Rayleigh 6th Gear November 26, 2021 Share November 26, 2021 (edited) Sorry Edited November 26, 2021 by Rayleigh ↡ Advertisement Link to post Share on other sites More sharing options...
Rayleigh 6th Gear November 26, 2021 Share November 26, 2021 4 hours ago, Kopites said: https://www.straitstimes.com/sport/badminton-singapores-loh-kean-yew-shocks-japans-world-no-1-kento-momota Time to topup MA 3k on 1st Jan. Done that last year for me and wifey on 1st Jan with cash. 6k all together. The annual interest only come in on a week or so into MA. Window period only a few days if one want to save 6k hard cash. Damn so hard to put money into cpf. 🤣 Thanks for sharing. What will happen if one's salary contribution is able to hit max contribution limit annually, any consequences to this voluntarily contribution? Does it mean, the one will have higher take home pay resulting in higher taxable income? Link to post Share on other sites More sharing options...
awhtc 6th Gear November 27, 2021 Share November 27, 2021 22 hours ago, Kopites said: https://www.straitstimes.com/sport/badminton-singapores-loh-kean-yew-shocks-japans-world-no-1-kento-momota Time to topup MA 3k on 1st Jan. Done that last year for me and wifey on 1st Jan with cash. 6k all together. The annual interest only come in on a week or so into MA. Window period only a few days if one want to save 6k hard cash. Damn so hard to put money into cpf. 🤣 1 Link to post Share on other sites More sharing options...
awhtc 6th Gear November 27, 2021 Share November 27, 2021 18 hours ago, Rayleigh said: Thanks for sharing. What will happen if one's salary contribution is able to hit max contribution limit annually, any consequences to this voluntarily contribution? Does it mean, the one will have higher take home pay resulting in higher taxable income? There is a mandatory contribution limit of $37,740. Beyond will be part of your take-home pay. However, you need to enjoy many months of bonus for that to happen. Link to post Share on other sites More sharing options...
Throttle2 Supersonic November 27, 2021 Share November 27, 2021 2 minutes ago, awhtc said: There is a mandatory contribution limit of $37,740. Beyond will be part of your take-home pay. However, you need to enjoy many months of bonus for that to happen. I every year exceed. Dont know to laugh or cry. until i got retrenched in Dec 2015. was one of the happiest point in my life. that is why i wish people lose their jobs. 1 Link to post Share on other sites More sharing options...
Kopites Supersonic November 27, 2021 Share November 27, 2021 Assume directorship role with different companies to overcome the 37k limit. Link to post Share on other sites More sharing options...
awhtc 6th Gear November 29, 2021 Share November 29, 2021 Why CPF is your Cash Protection for Future PUBLISHED NOV 28, 2021 SINGAPORE - We all know that the Central Provident Fund (CPF) is a national retirement scheme but many people still have some doubts about its efficiency and prefer to focus on the ways it prevents them from using their own money. But if you study the CPF objectively, you can see that its acronym can also stand for "Cash Protection (for your) Future", because this is precisely what it does. It goes without saying that you need a decent nest egg for your retirement. After all, if you feel you never seem to have enough money while you are still working, imagine how you are going to get by once you stop working when you are much older. Invest looked at eight ways in which the CPF can play an important role in your retirement planning in the latest askST @ NLB panel discussion. In the virtual session, which is available on ST's Facebook page, AIA Singapore chief customer and digital officer Melita Teo also gave her insights on common retirement myths and how you can do better in your old age. https://www.straitstimes.com/business/invest/why-cpf-is-your-cash-protection-for-future Link to post Share on other sites More sharing options...
Wt_know Supersonic November 29, 2021 Author Share November 29, 2021 (edited) 7 minutes ago, awhtc said: Why CPF is your Cash Protection for Future PUBLISHED NOV 28, 2021 SINGAPORE - We all know that the Central Provident Fund (CPF) is a national retirement scheme but many people still have some doubts about its efficiency and prefer to focus on the ways it prevents them from using their own money. But if you study the CPF objectively, you can see that its acronym can also stand for "Cash Protection (for your) Future", because this is precisely what it does. It goes without saying that you need a decent nest egg for your retirement. After all, if you feel you never seem to have enough money while you are still working, imagine how you are going to get by once you stop working when you are much older. Invest looked at eight ways in which the CPF can play an important role in your retirement planning in the latest askST @ NLB panel discussion. In the virtual session, which is available on ST's Facebook page, AIA Singapore chief customer and digital officer Melita Teo also gave her insights on common retirement myths and how you can do better in your old age. https://www.straitstimes.com/business/invest/why-cpf-is-your-cash-protection-for-future i truly agreed with the point as long as don't shift the GOAL POST min sum = $500K and withdrawal age = 75 ... Edited November 29, 2021 by Wt_know 1 Link to post Share on other sites More sharing options...
