I found 3 New CPF Strategies after Budget 2024 that you may miss
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- เผยแพร่เมื่อ 31 พ.ค. 2024
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One door closes, another door opens, this case it is 3 doors
Disclaimer: based on my assumption only, because still very new, actual outcome may differ since we can only see it happen from 2025 onwards.
CPF SA is closed, many are upset. But with the closure, brings a new perspective to how we can use CPF to enhance our retirement savings.
1. MA Interest can be withdrawn now
2. Withdraw all your CPF Contributions above FRS CPF
3. OA to SA transfer is now “Reversible”
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For number 3, if you are 40, it will be 15 years to 55. CPF policy may changed again. There is policy risk. Just a thought.
I am more curious what you should do in different age groups
My understanding of FRS ERS and BHS.
1. Once you've reached FRS of your cohort, you can withdraw any amount of money from OA after 55. No need to worry about an increase in FRS later on.
2. FRS and ERS can be defined as the amount of monies transferred from other CPF accounts to RA plus cash top-ups. It does not include interest earned within the RA.
3. Topping up beyond the FRS must be done by you yourself. There's no automatic transfer to RA beyond FRS.
4. As far as Topping up to meet ERS is concerned, the ERS refers to current ERS. Suppose you top-up to ERS this year, you can top-up some more next year when ERS increases.
5. BHS is maxed at 65. Even if BHS increases when you are 66 and beyond, it is the BHS of your cohort that matters.
@7:50 Correct me if I am wrong, but for a 55yo in 2025 (SA is closed) whose RA has reached FRS and MS has reached BHS can still receive contributions in his RA up to ERS (4 times of BRS), and the contributions will not flow back to OA
If you have met your own FRS in RA, mandatory contributions to RA will overflow to OA. ERS topping up is optional and deliberate
interesting insights. Thank you for preparing this. Look forward to watch more videos on how to be "richer" with CPF
Thank you for doing the research. Honey Money is my go to channel to get tips and info on CPF. Great work.
hi,
thanks for the video.,
i was wondering, is it possible to use CPF OA to pay the monthly mortgage ? or it can only be used to pay down payment of the property?
Interest earned from OA to SA transfer cannot be withdrawn, so is point 3 still valid? Can you please clarify this?
Very clear. Great that you have the diagrams to help us understanding your ideas.
I missed out the second point! Thanks so much for highlighting it to us! Very encouraging...
Oh yah... it's not 55YO and above. It's 56YO and above, right?
Age 55 and above
Hi Chris, if u hit SA frs then can u invest out ur SA, than do cash topup in SA ? Then sell ur investment back to SA account, thus making higher amt in ur SA past frs ??
I think for members above 65, BHS won't be raised anymore and hence no top-up is possible.
Just a thought, for your medisave tax relief strategy for those abv 55, you mentioned we can withdraw the interest from MA and later do a voluntary contribution back to MA, but base on my understanding, when doing VC, we cannot choose which account to contribute to. In fact in 2025 when there is no more SA, your VC might go into MA and OA base on allocation rate. If thats the case, in order to max up the VC, can i withdraw say 50k from OA then pump it back as VC to enjoy tax relief or will the VC goes to RA to hit the new ERS since i m abv 55?
Sorry, just found out you can contribute to MA alone to enjoy the tax relief. Since the bhs increases by at least 3k a year, can I withdraw the incremental amt (partially from MA interest and partially from OA) instead of just the MA interest? Will cpf allows one to withdraw then pump back shortly to gain tax relief?
Does it means for those below age 55 will be left with OA & MA account only?
What about ERS?
Were these not always viable strats regardless of the latest budget change??? It sounds like we could have done it all along?
If I pledge my property to be BRS, does contribution still goes to RA, OA & MA or just OA & MA?
Same as before you pledge
Strategy 2 and 3 are not new and was able to have amounts above FRS withdrawable anyway. Plus these excess amounts are in SA account earning 4% instead of 2.5% in OA. Liquidity is not the issue if you have amounts above FRS in SA, be it now or in the past. It’s just that we no longer have the liquid amounts earning 4%.
Chey. Last time the remaining money in SA also can withdraw after you fulfilled FRS
I wrote to CPF to check the definition of FRS under these changes and received acknowledgment of my queries but till now still hear nothing from them. My question is whether the FRS definition remains the same as pre prior changes where FRS amount would remain the same at the FRS amount when a cpf member turn 55 or will now subject to new FRS at each subsequent year. CPF has yet to confirm to me this point. So your strategy might not work.
The recent changes did not alter the definition of FRS. FRS increases every year but you only need to concern yourself with the FRS in the year you turn 55. You can top up to the increased FRS every year in your RA if you wish after meeting that cohort FRS up to a cap of ERS for that year.
The majulah package for my wife and my MA later this year will flow to OA too.😄
You should state all assumptions right at the start. FRS requirement is forever increasing, what if I transfer from OA to SA and at 55, I am unable to achieve FRS for RA?
You only need to meet your cohort FRS, i.e. the FRS in the year you turn 55.
Any difference from previous before budget. All these 3 new strategy can also be done prior to the budget change rite?
Policy risk is so high for 3rd strategy goodness
What is the FRS?
Cpf told me it is not inclusive of the interest earned in RA. Eg. If I have 220k. It looks like I have reached FRS. , but if interest in the 220k is 25k, then the FRS is not reached because they consider amount 220k-25k= 195k as FRS only. Cpf does not consider interest earned in RA as part of the FRS. This was what I was told by the officer. Hope my understanding is correct.
The interest earned in RA is not used to compute the RA balance but is used for the monthly payouts
You only need to reach your cohort FRS, i.e. the FRS when you are 55 years old. Once you reach this amount, you are considered to have reached FRS and new contributions will not flow into your RA. You will still be allowed to top up to the new FRS yearly for tax relief, and all interest earned in RA will continue to increase your payouts.
@@limcheeheanstill the same with these ongoing changes or new FRS definitions has emerged?
Which is good cos you can supercharge your ers
@@ryanyoutube7315I don’t want to put any more money into RA beyond my FRS😂
Sama sama
There is no way on 1st of Jan when a new bhs is being announced which is always higher than last year figure for the interest earn in ma to be transferred to OA. Did you really check what u say.
Brother. After 55 your RA can receive money until ERS or 2XFRS
Can receive but it's not auto or mandatory. Need to voluntarily transfer from OA to RA.
FRS should be reached by 40 just by working , no need to do trsf oa to sa or too up cash. Those who need to top up cash or use OA shld be ashamed
Please do not apply your own salary standards onto others. You should be ashamed yourself. How much do you earn?
@@jalanjalan7099 i reach frs at age of 38 and just an average staff level. No cash top up or trsf oa to sa. No such beggar choice
R U one of those pap minister that is very happy when u look at your CPF statement
@@meklavier4664 nah. I dont bother to do anything to cpf. Unlike honey beggars and his followers.
PAP is going such a fantastic job in public housing. Hdb shld be build cheaply and located in inaccessible places. The term ‘public housing’ in other ctries is just a roof for beggars and people will aim to move on asap.
So many unknowns when policy details haven’t released.. no point talking so much and wasting brain cells thinking.
By 55 , a lot of singaporeans have medical issues....you think it is so easy to maintain 71.5k lolol
Sometimes it’s funny. When u have no moeny in MA your health issue not much . The moment u have money u suddenly got so many issue
Alamak. Strategies shared too early before details are out.. sure kenna plugged
Seriously stop misleading people
If u listen to this guy confirm stay poor one 😂😂😂