Do you actively invest or top up CPF

[keyboard]

He say is his experience. I'm assuming he's above 55 already to get that experience. Your cock hair turn colour already? 😘

 

There's a legal step where you can get monthly payout if you can get the right circumstances. Not worth sharing publicly.

Edited October 18, 2021 by keyboard

[Firday]

On 10/18/2021 at 10:43 PM, keyboard said:

He say is his experience. I'm assuming he's above 55 already to get that experience. Your cock hair turn colour already? 😘

 

There's a legal step where you can get monthly payout if you can get the right circumstances. Not worth sharing publicly.

thank you - save me the hassle - there must a reason why my cock hair turn colour ...lol.

 

yupe, not worth sharing publicly ! 

 

i will edit to delete soon !

 

 

[keyboard]

Not sure why cant find other media outlets reporting the same.

https://www.straitstimes.com/singapore/politics/five-changes-to-cpf-rules

5 changes to CPF rules: More flexibility for transfers, quicker disbursement of funds

 

There is no change to current rules for lump sum withdrawal of CPF savings.ST PHOTO: LIM YAOHUI

Sue-Ann Tan

 

• PUBLISHED
  1 HOUR AGO

FACEBOOKTWITTER

 

 

 

SINGAPORE - Various rules around the Central Provident Fund (CPF) will be streamlined to make it easier for people to receive their retirement payouts and build their nest egg, under proposed changes to the CPF Act debated in Parliament on Monday (Nov 1).

They are:

1. Retirement Sum Scheme automatic transfers

Now: After their Retirement Account is depleted, members will continue receiving payouts, only if they apply to transfer money in their Ordinary Account and Special Account to their Retirement Account.

After: Members automatically continue to receive payouts from their Ordinary and Special Accounts savings when their Retirement Account savings are used up. This will benefit around 83,000 people under the Retirement Sum Scheme from the first quarter of 2022.

For CPF Life members who have started getting payouts, Retirement Account inflows will automatically be used to increase their payouts as well, benefiting some 75,000 people.

2. Flexibility in deciding when to transfer funds

Now: For members turning 65 from 2023, the transfer of Ordinary and Special Accounts savings to their Retirement Account will occur, up to their cohort's full retirement sum, once they are eligible to start payouts.

 

 

From January 2023: Members have the flexibility to decide on when to transfer the funds, anytime between 65 and 70 years old. There is no change to current rules for lump sum withdrawal of CPF savings.

3. Simplifying tax relief rules

Now: There is a $7,000 tax relief cap for the Retirement Sum Topping-Up scheme provided to givers.

Separately, there is also a limit for tax relief for the Voluntary Contributions to MediSave Account scheme for the recipients, which depends on the CPF Annual Limit and the current Basic Healthcare Sum.

From Jan 1, 2022: To align rules for both schemes, tax relief for the Voluntary Contributions to MediSave Account scheme will also be provided to givers, instead of recipients

There will be a higher combined tax relief cap for both schemes set at $8,000. This means the cap is $8,000 for top-ups to self and $8,000 for top-ups to loved ones.

4. Quicker disbursement of CPF money after a member dies

Now: CPF funds can continue to be retained with accrued interest up to seven years after a member dies. Discounted Singtel shares are also retained in the CPF accounts for up to seven years.

From April 2022: The duration that CPF money is retained after death will be shortened to six months.

Discounted Singtel shares will also be liquidated and automatically disbursed six weeks after the member's death.

There is no change to the nominees' rights to make claims at any time.

MORE ON THIS TOPIC

CPF rules to be streamlined to make it easier to get payouts, build savings

New approach proposed to simplify payment of un-nominated CPF monies

5. Government to recover grants if eligibility criteria not met

Now: The Government can already claw back grants made erroneously to ineligible people

From Jan 1, 2022: This is just a technical update to the rules so the Government can recover grants in cases where the grants were automatically issued to eligible members, but the members later chose not to continue meeting the eligibility conditions.

[keyboard]

I forgot. Was it RSTU + VC Medisave = 7k tax relief for that year? Since when is VC Medisave tax relief given for recipient.

 

Edit: Before 2022, VC Medisave is goes to recipient tax relief

Next year 2022 onwards, up to 8k tax relief for giver instead.

Edited December 13, 2021 by keyboard

[tomcat]

left this lousy CPF system a few years ago. everything they do is questionable, maybe fit the majority and the country's overall financial security, but the individual suffers. as seen from Medishield Life, any small change can threaten to topple the system.

 

if you have money in CPF, just let go of the dream that you will see it - utilise for other things, housing, medical, whatever. but just treat the CPF as in-game virtual money haha. because it not real money. there is no room somewhere in the Istana where all your cashstacks are sitting inside, waiting for you to withdraw from. 

and if you are one of those to hit minimum sum, obviously you are not really that hard up for CPF money. enjoy the annuity and use it as passive/invest back.

once i left CPF, i no more anxiety attack whenever they happy decide to pushback the goalpost or make some other questionable moves.



