ฝัง
- เผยแพร่เมื่อ 2 มิ.ย. 2024
- Here’s the recap of the Planning for Your Retirement with CPF webinar on 6 March 2024. You may use the following timestamps to find specific topics you are interested in.
00:00 Introduction
01:15 Key needs in life
06:08 Life expectancy - uncertainty on how long our savings can last
08:20 What is CPF LIFE?
09:15 Receive lifelong monthly payouts with CPF LIFE
15:58 CPF interest rates
18:39 Creation of Retirement account
32:23 CPF LIFE plans
38:10 CPF changes announced in Budget 2024
44:28 3 tips to enjoy higher lifelong monthly payouts in retirement
45:17 Tip #1: Reduce your CPF outflows
46:37 Tip #2: Boost your savings through top-ups
49:31 Tip #3: Start your payouts later
52:40 CPF nomination
If you have any questions, please write to us at www.cpf.gov.sg/writetous
If you would like to register for events organised by CPF Board, please visit www.cpf.gov.sg/memberevents
Like to check, if my SA n OA are locked in investment n cannot meet my FRS, can I top up to FRS in RA using cash?
Hi @JanJan-vb6de,
If you are aged 55 and above, you can continue to hold your existing CPF Investment Scheme - Special Account (CPFIS-SA) investments until you decide to sell them or until they mature. Upon sale or maturity, your proceeds would be paid to your Retirement Account (RA) up to your Full Retirement Sum (FRS), with any remaining balance paid to your Ordinary Account (OA).
Before the closure of SA, CPF savings in SA can be used to invest after setting aside the FRS in your Retirement Account. With the closure of SA, your SA savings would be transferred to the OA once you have set aside the FRS in your RA and you can use them to invest under CPFIS-OA.
Please find more info in the following link: www.cpf.gov.sg/member/faq/growing-your-savings/cpf-investment-schemes/what-happens-to-my-cpfis-sa-after-my-special-account-is-closed
Thank you.
Do I still need to reserve my OA for housing loan payments if there is going to be $5k left in it after RA is created? I don't intend to withdraw the $5k.
Hi @stellapang9064,
If you are using CPF to pay for your existing property or if you do not own a property but plan to purchase one in the future, you may consider reserving your Ordinary Account (OA) savings for the housing payments before the monies are transferred to the Retirement Account (RA) at age 55.
Please visit our FAQ page (cpf.gov.sg/member/faq/home-ownership/housing-scheme) and refer to [Manage OA Usage] > [Reserving Ordinary Account savings for housing] to find out more.
Thank you.
I am born in Sep 1959 and yet to start my plan. Upon 55, I was asked to choose and I choose Basic Plan even though I have yet turn 65. $7k+ was then transferred out to Annuity. Can I revert back to Standard Plan?
Hi @money3ss,
Our website provides comprehensive info on CPF matters. The answers that you need can be found in the FAQ(s) below:
cpf.gov.sg/member/faq/retirement-income/monthly-payouts/i-am-under-a-legacy-plan-ie-basic-balanced-plus-or-income-plan
cpf.gov.sg/member/faq/retirement-income/monthly-payouts/how-does-the-cpf-life-standard-plan-work-
Thank you.
Turning to age 55 this year, if I have already met the FRS (2024) in SA. Once FRS (2024) is transferred to RA, can we still top-up to new FRS limit (2025) in year 2025 to enjoy the tax relief?
Hi @elizabethtan7473,
For members 55 and above, with the closure of your Special Account (SA), your SA savings which are non-withdrawable will be transferred to your Retirement Account (RA), up to your Full Retirement Sum (FRS) to increase your monthly payouts.
Tax relief is only for cash top-ups up to the current FRS, and this has not changed. You can continue to enjoy tax relief on such top-ups within the current FRS.
Please find more info in the following link: www.cpf.gov.sg/member/faq/growing-your-savings/retirement-sum-topping-up-scheme/how-does-sa-closure-affect-tax-relief-i-can-earn-when-i-top-up
Thank you.
If at age 65, my ERS account has more than the ERS amount at age 65, what happens to the additional money ? Does it also get transferred to my OA for my redrawal ?
Hi @Ben-gp5ty,
You are not able to top up more than the raised Enhanced Retirement Scheme (ERS). However, you may consider transferring the savings in excess of the raised ERS to your loved ones’ CPF accounts, or withdraw the savings and invest privately for potentially higher returns.
Please find more info in the following link: www.cpf.gov.sg/member/faq/growing-your-savings/retirement-sum-topping-up-scheme/can-i-have-the-option-to-top-up-more-than-the-raised-enhanced-retirement-sum
Thank you.
@@CPFvideos If I top up to ERS, at 56 and due to compounded interest, my RA amount goes higher than the ERS amount required. At 65, the excess of the prevailing ERS amount at 65, goes back to OA ?
Hi @Ben-gp5ty
Your Retirement Account (RA) balances and any accumulated interest in your RA will be used as your CPF LIFE premium when you join CPF LIFE any time from 65 - 70.
For more information on CPF LIFE, please visit cpf.gov.sg/member/faq/retirement-income/monthly-payouts
Thank you.
Hi
I have a question.
My friend is 69 years old. She joined CPF Life
Receive payout every month.
Now she still have funds in OA and SA account.
Can she draw funds out from her SA for immediate/urgent needs? Also she don't want the $ from her Special account to transfer back to OA.
If yes, how to draw fundsfrom cpf special and transfer it to her bank account?
Thank you
Hi @nancylim5221,
Our website provides comprehensive info on CPF matters. The answers that you need can be found in the FAQ(s) below:
cpf.gov.sg/member/faq/retirement-income/retirement-withdrawals/how-can-i-check-my-withdrawable-amount
cpf.gov.sg/member/faq/retirement-income/general-information-on-retirement/will-the-closure-of-my-special-account-affect-how-much-i-can-wit
cpf.gov.sg/member/faq/retirement-income/retirement-withdrawals/how-can-i-withdraw-my-cpf-savings
Thank you.
If after 55 i have ERS in RA, can i withdraw any amount excess BRS at age 60? Thanks
Hi @user-jy8gn8tf5b,
After the closure of your Special Account (SA), you can continue to withdraw any amount from your Ordinary Account, after setting aside your Full Retirement Sum in your Retirement Account (RA). You can also continue to apply to withdraw your RA savings down to your Basic Retirement Sum if you own a property in Singapore with remaining lease that lasts you until you are 95 or older. Find out more information on the withdrawal of CPF savings for property owners here.
Please see more info in the following link: www.cpf.gov.sg/member/faq/retirement-income/retirement-withdrawals/what-can-i-withdraw-from-my-cpf-after-the-closure-of-my-special-0
Thank you.
If my age turn 55 , the excess in RA will be transfer to OA , eg my OA is 100K , can I withdraw all in OA ? My Hdb still have outstanding loan of 97 K
Hi @lobsterking3633,
When your Special Account (SA) is closed, the savings in your SA will be transferred to the Retirement Account (RA), up to your Full Retirement Sum to increase your retirement payouts. Any remaining savings that are withdrawable on demand will be transferred to your Ordinary Account (OA).
You may use the portion transferred to your OA for your housing loan/education loan (subject to applicable limits) or choose to withdraw them anytime for your immediate needs. You cannot choose to allocate more SA savings or your future RA contributions to your OA to service your housing/education loan, etc.
Please see the following link for more information: www.cpf.gov.sg/member/faq/retirement-income/general-information-on-retirement/can-i-choose-to-transfer-more-savings-from-the-special-account-t
Thank you.