How much CPF should you Save for your First Property?
ฝัง
- เผยแพร่เมื่อ 26 ม.ค. 2023
- Sponsor: 🐂 Webull Singapore (USD 150 Trading Voucher) hmsg.link/sgwebull
Invest with CPF OA with the following providers:
🦉 MoneyOwl RoboAdvisor Code: 8JPW-62FZ (FREE $20) hmsg.link/moneyowl
🤖 Endowus RoboAdvisor (FREE $20) hmsg.link/endowus
INVESTING
🐮 moomoo SG (Free Stock) hmsg.link/sgmoomoo
🐯 Tiger Brokers SG Code HONEYMONEY (Free stock): hmsg.link/sgtiger
🐬 uSMART Securities Code nn8gx7 (Free Stock) hmsg.link/sgusmart
📝 POEMS Cash Plus: hmsg.link/poems
📈 Interactive Brokers: hmsg.link/ibkr
📗 Seeking Alpha Premium $119 ONLY hmsg.link/seekingalpha
🐯 Tiger Brokers International Code HMONEYSG: hmsg.link/ustiger
🐮 moomoo US by Futu Inc (Free Stocks) hmsg.link/usmoomoo
CREDIT CARDS & PAYMENT APPS
💳 Credit Cards Affiliate Links (Singsaver gifts) t.me/sgpromocode
🔎 Google Pay $3 hmsg.link/googlepay
💴 Instarem Amaze hmsg.link/amaze
🚌 Revolut SG hmsg.link/revolut
☯️ YouTrip ($5 Bonus) hmsg.link/youtrip
🙏Trust Bank Code: HUQPC614 www.trustbank.sg
🅱️ BigPay $10 referral code KJN6MN5GS0 at bigpay.link/referrals
🚩 Wise hmsg.link/wise
✈️ SIA Kris+ App Code: C647172 hmsg.link/krisplus
😻 Favepay hmsg.link/fave
💰 iPayMy hmsg.link/ipaymy
💳 CardUp Use WAIKITC316 to get S$30 off the CardUp fee for first payment app.cardup.co/users/sign_up
LIFESTYLE
🛍 Lazada hmsg.link/lazada
🛍 Qoo10 hmsg.link/Qoo10
🛍 Shopback $5 hmsg.link/shopback
⭐️ CapitaStar App $5 hmsg.link/capitastar
🏬 Lendlease Plus $5 referral code NsHQKY
🛒 NTUC Union hmsg.link/ntucunion
✈️ AirAsia Flight hmsg.link/airasiaapp
✈️ AirAsia App hmsg.link/airasiaapp
ROBO-ADVISORS
☣️ Syfe Trade & Wealth: Use code HONEYMONEY @ hmsg.link/syfe
BUSINESS
💼Incorporation/Accounting Services ($150 OFF) Code 2X7G5F hmsg.link/osome
🦅 AMEX Highflyer Card hmsg.link/highflyer
TRAVEL
✈️ AirAsia hmsg.link/airasia
✈️ Airasia App hmsg.link/airasiaapp
✈️ MSIG Travel Insurance hmsg.link/msigtravel
✈️ Allianz Travel Insurance hmsg.link/allianztravel
✈️ Starr Travel Insurance hmsg.link/starrtravel
✈️ TIQ by ETIQA R56612 hmsg.link/tiqtravel
PROFESSIONAL FINANCIAL PLANNING:
🤝 DareToFinance hmsg.link/daretofinance
If you sign up for any of these services using my link, I will earn a small commission which helps support my channel at NO additional cost to you. And you will definitely get some referral benefits as listed here!