 

 

 

Edited November 2, 2021 by tomcat

[dilbert0987]

On 11/2/2021 at 2:52 PM, tomcat said:

left this lousy CPF system a few years ago. everything they do is questionable, maybe fit the majority and the country's overall financial security, but the individual suffers. as seen from Medishield Life, any small change can threaten to topple the system.

 

if you have money in CPF, just let go of the dream that you will see it - utilise for other things, housing, medical, whatever. but just treat the CPF as in-game virtual money haha. because it not real money. there is no room somewhere in the Istana where all your cashstacks are sitting inside, waiting for you to withdraw from. 

and if you are one of those to hit minimum sum, obviously you are not really that hard up for CPF money. enjoy the annuity and use it as passive/invest back.

once i left CPF, i no more anxiety attack whenever they happy decide to pushback the goalpost or make some other questionable moves.



 

 

 

How do you leave the CPF system?

[Guest CPF is good]

On 11/2/2021 at 2:52 PM, tomcat said:

left this lousy CPF system a few years ago. everything they do is questionable, maybe fit the majority and the country's overall financial security, but the individual suffers. as seen from Medishield Life, any small change can threaten to topple the system.

 

if you have money in CPF, just let go of the dream that you will see it - utilise for other things, housing, medical, whatever. but just treat the CPF as in-game virtual money haha. because it not real money. there is no room somewhere in the Istana where all your cashstacks are sitting inside, waiting for you to withdraw from. 

and if you are one of those to hit minimum sum, obviously you are not really that hard up for CPF money. enjoy the annuity and use it as passive/invest back.

once i left CPF, i no more anxiety attack whenever they happy decide to pushback the goalpost or make some other questionable moves.



 

 

 

 

I'm sorry you feel that way. I'm currently approaching 40. I have around 250k in cpf without me actively doing anything. I also didn't realised it just accumulates. 

 

My friend who is Indonesian having mid life crisis that he haven't started saving anything or plan for his retirement. He feels its too late for him to start at 40.

 

This is the purpose of CPF. Working as intended. 

 

Usually its only those people who are not in CPF realised how fundamentally strong it is. But that realization always comes too late. 

[bigdanbeam]

I know someone who actively  tops up his special account , one of the reasons is can get tax relief. Earn too much liao

[Guest Tomato]

On 11/4/2021 at 2:12 PM, Guest CPF is good said:

 

I'm sorry you feel that way. I'm currently approaching 40. I have around 250k in cpf without me actively doing anything. I also didn't realised it just accumulates. 

 

My friend who is Indonesian having mid life crisis that he haven't started saving anything or plan for his retirement. He feels its too late for him to start at 40.

 

This is the purpose of CPF. Working as intended. 

 

Usually its only those people who are not in CPF realised how fundamentally strong it is. But that realization always comes too late. 

 

Fact is, the CPF system is one of the best 'public annuity' system in the world (if one has achieved the minimum sum) which will pay out an amount for life after 65 years old.

This amount won't be a lot, but it can sustain your daily life for life.

A system which really is good for many Singaporeans whom are financially illiterate.

[keyboard]

I saw a post on HWZ that one did a 10k to MA and let the interest pay for the medical premiums.

 

Which I guess can also be the same as transfering OA to SA monthly.

 

With HDB getting more and more expensive and more >$1m resale prices. It makes you wonder how people are going to retire when the time comes.

[tomcat]

On 11/2/2021 at 6:53 PM, dilbert0987 said:

How do you leave the CPF system?

just do the bare min. honestly, you can never leave it or cash out, so just keep it as low as you can.

and divert your liquid elsewhere, dont top up, don't aim for min sum. funny thing is that govt is more willing to "rescue" me seeing how jialat my CPF. i have had some additional benefits like waives for medical services, health checkups and other things. i never even ask but they offer as on paper, i probably fall under at-risk poverty or whatever, haha. and as of 2019, i retired myself, so i am not even on the grid employment wise. and just for that, received 15k during pandemic as assistance fund. just take loh. plus whatever earnings from consultancy or freelance jobs i do to fill my time is negotiated and fully possessed by me. my intent was never to cheat the system, but to craft my own safety nets. but any legal sweetener along the way, i will take it for sure. 

 

On 11/4/2021 at 12:45 PM, Since u r here said:

not Sporean?
hve better investmt returns elsewhere??

normal sinkie like you. just prefer to have control over my future, not some politician deciding for me how to use my own money. 

 

On 11/4/2021 at 9:25 PM, Guest Tomato said:

 

Fact is, the CPF system is one of the best 'public annuity' system in the world (if one has achieved the minimum sum) which will pay out an amount for life after 65 years old.

This amount won't be a lot, but it can sustain your daily life for life.

