Kopites Supersonic September 15, 2020 Share September 15, 2020 55 minutes ago, Didu said: The OA is still there after 55. For those who continue to work & receive monthly salary, a portion will still go into OA monthly. Then occasionally Govt wants to top up your CFP out of goodness of their heart, I think it'll go into OA too. I don't understand. What do you meant a portion will go into the OA? Ers and MA all at max I thought all compulsory contribution should go to OA. Literally mean OA will behave like an saving acc. Wrong? ↡ Advertisement Link to post Share on other sites More sharing options...
Didu Supercharged September 15, 2020 Share September 15, 2020 33 minutes ago, Kopites said: I don't understand. What do you meant a portion will go into the OA? Ers and MA all at max I thought all compulsory contribution should go to OA. Literally mean OA will behave like an saving acc. Wrong? I believe OA & SA will still be there. Below table shows % going into each account based on employee's age. 2 Link to post Share on other sites More sharing options...
Ct3833 Supersonic September 21, 2020 Share September 21, 2020 On 9/15/2020 at 9:01 PM, Didu said: I believe OA & SA will still be there. Below table shows % going into each account based on employee's age. yes you are correct, both OA and SA will still be there after 55. The only trick is if one's medisave is max out, the balance of CPF contributions will go into OA. But every year the gov will increase the ceiling of medisave, so the first few months of the year the CPF contributions wil still go into medisave Link to post Share on other sites More sharing options...
Chongster 6th Gear September 21, 2020 Share September 21, 2020 (edited) but can you happy happy withdraw from OA and SA after 65 assuming everything else is max out Edited September 21, 2020 by Chongster Link to post Share on other sites More sharing options...
Volvobrick Supersonic September 21, 2020 Share September 21, 2020 17 minutes ago, Chongster said: but can you happy happy withdraw from OA and SA after 65 assuming everything else is max out Money will be withdrawn from SA (which enjoys higher int) first before OA. 2 Link to post Share on other sites More sharing options...
BanCoe Hypersonic September 21, 2020 Share September 21, 2020 On 9/14/2020 at 2:54 PM, Angcheek said: yap frew rider ... somewhere she dropped her brain too 🤐🍻 Unker I wonder why U so active in CPF n FD % .........u is my 🏦 BankCoe 🤣🤣 1 1 Link to post Share on other sites More sharing options...
Angcheek Hypersonic September 21, 2020 Share September 21, 2020 On 9/15/2020 at 1:54 PM, Chongster said: https://www.providend.com/frequently-asked-questions-about-cpf/ this link not bad. Answers a lot of my questions. I like this question: 23. For the Retirement Top Up Scheme, could you please clarify if the $7,000+$7,000 cash top-up maximum is per month or per year? ..... Ouch ! why am I so poor 😅 1 3 Link to post Share on other sites More sharing options...
Wt_know Supersonic September 21, 2020 Author Share September 21, 2020 3 minutes ago, Angcheek said: I like this question: 23. For the Retirement Top Up Scheme, could you please clarify if the $7,000+$7,000 cash top-up maximum is per month or per year? ..... Ouch ! why am I so poor 😅 if T2 ask ... per day or per week? 1 Link to post Share on other sites More sharing options...
Angcheek Hypersonic September 21, 2020 Share September 21, 2020 Anyone can share what is the purpose of the SA after 55 ? Any addition left over in SA cannot be touch till 65 ? 3 Link to post Share on other sites More sharing options...
Angcheek Hypersonic September 21, 2020 Share September 21, 2020 50 minutes ago, BanCoe said: Unker I wonder why U so active in CPF n FD % .........u is my 🏦 BankCoe 🤣🤣 Because I no money lor ......... 😥 if no job how ......... 2 3 Link to post Share on other sites More sharing options...
