Put money into parent CPF account?

[candy crush]

is it a good idea to put money into parent CPF account?

assuming my parent is in their 70s

After they pass, I will get their CPF MA and RA in 100% cash right?

is it a good idea to put money in their account to earn 2.5% interest? 100% guarantee?

 

[dork32]

is it a good idea to put money into parent CPF account?

assuming my parent is in their 70s

After they pass, I will get their CPF MA and RA in 100% cash right?

is it a good idea to put money in their account to earn 2.5% interest? 100% guarantee?

do you have siblings? you put in your money and your siblings want a share of it when papa dies.

 

[candy crush]

do you have siblings? you put in your money and your siblings want a share of it when papa dies.

I am single child

No such problem

 

[dork32]

is it a good idea to put money into parent CPF account?

assuming my parent is in their 70s

After they pass, I will get their CPF MA and RA in 100% cash right?

is it a good idea to put money in their account to earn 2.5% interest? 100% guarantee?

the older you are, the more your cpf is worth.

100k in the cpf of a 30 year old is like play play money
100k in the cpf of a 55 year old is real money.

the trick is this, we should try to transfer our cpf to our parents cpf. If we want to do topup, it is always the parents cpf, your own, followed by the kids.

what you mentioned sounds like a brilliant idea.

but matters are complicated should you have siblings. your parents may have a certain sum in their cpf. it is fair that each sibling gets an equal share when they die. but now that you have topped up the cpf, you should be entitled to a larger share. your siblings may not agree to this.

this is why i did not top up my parents cpf.

 

[dork32]

I am single child

No such problem

then it is wonderful. your parents cpf is like a high interest bank account to you.

 

[dork32]

you are right that the ma and ra and watever is left will go to you should they die.

also remind them to nominate you as beneficiary. that will save you some problems next time.

 

[rrr2015]

i understand that if transfer from OA to their RA, it won't fall under intestate succession act but will get return your OA

do you have siblings? you put in your money and your siblings want a share of it when papa dies.

 

[candy crush]

then it is wonderful. your parents cpf is like a high interest bank account to you.

yup my father is 73 years old

I think putting in his account is a good idea, dun think will take more than 10 years before I can get the money

5% per year is better than any endowment plan in the market

why nobody think of that in the market?

 

[candy crush]

i understand that if transfer from OA to their RA, it won't fall under intestate succession act but will get return your OA

if I transfer to them in cash, mean I will get back in Cash right?

 

[rrr2015]

Yes, I believe henrylbh have more complete answers in the other cpf thread

if I transfer to them in cash, mean I will get back in Cash right?