A system which really is good for many Singaporeans whom are financially illiterate.

if you are 35 and under, you have to live to 90 or more to break even the projected minimum sum. most people die before that, which means CPF still wins - as you die in the negative. even if you do not, what is $2k to a 90year old? means nothing cos by then you are too old to enjoy. financially illiterate is correct. for those who are savvy and can do calculations, it really offers zero security, as policy changes every 5 years. 

 

On 11/4/2021 at 2:23 PM, bigdanbeam said:

I know someone who actively  tops up his special account , one of the reasons is can get tax relief. Earn too much liao

 then he should also do SRS, also has tax relief. plus some low risk investments for him. if he is big shot, that is pocket change to him. no harm doing.

 

On 11/4/2021 at 2:12 PM, Guest CPF is good said:

I'm sorry you feel that way. I'm currently approaching 40. I have around 250k in cpf without me actively doing anything. I also didn't realised it just accumulates.  This is the purpose of CPF. Working as intended. 

yup, indeed it is working as intended. but the problem is not in the accruing, but the eventual using and accessing. even with my criticisms of CPF, for most people it provides some safety net rather than none. for me, I prefer to acquire the financial knowledge and have control over my own future and destiny. i guess, i am just not most people. which i am okay with.

[Guest youtubee]

Anyone learning from Youtube? Which of these below do you think is useful?

 

 

 

 

 

 

 

 

 

 

 

[tomcat]

On 11/12/2021 at 8:15 PM, Since u r here said:

On 11/12/2021 at 9:09 PM, Guest youtubee said:

 

the funny thing about these jokers is that they themselves are not financially free. 

logically, why should i follow you, when you have not even been able to do it for yourself. tio boh?

it is the same for life coaches these days. they themselves have not really achieved anything in their lives,

yet they want to coach others to achieve excellence/fame/fortune? just go and die, haha. 

 

the good old saying still stands:
No one will share with you how to make money, unless YOU are their way of making money. YOU are their cashcow.

[keyboard]

Today 16th, at 0010, then the company contribution got reflected as 15th.

The topup to 37740 was still not updated at that time till the next morning - guess the cycle doesn't run/complete till much later AM.

 

The minimum sum does not make sense for a lot of people, in 2021 at 186k, if you get a max 6k salary only $419 goes into SA and will take <37 years to hit this 2021 value (means you gotta earn 6k at 18yo without compounding interest), this will increase over time, so without topping up or having the same amount saved elsewhere, you will not meet the payout of 1k during retirement.

 

There is a youtube video on how they calculate this minimum sum by Providend - basically this is based on the rental expenses 93k for a 1rm flat needed after the drawdown age starts. Thus those with property can pledge this amount.

[Guest Guest]

And every few years gov increase the withdrawal age and increase the minimum  sum until  there is no way u can get back your cpf money.

[keyboard]

Does anyone know if there is interest calculated for top up of 37740 at the start of the year?

1. Say my yearly employer contribution is 20k and i top up 17740 at the start of the year vs end of the year - does 17740 earn full year interest?

2. The contribution is always for the previous month, does the Dec 2021 salary (to CPF in Jan) count as 2021 or 2022? I think it counts as 2022

Edit: HWZ says the Jan contribution for Dec 2021 is counted as 2021 Annual limit - so more money coming out in Feb 2022 for me then.

Edited December 17, 2021 by keyboard

[ken99chia]

On 12/16/2021 at 2:06 PM, keyboard said:

Does anyone know if there is interest calculated for top up of 37740 at the start of the year?

1. Say my yearly employer contribution is 20k and i top up 17740 at the start of the year vs end of the year - does 17740 earn full year interest?

2. The contribution is always for the previous month, does the Dec 2021 salary (to CPF in Jan) count as 2021 or 2022? I think it counts as 2022

Not sure if I understood your questions correctly.

I believe interest is based on the lowest account balance. So any contributions credited in Jan 2022 will only start earning interest from Feb 2022 onwards.

 

Possible exceptions could apply for transfers between different accounts e.g. OA to SA transfer will still earn interest for the month of transfer.

[Guest Guest]

On 12/16/2021 at 2:06 PM, keyboard said:

Does anyone know if there is interest calculated for top up of 37740 at the start of the year?

1. Say my yearly employer contribution is 20k and i top up 17740 at the start of the year vs end of the year - does 17740 earn full year interest?

2. The contribution is always for the previous month, does the Dec 2021 salary (to CPF in Jan) count as 2021 or 2022? I think it counts as 2022

The best way to do is book an appointment with CPF board and you can get the correct answer, I have done that. They will calculate for you and tell you how much you can top-up.

[keyboard]

On 12/16/2021 at 2:22 PM, ken99chia said:

Not sure if I understood your questions correctly.

I believe interest is based on the lowest account balance. So any contributions credited in Jan 2022 will only start earning interest from Feb 2022 onwards.

 

Possible exceptions could apply for transfers between different accounts e.g. OA to SA transfer will still earn interest for the month of transfer.

 

On 12/16/2021 at 3:15 PM, Guest Guest said:

The best way to do is book an appointment with CPF board and you can get the correct answer, I have done that. They will calculate for you and tell you how much you can top-up.

