Retirement fund

[doremi_]

After transferring special cpf acct to retirement acct, can I still deposit money to special account to get 4 percent interest?

 

[OngHuatHuat]

After transferring special cpf acct to retirement acct, can I still deposit money to special account to get 4 percent interest?

Can you still top up after transferring to RA?

 

[henrylbh]

After transferring special cpf acct to retirement acct, can I still deposit money to special account to get 4 percent interest?

You got retirement account?

 

[Tiger9119]

After transferring special cpf acct to retirement acct, can I still deposit money to special account to get 4 percent interest?

I don't think you can choose to contribute SA only, the VC money will split among the 3 accounts (MA/OA/SA). SA get the smallest percentage of the self contributions. I hope I am wrong.

You can contribute just to SA if you are below 55.

 

[iamveryguailan]

I don't think you can choose to contribute SA only, the VC money will split among the 3 accounts (MA/OA/SA). SA get the smallest percentage of the self contributions. I hope I am wrong.

You can contribute just to SA if you are below 55.

You can contribute to SA only under RSTU, up to the prevailing FRS

 

[Tiger9119]

You can contribute to SA only under RSTU, up to the prevailing FRS

Even after RA had been created? I am trying to use CPF OA/SA as "on demand saving accounts". I am above 55.

 

[OngHuatHuat]

I seriously doubt so.
Like that cpf will automatically becomes a high yield deposit account. Close to 5 % yield on strong sgd, Government guaranteed. wow.....

Even after RA had been created?

 

[Tiger9119]

I seriously doubt so.
Like that cpf will automatically becomes a high yield deposit account. Close to 5 % yield on strong sgd, Government guaranteed. wow.....

That is what I thought so. I will be very very happy if it can be done.

 

[JuniorLion]

After transferring special cpf acct to retirement acct, can I still deposit money to special account to get 4 percent interest?

I don't think you can choose to contribute SA only, the VC money will split among the 3 accounts (MA/OA/SA). SA get the smallest percentage of the self contributions. I hope I am wrong.

You can contribute just to SA if you are below 55.

Prior to 55, you can top up SA to the existing FRS.

After 55, once RA is created, your SA money (FRS) will be transferred to RA. Any top up under the RSTU scheme will be to RA (and not to SA), and you can only top up your RA to the existing ERS. After 55, only mandatory contributions from employment or voluntary contribution (VC) can go into your SA.

 

[OngHuatHuat]

Prior to 55, you can top up SA to the existing FRS.

After 55, once RA is created, your SA money (FRS) will be transferred to RA. Any top up under the RSTU scheme will be to RA (and not to SA), and you can only top up your RA to the existing ERS. After 55, only mandatory contributions from employment or voluntary contribution (VC) can go into your SA.

which means RA top up beyond FRS can only be withdrawn in the form of annuity.

 

[JuniorLion]

which means RA top up beyond FRS can only be withdrawn in the form of annuity.

Any top up to RA beyond FRS (and up to ERS) will increase your CPF Life Payouts and nothing else. So yes, you're right about the 'annuity' portion assuming you mean CPF Life.

 

[Nofear40]

If I top up SA to the new $176k FRS sum in Jan 2019, will there be any forefeiture if at the end of Dec’19, SA without this top up exceeds $176k FRS?

 

[JuniorLion]

If I top up SA to the new $176k FRS sum in Jan 2019, will there be any forefeiture if at the end of Dec’19, SA without this top up exceeds $176k FRS?

Your sentence is too convoluted; I don't understand what it means.

 

[doremi_]

Under Voluntary contribution, I can still TOP ip parents SA and earn 4 percent?

If below 55, wondering if topping up SA 4percent or DBS SRS 5 percent better? What’s the catch

 

[JuniorLion]

Under Voluntary contribution, I can still TOP ip parents SA and earn 4 percent?

If your parent is below 55 and has not reached FRS, then yes, any top up to that will reap 4%. But a top-up to his/her account means the money belongs to them and not you, it'll a bit messy to try to get it back from them later. Unless, of course, your intention, is to let them reap the benefits

If below 55, wondering if topping up SA 4percent or DBS SRS 5 percent better? What’s the catch

What product from DBS gives 5% dividend/returns on investment?

 

[doremi_]

Thought DBS supplementary Retirement Scheme yield 5 percent, Guess it its not as straight forward as SA.

 

[JuniorLion]

Thought DBS supplementary Retirement Scheme yield 5 percent, Guess it its not as straight forward as SA.

SRS gives you 0.05% if you leave it there and do nothing.

 

[ELKYme]

SRS contribution is pretty straightforward.

You should also take into account the tax savings for contributing to SRS as it is substantial.

Example:
200K annual income tax rate is 18%. That’s a savings of $2,754 on tax.
https://www.guidemesingapore.com/bu...sonal-tax/singapore-personal-income-tax-guide

Only need to plan how to withdraw the SRS $ without paying tax:

1) If a SRS member withdraws $40,000 per annum, only $20,000 (50% of $40,000) will be considered as taxable income. If an individual has no other source of taxable income at that age, then he will not have to pay any income tax, since his first $20,000 is tax-free.

2) SRS members have a ten-year period to make withdrawals from their SRS account. Any amount remaining in the SRS account after 10 years will be automatically considered as a lump sum withdrawal, with

Thought DBS supplementary Retirement Scheme yield 5 percent, Guess it its not as straight forward as SA.

 

[BBCWatcher]

If I top up SA to the new $176k FRS sum in Jan 2019, will there be any forefeiture if at the end of Dec’19, SA without this top up exceeds $176k FRS?

I understand the question. There’s certainly no forfeiture, and there’s no refund triggered either, assuming you don’t somehow oddly beat interest crediting.

However, the situation you describe is rare. SA interest is running ahead of the rate of FRS increase, so at best you might get once such early January top-up opportunity once in your life.

 

[cybercom8]

someone told me if you met your 1/2 frs and pledged your property, any excess money in your OA and RA can be withdrawn

but not sure whether its too risky to put excess money into cpf for the higher interest because they can change the rules/limits anytime