Post 60 CPF question

[n0isyEsc0bar]

Happy new year to everyone.

A question with regards to my mum who turns 61 this year. Suppose she withdrew 5k at aged 55 (not sure if she met her minimum sum back then, definitely her SA had less than 80k, and am sure she did not pledge the house as its under my name), will I be able to transfer 5-10k to her using OA transfer for her to withdraw and to use? Or will it be locked up and formed as part of her required funding for CPF Life? Please advise. Thanks in advance.

 

[tangent314]

https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-topping-up-scheme

The money goes into her RA, so it will be used to increase her CPF Life payout.

Not sure what you are trying to achieve here, but if she really wants to, she can withdraw 20% at age 65

https://www.cpf.gov.sg/Members/FAQ/...avings from 55&ajfaqid=2190677&folderid=13458

 

[BBCWatcher]

A question with regards to my mum who turns 61 this year. Suppose she withdrew 5k at aged 55 (not sure if she met her minimum sum back then, definitely her SA had less than 80k, and am sure she did not pledge the house as its under my name), will I be able to transfer 5-10k to her using OA transfer for her to withdraw and to use? Or will it be locked up and formed as part of her required funding for CPF Life?

You might be able to transfer some or all of your OA balance to your mother's Retirement Account. As the CPFB explains, you can log onto your CPF account and review the transfer information in my cpf Online Services > My Messages. There are some examples provided here.

Unlike a cash top up to her Retirement Account, you cannot claim any tax relief for this transfer. Also, since this type of transfer is still part of the Retirement Sum Topping Up (RSTU) Scheme, it's not eligible for lump sum withdrawal. It will instead boost her future CPF LIFE retirement income stream.

She may already have some additional amount she can withdraw as a lump sum at age 65 from her Retirement Account based on the 20% maximum withdrawal option (less the $5,000 she has already withdrawn and less RSTU Scheme top ups/transfers). Of course, any lump sum withdrawal will reduce her future lifetime monthly income stream from CPF LIFE.

 

[maple96]

Happy new year to everyone.

A question with regards to my mum who turns 61 this year. Suppose she withdrew 5k at aged 55 (not sure if she met her minimum sum back then, definitely her SA had less than 80k, and am sure she did not pledge the house as its under my name), will I be able to transfer 5-10k to her using OA transfer for her to withdraw and to use? Or will it be locked up and formed as part of her required funding for CPF Life? Please advise. Thanks in advance.

If she is 61 in 2020, then she was born in 2020-61 =1959?

First, u need to make sure u know her CPF account status before u do anything to her accounts. Pls dun make assumptions (seems u are making assumptions in your question- see red above).

Look at her current CPF statement online (only 2018 is available now):

1. Which CPF Life Plan did she “opt” to join at 55?
2. How much of her RA had been transferred to her CPF Life Plan policy?
3. What is the balance in her RA account?
4. Q1 to 3, will help u confirm her CPF Life Plan status.
5. Those born in 1959 are supposed to join CPF Life at 55. If u think she did not hit FRS at 55, she is allowed to withdraw 5k.
6. Is she still working since 55? If so, she should have monies in OA/SA.
7. Depending in which CPF Life Plan she joined, ie Basic Plan or Standard Plan, her monies in OA/SA will be transferred to RA (if FRS not meet), then used to join CPF Life. U have to provide the answers to Q1-6 before I can help u estimate how much more monies will be locked up into CPF life.
8. Your answers to Q1-7 are needed before I can answer what will happen to your OA monies transferred to her. But first, u must meet BRS/FRS before u can transfer OA monies to her.


Alternatively, u can meet up with CPFB to have the above questions answered for u.

 

[yoongf]

Need to accompany her to CPFB. CPFB will not entertain account specific questions without the account holder present.

Based on info provided, simply too many unknowns at this point.

https://www.areyouready.sg/YourInfo...-born-between-1-Jan-1958-and-30-Apr-1961.aspx

 

[n0isyEsc0bar]

Well, not on good terms with my mother but i thought of just giving her 5-10k as a "bonus" for her to enjoy. Thats why i dont know about her choices nor balances. Thanks anyway for all your replies.

If she is 61 in 2020, then she was born in 2020-61 =1959?

First, u need to make sure u know her CPF account status before u do anything to her accounts. Pls dun make assumptions (seems u are making assumptions in your question- see red above).

Look at her current CPF statement online (only 2018 is available now):

1. Which CPF Life Plan did she “opt” to join at 55?
2. How much of her RA had been transferred to her CPF Life Plan policy?
3. What is the balance in her RA account?
4. Q1 to 3, will help u confirm her CPF Life Plan status.
5. Those born in 1959 are supposed to join CPF Life at 55. If u think she did not hit FRS at 55, she is allowed to withdraw 5k.
6. Is she still working since 55? If so, she should have monies in OA/SA.
7. Depending in which CPF Life Plan she joined, ie Basic Plan or Standard Plan, her monies in OA/SA will be transferred to RA (if FRS not meet), then used to join CPF Life. U have to provide the answers to Q1-6 before I can help u estimate how much more monies will be locked up into CPF life.
8. Your answers to Q1-7 are needed before I can answer what will happen to your OA monies transferred to her. But first, u must meet BRS/FRS before u can transfer OA monies to her.


Alternatively, u can meet up with CPFB to have the above questions answered for u.