 

Oh like, can you top up at the start of the year and earn additional interest. Cause there is a clause that mention that amounts above the compulsory contribution are returned without interest.

So technically you can top up 37740 in Jan and earn interest over the months?

[ken99chia]

On 12/16/2021 at 3:43 PM, keyboard said:

 

 

Oh like, can you top up at the start of the year and earn additional interest. Cause there is a clause that mention that amounts above the compulsory contribution are returned without interest.

So technically you can top up 37740 in Jan and earn interest over the months?

Oh yes this is the Annual Limit of $37,740.

So unless you are not working (I.e. no contributions from employment), you cannot top up $37,740 in Jan and earn interest for 11 months (the portion that exceeds Annual Limit will be refunded with no interest).

 

If you can predict/estimate that your total mandatory contributions from work is say $20k, then you can top up $17,740 in Jan to earn interest for 11 months.

 

Tip: Separately from Jan 2022, you can top your Medisave (for tax savings) without worrying about Annual Limit as these will be delinked. The new BHS on 1 Jan 2022 will be $66k, so there is always room to top up $3k before your mandatory contributions get credited for that month.

[Gentleman]

Dividend stock recommendation: IEP.  Currently trading at USD$50, dividend yield 16.09%.

 

IEP's dividend history can be found here: https://www.nasdaq.com/market-activity/stocks/iep/dividend-history

 

Enjoy building up your passive income!

[keyboard]

On 12/17/2021 at 12:36 AM, Gentleman said:

Dividend stock recommendation: IEP.  Currently trading at USD$50, dividend yield 16.09%.

 

IEP's dividend history can be found here: https://www.nasdaq.com/market-activity/stocks/iep/dividend-history

 

Enjoy building up your passive income!

Still not very convinced about Dividend investing. The price of the stock lost say $20 but dividend payout only $8 for a year. It's hard to say how the price will go over the next few years, and usually when they cut dividend, the stock price goes to a round of selloff too.

[Gentleman]

On 12/17/2021 at 2:35 PM, keyboard said:

Still not very convinced about Dividend investing. The price of the stock lost say $20 but dividend payout only $8 for a year. It's hard to say how the price will go over the next few years, and usually when they cut dividend, the stock price goes to a round of selloff too.

 

And that's why you want to look at their dividend record.  As to the actual stock price, it's really no different from any other stock you buy.  Or housing prices, or any investment for that matter.

 

Anyway, I can only say I've been collecting dividends for the longest time, and by reinvesting, my principle has grown multi-folds. Not trying to convince, just providing an alternative.

[keyboard]

From HWZ and after doing some search.

There is cashback from 2 AMEX credit cards by topping up to GrabPay, then using GrabPay to scan the PayNow QR (recent function). I couldn't find information on Grab website on the limits (but see other stuffs with 1k/5k limits and HWZ something about 30k limit per year?)

 

Both are no min spend, no cashback limit. (really makes you wonder why they offer so much for Grab top up when other cards already stopped)

 

The American Express® True Cashback Card (1.5% cashback)

https://www.americanexpress.com/sg/credit-cards/true-cashback-card/

Welcome bonus of 3% Cashback on up to a total of S$5,000 spend in your first 6 months. ($150)

 

UOB Absolute Cashback Card (1.7% cashback)

https://www.uob.com.sg/personal/cards/credit-cards/rebates-cards/absolute-cashback.page

Welcome bonus: S$150 Cash Credit. For the first 100 new-to-UOB Credit Cardmembers per calendar month who successfully apply for a UOB personal credit card from 1 January 2022 to 28 February 2022 and spend a min. of S$1,500 within 30 days from card approval date.

 

So, 8k top up will have,

1.5% - $120

1.7% - $136

 

If you have both cards, one with welcome bonus,

$150+$51 = $201 for 8k top up.

 

max per person is 16k top up per year. not a lot of rebate but just for interested parties.

can be used for schools, insurance, hospitals, rental, utilities etc with paynow.

 

Edit: Timelines,

Sun - applied Amex True Cashback Card using MyInfo/Singpass

Wed - Received card in mail - activated online immediate

GrabPay - verified user using MyInfo/Singpass - immediate

(non-verified user $5k/yr limit) https://help.grab.com/passenger/en-sg/360023805451-What-are-my-GrabPay-Wallet-balance-and-transaction-limits

Have 2 different GrabPay accounts linking to same card (need to delete/add - seem like no need in 2nd month).

Per card can only top up multiple GrabPay $5k (total) per day

Per GrabPay can only $5k/24hrs, $10k/mth (wallet too), $30k/yr

 

Need latest Grab app to scan PayNow QR codes.

 

A loophole I found was that you can pay your bill via AXS which accepts PayNow. So you can pay your cc bill by using the same cc to top up to Grab then PayNow to AXS. Theoretically can get up to 18% cashback for max $30k/account ($5400/yr).