Jman888 Moderator September 21, 2020 Share September 21, 2020 1 hour ago, Chongster said: but can you happy happy withdraw from OA and SA after 65 assuming everything else is max out "From age 55, you can withdraw up to $5,000 from your Special and Ordinary Accounts, or your CPF savings after you have set aside your Full Retirement Sum in your Retirement Account, whichever is higher. Your Full Retirement Sum can be set aside fully with cash, or with cash (i.e. at least the Basic Retirement Sum) and property. If you were born in 1958 or after, you also have the option to withdraw up to 20% of your Retirement Account savings as at age 65. This includes the first $5,000 that can be withdrawn from age 55. You do not have to withdraw all your withdrawable savings at one go. You can withdraw, whether in full or partially, as frequently as you like, and at any time after turning 55. If you do not have an immediate need, it is better to leave it in your CPF accounts to earn attractive interest of up to 6% per year, instead of a bank account earning low interest. These savings can be treated as a “rainy day fund” which you can draw upon any time when needed. With PayNow, the savings you withdraw will reach your bank account almost instantaneously." https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/withdrawals-of-cpf-savings-from-55 Link to post Share on other sites More sharing options...
BanCoe Hypersonic September 21, 2020 Share September 21, 2020 56 minutes ago, Angcheek said: Because I no money lor ......... 😥 if no job how ......... Git back to cleaning tables ....... undertables ..... your forte mah 🤣🤣 2 1 Link to post Share on other sites More sharing options...
Throttle2 Supersonic September 21, 2020 Share September 21, 2020 7 hours ago, Jman888 said: "From age 55, you can withdraw up to $5,000 from your Special and Ordinary Accounts, or your CPF savings after you have set aside your Full Retirement Sum in your Retirement Account, whichever is higher. Your Full Retirement Sum can be set aside fully with cash, or with cash (i.e. at least the Basic Retirement Sum) and property. If you were born in 1958 or after, you also have the option to withdraw up to 20% of your Retirement Account savings as at age 65. This includes the first $5,000 that can be withdrawn from age 55. You do not have to withdraw all your withdrawable savings at one go. You can withdraw, whether in full or partially, as frequently as you like, and at any time after turning 55. If you do not have an immediate need, it is better to leave it in your CPF accounts to earn attractive interest of up to 6% per year, instead of a bank account earning low interest. These savings can be treated as a “rainy day fund” which you can draw upon any time when needed. With PayNow, the savings you withdraw will reach your bank account almost instantaneously." https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/withdrawals-of-cpf-savings-from-55 so lets say min sum is $200k and i have $300k in SA. Means I can only withdraw $100k cash out from SA ? Link to post Share on other sites More sharing options...
Dp26 5th Gear September 22, 2020 Share September 22, 2020 Yes. Age 55 onwards as of now... AFAIK Link to post Share on other sites More sharing options...
Angcheek Hypersonic September 22, 2020 Share September 22, 2020 14 hours ago, Throttle2 said: so lets say min sum is $200k and i have $300k in SA. Means I can only withdraw $100k cash out from SA ? I just got to know Once withdraw ... u cannot self deposit/topup back again. Unless thru employment contribution 6 Link to post Share on other sites More sharing options...
Throttle2 Supersonic September 22, 2020 Share September 22, 2020 1 hour ago, Angcheek said: I just got to know Once withdraw ... u cannot self deposit/topup back again. Unless thru employment contribution Of course, if withdraw wont want to put back, so can withdraw? i probably wont touch my CPF until at least 60 - 65, just let it compound and feel rich 2 Link to post Share on other sites More sharing options...
Kopites Supersonic October 2, 2020 Share October 2, 2020 https://www.businesstimes.com.sg/government-economy/cpf-members-to-get-higher-sum-assured-increased-coverage-for-dependants?amp CPF members to get higher sum assured, increased coverage for Dependants' Protection Scheme -------------------------- Yesterday they announced medi shield premium going to increase. Today DPS.. Tomorrow what next?😭 1 Link to post Share on other sites More sharing options...
Volvobrick Supersonic October 2, 2020 Share October 2, 2020 10 minutes ago, Kopites said: https://www.businesstimes.com.sg/government-economy/cpf-members-to-get-higher-sum-assured-increased-coverage-for-dependants?amp CPF members to get higher sum assured, increased coverage for Dependants' Protection Scheme -------------------------- Yesterday they announced medi shield premium going to increase. Today DPS.. Tomorrow what next?😭 Lower the 2.5% minimum rate to 0.5%.....? ↡ Advertisement 2 Link to post Share on other sites More sharing options...
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