From OA to SA

[henrylbh]

you forgot to state the most important disclaimer for you to do this


Your father is not on CPF Life but rather under the old Minimum Sum Scheme

Thanks. You are so right. I was not explicit in saying "it goes further than what you could do"

 

[highsulphur]

What if my mom is under cpf life? I can still defer the payout till 70 years old. Can I still transfer my OA to her RA to earn the 4%?

then it's a different ball game. I'm not sure if contribution after the CPF Life deductions will remain in the RA under the old mss

 

[elnewbie]

It depends on which CPF Life plan his mom subscribed to. If it's the basic plan, he can still execute the same strategy as henrylbh but less 10%.

Why 10% ?
That is the amount that CPF will use to buy the annuity premium for the BASIC plan. So upon death, the nominee will get only 90%, compared to someone who was on the MSS.

If you ask me, it's still an ok deal, only lose out 10% if the member chooses the basic plan.

Have a look at this article for more info:

http://www.straitstimes.com/business/invest/choosing-the-right-cpf-life-plan

then it's a different ball game. I'm not sure if contribution after the CPF Life deductions will remain in the RA under the old mss

 

[Earnasyougrow]

It depends on which CPF Life plan his mom subscribed to. If it's the basic plan, he can still execute the same strategy as henrylbh but less 10%.

Why 10% ?
That is the amount that CPF will use to buy the annuity premium for the BASIC plan. So upon death, the nominee will get only 90%, compared to someone who was on the MSS.

If you ask me, it's still an ok deal, only lose out 10% if the member chooses the basic plan.

Have a look at this article for more info:

http://www.straitstimes.com/business/invest/choosing-the-right-cpf-life-plan

Hi Elnewbie,

Thanks. My mom is not 65 yet so she have not choose any cpf life cos her RS is less 60k.

 

[endlssorrow]

q1) cash transfer over to SA can only be done by bank OCBC?

q2) For a successful application, please make your payment immediately via E-cashier's mode of payment. E-Cashier mean what?

 

[athulican]

Almost 23 years ago, to Jul 1993 to Dec 1994, CPF SA rate was 2.5%. The OA rate then was still 2.5%. You were only 27-year-old, probably too young to think of retirement.

https://www.cpf.gov.sg/Assets/common/Documents/InterestRate.pdf

QFT. Thanks!

 

[SBC]

Money is always not enough. Need to service mortgage loan & take care of parents.

Btw, can guide me the procedure to transfer my OA to parent's RA? Thanks

 

[BBCWatcher]

q1) cash transfer over to SA can only be done by bank OCBC?

No. You can top up your or someone else's Special Account using an AXS kiosk and your debit card, CPF's e-Cashier (on their Web site), or even with a traditional paper check, as examples.

 

[LiteHouse]

Anyone knows how to top up a family member's MA? No tax relief I know.

 

[highsulphur]

Anyone knows how to top up a family member's MA? No tax relief I know.

use e cashier on CPF website

 

[badsector]

Anyone knows how to top up a family member's MA? No tax relief I know.

ask them login using their own singpass then pay using ur account.
or u transfer $$$ to them, let them top up themselves.

 

[LiteHouse]

ask them login using their own singpass then pay using ur account.
or u transfer $$$ to them, let them top up themselves.

Children below 19 don't have Singpass right?

 

[highsulphur]

Children below 19 don't have Singpass right?

use e cashier on CPF website

I already told you the answer

 

[LiteHouse]

I already told you the answer

I already tried. Don't have such an option!

The closest option in the eCashier menu was "The e-service is to allow the top up to member’s own or their dependant’s Medisave Account for MediShield Life’s outstanding premiums."

Once I clicked Start, it says You do not have any outstanding premium(s) due

 

[highsulphur]

I already tried. Don't have such an option!

The closest option in the eCashier menu was "The e-service is to allow the top up to member’s own or their dependant’s Medisave Account for MediShield Life’s outstanding premiums."

Once I clicked Start, it says You do not have any outstanding premium(s) due

don't log in. It's on the front page under popular services

 

[badsector]

Children below 19 don't have Singpass right?

Singpass FAQ

No mention abt age. So long ur kid got NRIC now.
why not u try and let us know.
or
i believe u may topup over the counter


here state age 15

 

[BBCWatcher]

Another option is to use an AXS kiosk. Or use this form and mail a traditional paper check.

 

[a4973]

my account currently has
OA 142k
SA 108K
MA 50K
i have cash earning 1% & 0.8% in CIMB which is pitiful.
my property is fully paid.
i'd like to maximize the compounding interest in both OA & SA.
how should i go about it?
i can only find info on cash top ups to SA, cant seem to find out how to top up to OA.
thanks

 

[BBCWatcher]

Are you in a non-zero tax bracket?

 

[a4973]

Are you in a non-zero tax bracket?

sorry , not sure what is meant by "non-zero tax bracket"
do you mean do i pay income tax or not?
yes, i do pay income tax yearly