 

Edit: GrabPay nerf no more IRAS and CPF paynow from 27 Jan 2022.

Edited February 18, 2022 by keyboard

[Max2020]

On 12/16/2021 at 2:06 PM, keyboard said:

Does anyone know if there is interest calculated for top up of 37740 at the start of the year?

1. Say my yearly employer contribution is 20k and i top up 17740 at the start of the year vs end of the year - does 17740 earn full year interest?

2. The contribution is always for the previous month, does the Dec 2021 salary (to CPF in Jan) count as 2021 or 2022? I think it counts as 2022

Edit: HWZ says the Jan contribution for Dec 2021 is counted as 2021 Annual limit - so more money coming out in Feb 2022 for me then.

@keyboard yes the dec 2021 contrib is counted as 2021 annual limit, so if u want to top up vc3ac at the start of the year ( to gain 11 mths interest) , u hv to calculate carefully your yearly cpf contrib incl the year end bonus. Mine got refunded 3 yrs ago as it was overlimit. Aft that i carefully calculated incl AWS and year end bonus, but another thing happened - my employer cashed in my annual leave so it was overlimit again. Last year i learned another thing : there is a cpf contrib limit for bonus if ur bonus exceed certain amount. I just knew it last year so i also cannot get it right again. 

[Max2020]

On 12/16/2021 at 2:22 PM, ken99chia said:

Not sure if I understood your questions correctly.

I believe interest is based on the lowest account balance. So any contributions credited in Jan 2022 will only start earning interest from Feb 2022 onwards.

 

Possible exceptions could apply for transfers between different accounts e.g. OA to SA transfer will still earn interest for the month of transfer.

@ken99chia U r right. Ur voluntary contrib in jan 22 will start earning fr feb 22 onwards, unless u top it up on 1 jan 2022.  

[keyboard]

@Max2020 Hi Max2020, thanks for the reply. I thought that the limit for bonus+others is all capped at 37740 rather than a cap of bonus.

One thing though, the top up in 1 Jan 2022 would not earn Jan 2022 interest as it is calculated based on lowest balance of the month.

I have calculated for the year generally below,

mandatory contribution (37% * max 6k) + leave/benefits/OT/bonus selling (37% * x) = 37740

 

The only gripe is the loophole Grab had last year to early this year on allowing GrabPay via PayNow to CPF/IRAS/SingTel Dash, which allows each account to earn $450/$510 cashback. It does seem to work still for paying the credit card bill using AXS.

 

Though there is still another loophole that earns the same rate just by transferring monies between wallets.

Edited January 31, 2022 by keyboard

[Max2020]

On 1/31/2022 at 11:12 PM, keyboard said:

@Max2020 Hi Max2020, thanks for the reply. I thought that the limit for bonus+others is all capped at 37740 rather than a cap of bonus.

One thing though, the top up in 1 Jan 2022 would not earn Jan 2022 interest as it is calculated based on lowest balance of the month.

I have calculated for the year generally below,

mandatory contribution (37% * max 6k) + leave/benefits/OT/bonus selling (37% * x) = 37740

 

The only gripe is the loophole Grab had last year to early this year on allowing GrabPay via PayNow to CPF/IRAS/SingTel Dash, which allows each account to earn $450/$510 cashback. It does seem to work still for paying the credit card bill using AXS.

 

Though there is still another loophole that earns the same rate just by transferring monies between wallets.

@keyboard there is a cpf contrib cap for bonus of more than 30k. Pls see attached. 

 

And yes if u top up on 1 jan 2022 u can earn the interest fr feb onwards (the interest in jan will be calculated on 1 feb, rite?) based on the total amount in ur cpf on 1 jan 2022 at the end of the day ( it will be the lowest amount of jan provided u didnt withdraw any amount in jan) vs if u top up on lets say 15 jan. 

i will pm u if u dont mind so we can discuss in detail. 

 

 

Edited February 2, 2022 by Max2020

[keyboard]

@Max2020 Oh, I think we have similar but slightly different understanding but gets to the same results.

37740 (also 102k) = OW + AW (additional wages = OT+leave encash+bonus+flexi etc etc) - not technically a bonus cap.

 

For the interest, it does not seem to matter whether it's contribution on 1st Jan or 15th Jan. That month will not generate interest as, https://www.cpf.gov.sg/member/faq/growing-your-savings/cpf-interest-rates/how-is-my-cpf-interest-computed-and-credited-into-my-accounts

CPF balances used for interest computation are affected by the transactions in your account. For instance, contributions (including refunds) received this month start earning interest next month. Withdrawals/deductions in this month will not earn interest from this month onwards.

[keyboard]

https://www.cpf.gov.sg/member/infohub/news/cpf-related-announcements/budget-highlights-2022

18 February 2022

Increase in Retirement Sums for Members

 

Basic Retirement Sum (BRS), FRS x2, ERS x3 of BRS, 3.5%/yr for 5 years. More to come to beat inflation.