Disclaimer: Information provided in the video are not meant to be taken as professional financial advice and are strictly for entertainment purposes only. The content shared is based on the creator’s personal experience and results may vary from each individual’s personal finance situation i.e. DYOR
🔭 Telegram Group: t.me/HoneyMoneySG
📷 Instagram @HoneyMoneySG / honeymoneysg
📧 Email (Business only): sghoneymoney@gmail.com
☕️ Buy me a Ko-fi: Ko-fi.com/honeymoneysg
💵 Patreon: / honeymoneysg
_________________________________________________
Ever since I made content about CPF and its Full Retirement Sum (FRS), many people have been asking me is it ok to transfer OA to SA at young age to build FRS
Wouldn’t it hinder housing plans as you need OA to pay for property
In this video, I will address the concerns and my thought process, but this is based on my own personal situation and experience, so it may not be applicable to you
- Context of my first property:
- Common sense check
- LIVE Example using current property market values
Sponsor: 🐂 Webull Singapore (USD 150 Trading Voucher) hmsg.link/sgwebull
Invest with CPF OA with the following providers:
🦉 MoneyOwl RoboAdvisor Code: 8JPW-62FZ (FREE $20) hmsg.link/moneyowl
🤖 Endowus RoboAdvisor (FREE $20) hmsg.link/endowus
INVESTING
🐮 moomoo SG (Free Stock) hmsg.link/sgmoomoo
🐯 Tiger Brokers SG Code HONEYMONEY (Free stock): hmsg.link/sgtiger
🐬 uSMART Securities Code nn8gx7 (Free Stock) hmsg.link/sgusmart
📝 POEMS Cash Plus: hmsg.link/poems
📈 Interactive Brokers: hmsg.link/ibkr
📗 Seeking Alpha Premium $119 ONLY hmsg.link/seekingalpha
🐯 Tiger Brokers International Code HMONEYSG: hmsg.link/ustiger
🐮 moomoo US by Futu Inc (Free Stocks) hmsg.link/usmoomoo
CREDIT CARDS & PAYMENT APPS
💳 Credit Cards Affiliate Links (Singsaver gifts) t.me/sgpromocode
🔎 Google Pay $3 hmsg.link/googlepay
💴 Instarem Amaze hmsg.link/amaze
🚌 Revolut SG hmsg.link/revolut
☯ YouTrip ($5 Bonus) hmsg.link/youtrip
🙏Trust Bank Code: HUQPC614 www.trustbank.sg
🅱 BigPay $10 referral code KJN6MN5GS0 at bigpay.link/referrals
🚩 Wise hmsg.link/wise
✈ SIA Kris+ App Code: C647172 hmsg.link/krisplus
😻 Favepay hmsg.link/fave
💰 iPayMy hmsg.link/ipaymy
💳 CardUp Use WAIKITC316 to get S$30 off the CardUp fee for first payment app.cardup.co/users/sign_up
LIFESTYLE
🛍 Lazada hmsg.link/lazada
🛍 Qoo10 hmsg.link/Qoo10
🛍 Shopback $5 hmsg.link/shopback
⭐ CapitaStar App $5 hmsg.link/capitastar
🏬 Lendlease Plus $5 referral code NsHQKY
🛒 NTUC Union hmsg.link/ntucunion
✈ AirAsia Flight hmsg.link/airasiaapp
✈ AirAsia App hmsg.link/airasiaapp
ROBO-ADVISORS
☣ Syfe Trade & Wealth: Use code HONEYMONEY @ hmsg.link/syfe
BUSINESS
💼Incorporation/Accounting Services ($150 OFF) Code 2X7G5F hmsg.link/osome
🦅 AMEX Highflyer Card hmsg.link/highflyer
TRAVEL
✈ AirAsia hmsg.link/airasia
✈ Airasia App hmsg.link/airasiaapp
✈ MSIG Travel Insurance hmsg.link/msigtravel
✈ Allianz Travel Insurance hmsg.link/allianztravel
✈ Starr Travel Insurance hmsg.link/starrtravel
✈ TIQ by ETIQA R56612 hmsg.link/tiqtravel
PROFESSIONAL FINANCIAL PLANNING:
🤝 DareToFinance hmsg.link/daretofinance
If you sign up for any of these services using my link, I will earn a small commission which helps support my channel at NO additional cost to you. And you will definitely get some referral benefits as listed here!
