it, and much earlier than 2018



I searched some of our earlier CPF discussion on MM: we were talking about this in 2015

 

[sgdividends]

Your mom is in an enviable position compared to many and has flexibility to manage what she has in CPF, liking depositing or withdrawing funds anytime she likes. At 61, the way you described she must have met her cohort min sum in RA, and still have substantial amount in her OA and some SA. She would be under the old RSS unless she opt for CPF Life.

You can forget about topping up your mom's RA for tax relief because it seems she has met her cohort's min sum which is either 131k or 139k depending on when is her birthday month. She also cannot transfer her OA to SA, though she can transfer it to RA to FRS or ERS.

The current FRS is 171k and with her min sum at 55, the latter amount since then would more likely grow close to 171k or more.

I still quite confuse actually., if under old RSS scheme can treat it like a savings account and deposit any amount and withdraw any amount anytime?

 

[henrylbh]

I still quite confuse actually., if under old RSS scheme can treat it like a savings account and deposit any amount and withdraw any amount anytime?

Whether you are under old Retirement Sum Scheme or CPF Life, once you meet FRS at 55, your CPF accounts can be treated like savings accounts. You can deposit money (subject to annual limit) and withdraw money from the accounts at any time you like and the balances earn much more than bank savings or fixed deposit accounts.

 

[greddy88]

Whether you are under old Retirement Sum Scheme or CPF Life, once you meet FRS at 55, your CPF accounts can be treated like savings accounts. You can deposit money (subject to annual limit) and withdraw money from the accounts at any time you like and the balances earn much more than bank savings or fixed deposit accounts.

Further confused.. Someone mentioned earlier protect the SA at all costs.
What does that mean, once reached the age all will be converted to this right?
If so what's the reason behind?

 

[sgdividends]

Whether you are under old Retirement Sum Scheme or CPF Life, once you meet FRS at 55, your CPF accounts can be treated like savings accounts. You can deposit money (subject to annual limit) and withdraw money from the accounts at any time you like and the balances earn much more than bank savings or fixed deposit accounts.

Thanks henrylbh

 

[camholicx]

Is there a way I can top up my CPF SA using GIRO? Monthly contribution?

 

[edwinttt1978]

Is there a way I can top up my CPF SA using GIRO? Monthly contribution?

https://www.cpf.gov.sg/Assets/members/Documents/FORM_RSTU_GIROandSI.pdf

 

[edwinttt1978]

Further confused.. Someone mentioned earlier protect the SA at all costs.
What does that mean, once reached the age all will be converted to this right?
If so what's the reason behind?

Protect the SA at all costs with a chastity belt, which costs nothing, till age 55.
At age 55, the SA (and OA) will flow into a new account, the RA.

 

[mccmmm]

You die later after your sleeps tonight.

 

[mccmmm]

Don't plan ,you hurts the unseen .Don't even think cos to made to appreciate the moment now not tomorrow .

 

[edwinttt1978]

Don't plan ,you hurts the unseen .Don't even think cos to made to appreciate the moment now not tomorrow .

At age 55, the unseen becomes seen. Nothing gets hurt.

 

[edwinttt1978]

You die later after your sleeps tonight.

Unless you are old and frail, it is unlikely to die in sleeps.

 

[mccmmm]

How old is considered your naming old ?
How young is to consider yourself to Be mature ?
Nuts aren't you

 

[mccmmm]

Age is just a figure ,that doesn't mean a 80years old can behave well compare a person at young .

 

[maumu]

^ I think u need to brush up your English, mate. can't understand u for nuts.

 

[nomoreliaola]

up for good thread; just discovered it

 

[junhui98]

If I transfer money from my OA to MA and SA to max it(BHS and FRS). How will be the allocation of the CPF contribution from the company? All 100% go to OA?

 

[cscs3]

Age is just a figure ,that doesn't mean a 80years old can behave well compare a person at young .

Then you are comparing 2 or more different person. You sure find some different for same person who 30 years old Vs 80 years old.

BTW. These are always a relative comparison based on statistics. Otherwise the country do not need to define at what age you are consider as adult by law. Need not to mention retired age etc.

 

[cscs3]

Unless you are old and frail, it is unlikely to die in sleeps.

Not necessary. Now a day many young die in sleeps too.

 

[testerjp]

If I transfer money from my OA to MA and SA to max it(BHS and FRS). How will be the allocation of the CPF contribution from the company? All 100% go to OA?

This might help.