2023 - $99,400, $198,800

2024 - $102,900, $205,800

2025 - $106,500, $213,000

2026 - $110,200, $220,400

2027 - $114,100, $228,200

[sg indian here]

I have my CPF money in China Share

[keyboard]

  

On 2/19/2022 at 9:12 PM, sg indian here said:

I have my CPF money in China Share

Did you manage to get more profit than keeping in CPF? I still have SRS sitting idle for 10+ years.

 

Today is CPF doing refund (Didn't receive letter of overpayment like last year though). March 1, 2022. So many transactions until i blur. Though IRAS says got contribute tax relief 4.5k+... wonder where it comes from.

 

01 Mar 2022
Adjustment / Interest on recovered CPF contributions
For Oct 2021
MA -$1.60

Refund of contributions to employer / employee / self-employed person or of Government Cash Grant
VOLUNTARY CONTRIBUTIONS TO MEDISAVE ACCOUNT, for Oct 2021
MA -$241.00

Adjustment / Interest on recovered CPF contributions
For Jul 2021
OA -$4.80

Refund of contributions to employer / employee / self-employed person or of Government Cash Grant
VOLUNTARY CONTRIBUTIONS TO MEDISAVE ACCOUNT, for Jul 2021
OA -$463.17

Adjustment / Interest on recovered CPF contributions
For Jul 2021
MA -$2.05

Refund of contributions to employer / employee / self-employed person or of Government Cash Grant
VOLUNTARY CONTRIBUTIONS TO MEDISAVE ACCOUNT, for Jul 2021
MA -$123.83

Adjustment / Interest on recovered CPF contributions
For Jul 2021
OA -$11.25

Refund of contributions to employer / employee / self-employed person or of Government Cash Grant
VOLUNTARY CONTRIBUTIONS, for Jul 2021
OA -$1,081.19

Adjustment / Interest on recovered CPF contributions
For Jul 2021
MA -$7.70

Refund of contributions to employer / employee / self-employed person or of Government Cash Grant
VOLUNTARY CONTRIBUTIONS, for Jul 2021
MA -$463.17

Adjustment / Interest on recovered CPF contributions
For Jul 2021
SA -$6.00

Refund of contributions to employer / employee / self-employed person or of Government Cash Grant
VOLUNTARY CONTRIBUTIONS, for Jul 2021
SA -$360.14

Adjustment / Interest on recovered CPF contributions
For Apr 2021
OA -$1.04

Refund of contributions to employer / employee / self-employed person or of Government Cash Grant
VOLUNTARY CONTRIBUTIONS, for Apr 2021
OA -$60.42

Adjustment / Interest on recovered CPF contributions
For Apr 2021
SA -$0.40

Refund of contributions to employer / employee / self-employed person or of Government Cash Grant
VOLUNTARY CONTRIBUTIONS, for Apr 2021
SA -$14.08

 

btw. IRAS can use AXS via GrabPayNow via AMEX for cash rebate.

Got the cheque and letter in mail on 9th March 2022.

Edited March 10, 2022 by keyboard

[keyboard]

FYI. Medisave deductions happened yesterday and is reflected today. If you need to top-up to Medisave for tax deductions before employer/employee contribution comes in on 15th.

[keyboard]

On 7/5/2022 at 11:34 AM, Since u r here said:

huh?
dont quite get this

anyway w the rates hike and all these, if u been following financial news 

We r wondering when will our OA or SA i/r be upped soon?

 

It's more for people who already exceeded the lifetime limits of other stuffs and rely on deductions to get tax relief.

 

I don't see the push for interest rates to be raised, simply because in Singapore context, banks have more money on hand to provide loans (i.e. nobody is keeping 100s of thousands in biscuit tins any more). Neither does CPF have an incentive to raise rates (i see it as an informal form of taxation).

Edited July 5, 2022 by keyboard

[Guest Mary]

On 7/5/2022 at 12:57 PM, Since u r here said:

inflations have risen, so..........
what is the point of savings or.........if  it doesnt even yield well?
times have to change esp if we wanna keep "them"

 

 

 

i think u meant : to discuss BRS, ERS, FRS by first topping ur own SA/RA or medisave & get to enjoy higher tax relief  

your initial sttms and the current reply entirely didnt mention such terminology , "other stuff" doesnt help

and tax rebates are rebates, diff from relief, totally diff terminology too (just a side point)

Tks for your sharing nevertheless, i trust those pp will know it well 

I am topping mine next week as a birthday gift from BF 

[Guest Milestone]

I just turned 40 today. 

 

To celebrate this milestone, I've just top up my special account to the full retirement sum ($192k). And I have maxed my medisave account to the max 66k. 

 

Now that both this account have maxed, it can now snowball and grow 4% and compound interest. 

 

By my calculation when I turned 65, it will equate to 687k if I stopped working now. 

But ofc I have to still work to eat. 

 

But its a nice feeling to reach 40 and realised that retirement is in the horizon and I have not fallen behind. Not above the curve but have not fallen behind either. 

