Retirement fund

[iMac]

So how do I go about topping my OA directly? As long as it doesn't flow to my MA acct, then it's worth it to get 2.5% rate. Unfortunately for me, I didn't read about BBCW's SA shielding method until after my RA was created

Just side-track a bit on the topic of shielding.

What are the most recommended products? (simple, basic no-frills and quick type...is it unit-trust? bond? etc etc)

 

[JuniorLion]

If u topup to ERS amount. U can’t withdraw right. It will be payment in the form of cpf life payout

Yes, you are right.

 

[BBCWatcher]

What are the most recommended products? (simple, basic no-frills and quick type...is it unit-trust? bond? etc etc)

A low volatility Singapore dollar denominated bond fund that is available through a zero cost platform and using CPF Investment Scheme (SA) funds. Look through the list here. Look for a fund labeled "Low to Medium Risk - Narrowly Focused - Country - Singapore" that is "SA" qualified.

 

[Newmaxi]

I am below 55 and my current SA is lower than FRS but met the BHS. Understand that topping up of Retirement sum will not form part of the BHS.

So should I top up to my OA or Retirement sum? OA has lower interest but excess above 20k can be withdrawn anytime. Whereas top up to Retirement sum earn higher interest but can’t be withdrawn

 

[JuniorLion]

I am below 55 and my current SA is lower than FRS but met the BHS. Understand that topping up of Retirement sum will not form part of the BHS.

So should I top up to my OA or Retirement sum? OA has lower interest but excess above 20k can be withdrawn anytime. Whereas top up to Retirement sum earn higher interest but can’t be withdrawn

There's no such thing as topping up OA only. If you want to top up your OA, you need to perform the "Top up all 3 accounts" option, and then your money gets allocated to OA, SA and MA.

 

[hwmook]

There's no such thing as topping up OA only. If you want to top up your OA, you need to perform the "Top up all 3 accounts" option, and then your money gets allocated to OA, SA and MA.

Can top up to OA only, repay OA took out for mortgage is the way.

 

[Newmaxi]

Can top up to OA only, repay OA took out for mortgage is the way.

Thank you. If I topup all 3 accounts, will I be able to withdraw my SA topup when I turn 55?

 

[Tiger9119]

Thank you. If I topup all 3 accounts, will I be able to withdraw my SA topup when I turn 55?

When can I withdraw my CPF savings?

Upon turning 55 years old, members can withdraw their CPF savings, after setting aside their Full Retirement Sum or Basic Retirement Sum with sufficient CPF property charge/pledge in their Retirement Account.


After 55yrs old, CPF is like your piggy bank if you meet the FRS. Can withdraw anytime.
Leave it there unless you need it, CPF OA & SA interest rates are higher than FD.

 

[AT]

Partial repayment is allowed.

Thanks to both of you (JuniorLion)