Fixed Deposit has been gradually dropping...

[hwarzoner]

currently retrenched, so i can voluntary top up to the annual limit of 37k until 55yo, once i met the FRS, the excess can withdraw out right?, do i need to meet the MA requirement too?. because currently already met the current year FRS. so money will into OA and MA?

Yes, but there are a few important details to distinguish.


Based on what you've shared previously, you're 52 years old, already have more than the current FRS in your SA, and are asking about Voluntary Contribution (VC) to all 3 CPF accounts, not the Retirement Sum Topping-Up (RSTU) scheme.

1. Can you voluntarily contribute up to the CPF Annual Limit until age 55?​

Yes.


You can make a Voluntary Contribution (VC) to all 3 accounts (OA, SA and MA) up to the CPF Annual Limit (currently $37,740 per calendar year), less any mandatory CPF contributions you receive that year.

2. Since I've already met the FRS before 55, can I withdraw the excess immediately at 55?​

Yes, generally.


When you turn 55:

• CPF creates your Retirement Account (RA).
• CPF transfers enough money (mainly from SA, then OA if needed) to meet the prevailing FRS.
• Any CPF savings above the required retirement sum are withdrawable, unless they are otherwise restricted by CPF rules.

For example:

• OA: $600,000
• SA: $320,000
• FRS at age 55 (example): $250,000

CPF moves $250,000 into your RA.


Remaining:

• OA: $600,000
• SA: $70,000

That remaining $670,000 is generally withdrawable if you choose.

3. Do I also need to meet the MediSave (MA) requirement?​

No.


Meeting the Basic Healthcare Sum (BHS) in your MediSave Account is not a requirement for withdrawing CPF savings after age 55.


However, it affects where future CPF contributions go.

• If your MA is below the BHS, part of your VC will still be allocated to MA.
• If your MA has already reached the BHS, the portion that would normally go into MA is redirected according to CPF allocation rules (typically to OA if applicable).

4. If I make a VC now, where does the money go?​

A VC to all 3 accounts follows the CPF allocation rates for your age.


For someone below 55:

• OA gets its allocated share.
• SA gets its allocated share.
• MA gets its allocated share until MA reaches the BHS.

Having already reached the FRS does not stop VC allocations into SA. It only means you generally cannot make further RSTU cash top-ups to your SA for retirement once you've reached the top-up limit. VC to 3 accounts is a different scheme and is governed by the annual CPF contribution limit.

For your situation​

Since you already have:

• SA above the current FRS
• Significant OA balance
• Age 52

A VC to all 3 accounts over the next few years can still increase your OA/SA/MA balances. At age 55, once your RA is set up with the prevailing FRS, the CPF savings above that retirement sum are generally available for withdrawal if you want them.

nice

 

[beano]

4 to 6 % yield is monthly?

p.a, usually 6-18months term.

 

[jumpthepig]

Bro, just checking, of say after 55 yr old, and you say put $100k into oa, can? Then withdraw anything. Then put again a certain sum oa, can do?

“subject to an annual limit known as the CPF Annual Limit.

This annual limit takes into account both mandatory and voluntary contributions. The maximum amount of voluntary contribution to the 3 CPF accounts that you can make this year is the difference between the CPF Annual Limit (S$37,740) and the amount of mandatory contribution received for the year.”

https://www.dbs.com.sg/personal/articles/nav/retirement/cpf-hacks-to-grow-your-nest-egg

 

[yokine3a]

Noted bro.
Let sat you meet all the criteria.
U hv extra cash, u deposit into oa.
You earn 2.5% yearly.
Periodically you deposit money into oa.
After a year, can take out the principal n interest?
And cycle repeats again.

Yes you can.

 

[Lchlch]

currently retrenched, so i can voluntary top up to the annual limit of 37k until 55yo, once i met the FRS, the excess can withdraw out right?, do i need to meet the MA requirement too?. because currently already met the current year FRS. so money will into OA and MA?

Yes can take out.
I am not sure can deposit more cash in oa n earn interest? And can withdraw if need the money?

 

[Lchlch]

"Can I take cash from my bank, deposit it into my CPF OA to earn 2.5%, then later withdraw both the principal and interest?"
The answer is generally no. CPF does not allow you to simply deposit cash into your OA after age 55 just to earn OA interest and withdraw it later. Cash top-ups are meant for your Retirement Account (RA) under CPF's retirement schemes, not for freely funding the OA. *
Central Provident Fund +1
So:
Excess money already in your OA can stay there, earn 2.5%, and be withdrawn later (if withdrawable).
You generally cannot move cash from your bank into your OA just to earn 2.5% and withdraw it later.

 

[Lchlch]

Yes you can.

I check with AI n it said cannot do that.

 

[yokine3a]

I check with AI n it said cannot do that.

AI is not wrong, normal cash deposit is cannot.. but you can do it in 2 ways, via employment voluntary contribution cap at $37K per yr, n housing loan refund if you borrow from OA for mortgage.

 

[Lchlch]

AI is not wrong, normal cash deposit is cannot.. but you can do it in 2 ways, via employment voluntary contribution cap at $37K per yr, n housing loan refund if you borrow from OA for mortgage.

Yeah that's what I am thinking.
If still employed, then will contribute on and on...this okay.
Buy not suka suka, deposited, earn 2.5% and withdraw.

 

[hwarzoner]

i not working now, so i can only cash deposit up to 37k yearly limit. so when 55yo after setting aside FRS, so can i withdraw the excess??

 

[Ronin881]

i not working now, so i can only cash deposit up to 37k yearly limit. so when 55yo after setting aside FRS, so can i withdraw the excess??

Yes.

If you can do the Voluntary Housing Loan Refund, it would be better.

Why? Coz it does not touch the $37K limit.

You can also move OA $ in to SA to maximise the interest.

 

[Lchlch]

If can till till 65, the better as oa will be more...

 

[Shion]

now everyone is ALL IN stock market...

 

[Ronin881]

If can till till 65, the better as oa will be more...

You can also transfer OA $ to your RA to prevailing maximum amount every year till 65.

It is to maximise the CPF LIFE payout for life.

 

[dotarian007]

now everyone is ALL IN stock market...

but buy wat neh

 

[Lchlch]

You can also transfer OA $ to your RA to prevailing maximum amount every year till 65.

It is to maximise the CPF LIFE payout for life.

Tgks but not doing that..

 

[Lchlch]

but buy wat neh

On hoping war, better not.