 

So just need to live a frugal carefree life for the next 15 years milestone 55 yo. 

 

I never imagined turning 40 like this. 

 

I always thought I will be miserable when I hit 40.

 

I hate that feeling of turning 30 and realised that it's all downhill. 

 

Yes its not a big deal compared to that guy who reached 1 million by 45 year old. They are aiming 4 million by 65. But I'm happy with 687k since I'm single.

 

At least I'm not broke. 

 

Guys if you are in your 20s, don't waste the opportunity for compound interest. 

 

I know about compound interest but never appreciated it until now. 

 

Start now! 

 

Its never too late! 

 

 

 

[keyboard]

On 7/22/2022 at 12:55 PM, Guest Milestone said:

I just turned 40 today. 

 

To celebrate this milestone, I've just top up my special account to the full retirement sum ($192k). And I have maxed my medisave account to the max 66k. 

 

Now that both this account have maxed, it can now snowball and grow 4% and compound interest. 

 

By my calculation when I turned 65, it will equate to 687k if I stopped working now. 

But ofc I have to still work to eat. 

 

But its a nice feeling to reach 40 and realised that retirement is in the horizon and I have not fallen behind. Not above the curve but have not fallen behind either. 

 

So just need to live a frugal carefree life for the next 15 years milestone 55 yo. 

 

I never imagined turning 40 like this. 

 

I always thought I will be miserable when I hit 40.

 

I hate that feeling of turning 30 and realised that it's all downhill. 

 

Yes its not a big deal compared to that guy who reached 1 million by 45 year old. They are aiming 4 million by 65. But I'm happy with 687k since I'm single.

 

At least I'm not broke. 

 

Guys if you are in your 20s, don't waste the opportunity for compound interest. 

 

I know about compound interest but never appreciated it until now. 

 

Start now! 

 

Its never too late! 

 

 

 

Congrats Guest Milestone.

 

Now to pour some cold water.

If Inflation is at 4% per year. The 600k+ (btw, MA doesn't compound excceding BHS) you get will still be at today's value of ~192k. If just basic computation of 65-85 years to live, that's only $800/month of living expenses. Imagine living on that amount now for the next 20 years.

 

Remember 25 years ago, $10k used to be quite big.

 

The 3 cases,

BRS - $400/mth

FRS - $800/mth

ERS - $1200/mth

 

The upside is, that 4% is now generated by others (for you) and anything excess you are contributing will add on to achieving the ERS.

[Guest Risk free]

On 7/24/2022 at 6:28 PM, keyboard said:

Congrats Guest Milestone.

 

Now to pour some cold water.

If Inflation is at 4% per year. The 600k+ (btw, MA doesn't compound excceding BHS) you get will still be at today's value of ~192k. If just basic computation of 65-85 years to live, that's only $800/month of living expenses. Imagine living on that amount now for the next 20 years.

 

Remember 25 years ago, $10k used to be quite big.

 

The 3 cases,

BRS - $400/mth

FRS - $800/mth

ERS - $1200/mth

 

The upside is, that 4% is now generated by others (for you) and anything excess you are contributing will add on to achieving the ERS.

 

I think you miss the point. 

 

By maxing out early, you can have peace of mind that your money is growing in a RISK FREE compounding interest environment. 

 

The wrong thinking is that I slow down ny contribution.

 

For the inflation logic, if that's the case... It means all the more you need to max to be at inflation level.... Cause anything lower, you lose out. 

 

With that safety net secured, you can start to venture into riskier investment and not worry so much. 

 

Imagine this. You invest all your 200k in s&p 500. In today market your portfolio would have lost 36% value. You worried. Scared etc. Should sell or not. No safety net. 

 

Compared to you already have at least 600k guaranteed. So if your 100k investment don't make it, it's okay. You can wait for another decade for it to bounce back. 

 

You sleep better. You make better decision. You have financial peace. 

 

People who don't top up CPF all have the same mentality that they need money. Then every month is just spend it away. 

 

Also now stock market so bad. All negative return. CPF suddenly shines... 

 

People buy bitcoin. Lost all their money. If only they top up their CPF first. Now no more. CPF also not on track. 

 

Sad life. 

[Gentleman]

On 7/25/2022 at 7:56 AM, Guest Risk free said:

 

I think you miss the point. 

 

By maxing out early, you can have peace of mind that your money is growing in a RISK FREE compounding interest environment. 

 

The wrong thinking is that I slow down ny contribution.

 

For the inflation logic, if that's the case... It means all the more you need to max to be at inflation level.... Cause anything lower, you lose out. 

 

With that safety net secured, you can start to venture into riskier investment and not worry so much. 

 

Imagine this. You invest all your 200k in s&p 500. In today market your portfolio would have lost 36% value. You worried. Scared etc. Should sell or not. No safety net. 

 

Compared to you already have at least 600k guaranteed. So if your 100k investment don't make it, it's okay. You can wait for another decade for it to bounce back. 

