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Talking Point >>> Is your CPF enough for retirement?

Wt_know

By Wt_know,
in Investment & Financial Matters

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Spidey10

Spidey10

Supercharged
1 hour ago, Angcheek said:

Covid Covid ........ can go where . 😁 

My wife also little cpf , now thinking how to cover hers . She always say , Her money is her money , my money is her money . 

😂

same same lor….[laugh]

my bank accounts, she have access...her bank accounts, i dun have access....she knows how much I have but I dun know how much she has..[laugh]....children give her money, she stash somewhere else....[laugh]

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Angcheek

Angcheek

Hypersonic
24 minutes ago, Mustank said:

Hahahaha I 打功仔 lah 

 

If own self ERS possible... for one to feed 2 person ERS is very tough lel . Unless you earn alot from hdb or properties.  😄  

Please share your success story . We need to learn 

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Didu

Didu

Turbocharged

How much CPF savings can I transfer to my loved ones?

The maximum amount of CPF savings that you can transfer to your spouse's CPF account is:

  • If you are below 55 years old --> Your OA savings after setting aside the current BRS[1].

  • If you are 55 years old and above --> Your CPF savings[3] after setting aside your BRS[1].

[1] BRS can be set aside using your OA savings, SA savings, RA savings[5] (if you are 55 years old and above), and net amounts withdrawn for investments[6].

[2] FRS can be set aside using your OA savings, SA savings, RA savings[5] (if you are 55 years old and above), and net amounts withdrawn for investments[6].

[3] Your OA savings will be transferred first, followed by your SA and then your RA savings. You can write to CPF Board to specify the CPF accounts from which to transfer to your spouse, parents and/or grandparents. Please note that if you use your RA savings[5] for the transfer, your RA savings and property[4] may be less than your FRS. As a result, when you make a withdrawal from your OA and SA, a portion of the savings will be used to meet your FRS in your RA.

[4] Property refers to the CPF savings used for property, including accrued interest (P+I). If you have set aside the BRS and own a property bought using CPF savings, the P+I can be considered towards meeting the FRS for making CPF transfers to your parents and/or grandparents. The property you own must have remaining lease that can last you to at least 95 years old. If you have previously pledged to refund any withdrawn amount from your RA, these savings can also be considered towards meeting the FRS.

[5] RA savings refer to the cash set aside in the RA (excluding amounts such as interest earned, any government grants received) plus amounts withdrawn such as monthly payouts and payout eligibility age lump sum withdrawal.

[6] Refers to net amounts withdrawn for (i) an active investment account under the CPF Investment Scheme (CPFIS)-OA, and (ii) investments under the CPFIS-SA and discounted Singtel shares that have not been completely disposed of.

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

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Volvobrick

Volvobrick

Supersonic
8 minutes ago, Angcheek said:

I think the above is for transferring . 

Setting up RA at 55 , they will move SA first follow by OA. Anyone can confirm? 

Yes that is correct. I think any cash withdrawal also withdraw from SA first. 

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Angcheek

Angcheek

Hypersonic
34 minutes ago, Volvobrick said:

Yes that is correct. I think any cash withdrawal also withdraw from SA first. 

thanks for the confirmation. SA give higher INT so they clear it faster 😁 

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Somewhat1975

Somewhat1975

6th Gear
1 hour ago, Volvobrick said:

Yes that is correct. I think any cash withdrawal also withdraw from SA first. 

The trick is to buy some risk free products (treasury etc) using SA just before they do the transfer to a retirement account.  

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Wt_know

Wt_know

Supersonic
  • Author
(edited)
24 minutes ago, Somewhat1975 said:

The trick is to buy some risk free products (treasury etc) using SA just before they do the transfer to a retirement account.  

CPF shielding ... top up RA with cash ... FULL CASH!

Edited by Wt_know
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Enye

Enye

Hypersonic

wah...so many rich mcfers targeting ers ah

i only target frs at 55 for both me and spouse.  enough so that ah gong cannot get his hands on my hdb flat when time to set up ra

😅

 

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Somewhat1975

Somewhat1975

6th Gear
9 minutes ago, Wt_know said:

if you shield SA ... means OA $$ is moved to RA

then when you unshield SA ... money goes back to SA earn 4% or goes to OA earn 2.5%? go back to SA

if go back to SA ... means after 55 can anytime anyhow withdraw $$ like OA? [confused] Yes

see this link for details  https://toc.net/2019/10/20/cpf-sa-shielding-before-ra-is-formed-at-age-55/

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Enye

Enye

Hypersonic

shield here shield there then put more cash into ra

but sa still need to be withdrawn first before oa when transfer back after shielding.  then feel sayang to give up the 4% interest so just keep there.

in the end, feel rich looking at your cpf statement but with more money trapped inside for your children to fight over

🤣

 

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Wt_know

Wt_know

Supersonic
  • Author
(edited)
27 minutes ago, Roh96 said:

What is this all about?

you have $500K in OA ... you use OA to buy $480K bond, $20K remain and move to RA

you have $260K in SA ... you use SA to buy $220K bond, $40K remain move to RA 

OA $20K + SA $40K is the minimum (cannot reduce liao) ... then $60K is move to RA

after that you sell the bond .... 

OA = $480K earn 2.5% interest year on year compound --> you can transfer $121K to RA if you don't wish to use CASH

SA = $220K earn 4% interest year on year compound 

you top up RA with cash to $181K ($60K + $121K) ... just treat the 121K is permanent FD

besides your OA & SA has become your FD liao ... 

Edited by Wt_know
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Throttle2

Throttle2

Supersonic

Thats why i say our CPF is damn cock. It became so complicated over the years, how do we normal folks understand. 

My original intention is to whack $1mil as my retirement sum since i estimate that i will hv way more than that by 55. then i kena shock...see below.   Max only $500k leh.... damn KNS.  

 

7360BC49-05AE-40CF-9497-D366AA5E0ACD.jpeg

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Wt_know

Wt_know

Supersonic
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(edited)
6 minutes ago, Enye said:

shield here shield there then put more cash into ra

but sa still need to be withdrawn first before oa when transfer back after shielding.  then feel sayang to give up the 4% interest so just keep there.

in the end, feel rich looking at your cpf statement but with more money trapped inside for your children to fight over

🤣

 

i don't mind ... draw down $24K per year from SA as living expenses ....

use cpf interest to fund your living expenses

then when want to buy full gold rolex ... can draw down $50K ... 

treat SA + OA as FD ... some more what you can wish for?

Edited by Wt_know
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Angcheek

Angcheek

Hypersonic
24 minutes ago, Roh96 said:

What is this all about?

About rich people dump cash into RA . 😄 

I felt very poor .... where got so much cash to top up till ERS. 

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