Throttle2 Supersonic November 29, 2021 Share November 29, 2021 30 minutes ago, Wt_know said: i truly agreed with the point as long as don't shift the GOAL POST min sum = $500K and withdrawal age = 75 ... Just shift min sum, most people will not be able to draw liao, wahahahahahahaha. you no problem lah… 1 Link to post Share on other sites More sharing options...
Wt_know Supersonic November 29, 2021 Author Share November 29, 2021 (edited) 4 minutes ago, Throttle2 said: Just shift min sum, most people will not be able to draw liao, wahahahahahahaha. you no problem lah… like that at age 54.5 must MAX OUT CPFIS to whack ES3 & S-REIT ETF ... LOL at least get dividend can use the $$$ for travelling ... lol Edited November 29, 2021 by Wt_know Link to post Share on other sites More sharing options...
Rayleigh 6th Gear November 29, 2021 Share November 29, 2021 On 11/27/2021 at 11:29 AM, awhtc said: There is a mandatory contribution limit of $37,740. Beyond will be part of your take-home pay. However, you need to enjoy many months of bonus for that to happen. Exactly. Hence what will happen to the voluntarily contribution when one's salary happen to hit the contribution limit? CPF refund back the voluntarily contribution? Link to post Share on other sites More sharing options...
Throttle2 Supersonic November 29, 2021 Share November 29, 2021 (edited) 14 minutes ago, Rayleigh said: Exactly. Hence what will happen to the voluntarily contribution when one's salary happen to hit the contribution limit? CPF refund back the voluntarily contribution? No need to care so much lah….. if have just take if dont have LL Edited November 29, 2021 by Throttle2 1 Link to post Share on other sites More sharing options...
mersaylee Supersonic December 1, 2021 Share December 1, 2021 On 11/29/2021 at 2:42 PM, Rayleigh said: Exactly. Hence what will happen to the voluntarily contribution when one's salary happen to hit the contribution limit? CPF refund back the voluntarily contribution? Yes, but only the excess and without the interest. Do you plan to top up with 8k or 16k of cash to maximise income tax relief? Link to post Share on other sites More sharing options...
Rayleigh 6th Gear December 1, 2021 Share December 1, 2021 (edited) 1 hour ago, mersaylee said: Yes, but only the excess and without the interest. Do you plan to top up with 8k or 16k of cash to maximise income tax relief? Thank you. I have checked. Anything voluntarily in excess of CPF ceiling is not eligible for tax relief. See link: https://www.iras.gov.sg/taxes/individual-income-tax/employees/deductions-for-individuals/personal-reliefs-and-tax-rebates/central-provident-fund(cpf)-relief-for-employees Contributions not eligible for relief Voluntary contributions made in excess of the compulsory contributions under the CPF Act; CPF contributions on additional wages that exceed the CPF cap on wages from related employers (employed concurrently by 2 or more related employers in a year); and CPF contributions made in respect of your overseas employment (i.e. while you are seconded or posted overseas for work) Edited December 1, 2021 by Rayleigh 1 Link to post Share on other sites More sharing options...
Ct3833 Supersonic December 1, 2021 Share December 1, 2021 On 11/29/2021 at 1:59 PM, Throttle2 said: Just shift min sum, most people will not be able to draw liao, wahahahahahahaha. you no problem lah… you are correct that many people will not be able to draw, government better not do that, because those who are unable to draw are generally the ones who need the money more desperately. Link to post Share on other sites More sharing options...
Throttle2 Supersonic December 1, 2021 Share December 1, 2021 1 hour ago, Ct3833 said: you are correct that many people will not be able to draw, government better not do that, because those who are unable to draw are generally the ones who need the money more desperately. If they need the money desperately at 55, then they would need more to be set aside when they are older…. 1 Link to post Share on other sites More sharing options...
Kopites Supersonic December 1, 2021 Share December 1, 2021 (edited) 1 hour ago, Ct3833 said: you are correct that many people will not be able to draw, government better not do that, because those who are unable to draw are generally the ones who need the money more desperately. The ever increasing property pricing will make even more not able to achieve the minimum. Should advocate the use of personal saving instead of cpf for property. This one close to 1 million. Edited December 1, 2021 by Kopites Link to post Share on other sites More sharing options...
Ct3833 Supersonic December 1, 2021 Share December 1, 2021 (edited) 1 hour ago, Throttle2 said: If they need the money desperately at 55, then they would need more to be set aside when they are older…. In an ideal situation everyone should have enough saving for old age. But in reality, those who are at the lowest tier income level will face the problem, they have not enough saving, not enough CPF, they live hand to mouth most of the time, letting alone saving. these are the people will face problem during their older age. Hope the limited amount of CPFlife can help them to some extent. 55 minutes ago, Kopites said: The ever increasing property pricing will make even more not able to achieve the minimum. Should advocate the use of personal saving instead of cpf for property. This one close to 1 million. those who choose to buy 1mil HDB should not deserve attention from the government, they can sell their HDB at older age to cash out. Like I said above , it is the lower tier income who are the more challenging ones for the government to handle. Edited December 1, 2021 by Ct3833 ↡ Advertisement 2 Link to post Share on other sites More sharing options...
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