Disclaimer: Information provided in the video are not meant to be taken as professional financial advice and are strictly for entertainment purposes only. The content shared is based on the creator’s personal experience and results may vary from each individual’s personal finance situation i.e. DYOR
🔭 Telegram Group: t.me/HoneyMoneySG
📷 Instagram @HoneyMoneySG instagram.com/honeymoneysg
📧 Email (Business only): sghoneymoney@gmail.com
☕ Buy me a Ko-fi: Ko-fi.com/honeymoneysg
💵 Patreon: www.patreon.com/honeymoneysg
Great sharing Chris! Nice to have a real life example to provide a better gauge for the public. 2 points to note are:
1) CPF OA contribution drops (23% -> 21% ->19% and so on with the different age groups, hence a little clarification will be great for new homeowners.
2) Many new homeowners tend to look to get more mature estates BTO/SBF/OBF that are above their comfort range (700-800k and above) and they are exhausting almost 100% of their monthly OA savings for the full 25 years period to repay the 25-year loan (i.e. exhausting each month's CPF OA contribution to clear the housing loan without using cash popup even if their salary cap hits the 6k/month per person down the years), which may affect their retirement plans in the future.
Why not wipe out CPF OA to $20k during key collection to reduce the hdb loan?
Great Video! Was thinking about this the last few days. Just wanted to clarify, as my wife does not have CPF, including down payments, based on your video's example for a 4 rm HDB, I need ([5% downpayment $20K] + [20% Downpayment $60K] + [12 months mortgage buffer $20K]= $100K Correct?
On top of that I thought worth mentioning, HLE is calculated based on current amount in OA, so the lower the current OA amount, the lesser HLE achievable. Kindly correct me if I'm wrong, because i got this results based on playing around with HDB HLE calculator. So if couples want a higher HLE for a bigger house, they need more money in OA.
PS: also posted this question in your telegram group, but scared it gets drowned out since your group so active, so commented here as well.
I don't think HLE is based on CPF OA, it's a pure income+credit report assessment
hello Chris, If i use ALL my CPF OA to settle a hdb property upon key collection without getting a bank loan, and then sell it in 5 years, how much interest I should be paying back to CPF? is there a formula for this? Thanks
Every one's number is different
Hey Chris, if e.g. I have 100k OA and 100k SA now, should I transfer my OA to SA to hit the FRS? if you have a video for this please link it and I'll be glad to watch it, but I can't find it. Thanks!
Will do a video on this.
@@HoneyMoneySG appreciate it! I'm also concerned about RSTU cash top up because the top up + interest cannot be withdrawn at 55yo. So my plan is just transfer from OA to SA, albeit a much slower route to reach FRS (the 100k OA and 100k SA was just an example, I'm far from that). Would be great to hear your opinion on this.
If I already own a property what is stopping me from putting all my OA into SA until I hit FRS?
If you wanna do CPFIS OA investments to potentially make more than 4% p.a., you will need above 20k in OA to do so.
Queuing for tbill at the branch is more painful than surgery without GA. Don't want to do it too many times...
@@kitsura OA can be used to invest in equities via index funds too, not just T-bills. Of course, this does come with risk and depending on how close you are to retirement, it may not be feasible. That said, that would allow you to potentially make more than the 4% p.a. that transfering to SA will make you.
Hmm why do you talk about rounding off to $20K in OA as buffer for property repairs/maintenance when OA funds cannot be tapped on for such purposes? I'm not objecting to rounding off for computation simplicity but the rationale you suggested doesn't quite make sense
Yes, it's a mistake. I meant it to be the safety buffer
huh how to use cpf oa for repairs and maintenance?
Said wrongly, should be Extra Buffer
How do you get $6522 monthly salary for 23% OA when the cap for cpf contribution is $6000
Didn't he say combined income?
Listen properly
now the cpf contribution is adjusted to 8k if not mistaken
Nowadays fresh grad combine income like $20k
lame la , earning 3k plus 17k from father mother doesn't count
@@clhk12 lmao 20k. avg fresh grad usually 3.5k - 4k. first class honours get 5k+