 

You sleep better. You make better decision. You have financial peace. 

 

People who don't top up CPF all have the same mentality that they need money. Then every month is just spend it away. 

 

Also now stock market so bad. All negative return. CPF suddenly shines... 

 

People buy bitcoin. Lost all their money. If only they top up their CPF first. Now no more. CPF also not on track. 

 

Sad life. 

 

i tend to agree with Keyboard. 

 

your point of having that peace of mind is very important, no doubt, but it's too simplistic to just dismiss the inflationary effect, and more importantly, the lost opportunity to generate more returns with that cash.

 

your imagination of "You invest all your 200k in s&p 500. In today market your portfolio would have lost 36% value" is based on many assumptions. while s&p 500 as a whole is indeed suffering a loss at this point in time from it's earlier peak, what really matters is what stocks you actually own, and when you purchased them...and of course, when you sold (or are selling) them.  the market that makes many rich people poorer is the same market that makes many richer.  and if history is of any indication, regardless of when you entered the market, the market will more than recover in 10, 20 years' time.  those who panic and sell now lose real money.  but for those who hold, and even buy the dip, any loss right now is just paper loss and temporary if you set a longer time horizon.

 

further, if you invest in dividend stocks as i shared before, the stock prices held on quite well, and i'm still generating 10%+ returns per year just from dividends, which i reinvest...and double my total portfolio every 5 to 7 years. 

 

so in short, it's the usual saying - there's no one size fits all.  it really depends on how savvy you are in managing finances and in investing, understanding your own risk appetite and comfort level, and importantly, your lifestyle.

 

Edited July 25, 2022 by Gentleman

[keyboard]

Careshield Life premiums deducted on 15 Oct 2022, reflected in statement on 17 oct 2022. $257 available for top up to Medisave for tax relief.

 

In case anyone wondering. So this year had bonus declared in Mar/Apr (can't remember), and CPF contribution + OT exceeded $37740 by Aug, So they stopped paying extra as company reserved $2220/mth till Jan 2023 (for 2022 employer deduction).

 

I suppose if I quit before Dec 2022, they will top up the employer deduction.

[keyboard]

Got a question, not sure if anyone is able to advise.

The pre-authorization letter is partially approved. The estimated cost from hospital is more than the approved amount.

GST is not covered.

Guidebook says need to sign the MediSave withdrawal form.

Guidebook says need to activate ShieldPlan.

 

It seems like corporate insurance is not going to cover the full cost and hospital will deduct from my MediSave and ShieldPlan?
I am thinking to get reimbursement from company, at the same time top up the MediSave, then will company return to MediSave (overflow to OA)? or CPF will refund me the MediSave top up due to breaching BHS.

[keyboard]

On 11/24/2022 at 9:11 PM, keyboard said:

Got a question, not sure if anyone is able to advise.

The pre-authorization letter is partially approved. The estimated cost from hospital is more than the approved amount.

GST is not covered.

Guidebook says need to sign the MediSave withdrawal form.

Guidebook says need to activate ShieldPlan.

 

It seems like corporate insurance is not going to cover the full cost and hospital will deduct from my MediSave and ShieldPlan?
I am thinking to get reimbursement from company, at the same time top up the MediSave, then will company return to MediSave (overflow to OA)? or CPF will refund me the MediSave top up due to breaching BHS.

Company paid back to MediSave and it overflowed to OA.

 

Careshield Life deduction happened on 18 Oct 2023. For those who are looking at top-ups.

[kidster]

https://blog.seedly.sg/treasury-bills-t-bill-singapore-guide/?fbclid=IwAR3-4A0GvfbyLmc27EBTtZnYa8qmCOt5__--t7MiysOxMNx5gf_VBLVQ1ss

 

What are the pitfalls to look out for when buying T-bills?

[keyboard]

5 hours ago, kidster said:

https://blog.seedly.sg/treasury-bills-t-bill-singapore-guide/?fbclid=IwAR3-4A0GvfbyLmc27EBTtZnYa8qmCOt5__--t7MiysOxMNx5gf_VBLVQ1ss

 

What are the pitfalls to look out for when buying T-bills?

Using CPF?

1. You need to manually put the money back into CPF or lose interest not doing it (auto after 2 months at 0.05%/yr)

2. there are normally 2 issues (sometimes 3) in a month, depending on when the deduction/deposit dates are

3. DBS have the highest charges - but unless your CPFIS account is not with them, else transferring to another bank might take some administrative effort (unless without other CPFIS investments)

4. As above, DBS charge quarterly fees and selling (redeem) fees thus the higher fees

5. Do it one short, the fees eat into the additional interests

6. 1 yr Tbill has lower rates than 6 mths (but whether 6mth+6mth better or worse than 1 yr - depends on the curve)

7. Rates and allocation can be oversubscribed especially when it's above 4%

8. Selling before 6/12 months before maturity is definitely a loss + fees

9. Min 1k