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The cost of living keep going up the roof..
But the overall cfp interest rate for all your contributions will be going down after 55.
Really terok lah
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Meaning your special account now cannot be use to invest in cpf approved products. Good la.
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(16-02-2024, 05:25 PM)Bigiron Wrote: 💰 The CPF Enhanced Retirement Sum will be raised to S$426,000 from S$308,700. #SGBudget2024
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Terok all lock up in RA slowly receive or let others enjoy your fruit
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(This post was last modified: 16-02-2024, 06:24 PM by
Lukongsimi.)
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For ppl who invest with SA how are? At age 55 forced to sell all becuz SA no more?
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(16-02-2024, 05:33 PM)theold Wrote: Smart move, don't need to pay so much interest.
Still have to maintain the minimum sum in OA?
Guess the raising of ERS 4 times BRS (or $426K) in 2025 is meant to absorb the SA balance (if any).
10 years RA interest from 55yo for this new ERS amount will be
$204K.
But members must survive till the 65yo CPFLife payout year in order not to let CPF forfeit this interest earned.
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Indirectly saying that our temasek and gic not able to perform so can't pay the high interest back to CPF. If that's the implied underlying... Then time to cut the number of top brass in temasek and gic... Why keep these people on the high payroll??!?
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(16-02-2024, 04:53 PM)sgbuffett Wrote: The CPF SA has been used as a high interest savings accounts by Singaporeans. Now the money will be transferred to CPF OA to earn 2.5% instead of 4%.
If youbstill want the 4% you have to transfer to RA ...once in RA you cannot take out as lump sum but enroll your money to the enhanced CPF Life scheme.
The changes also means those who use the "shielding trick" to get more interest can no longer do it as money goes back to cPF OA....
Looks like they purposely close a loophole
If it is a loophole should they not close it?
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(16-02-2024, 07:01 PM)sgh Wrote: For ppl who invest with SA how are? At age 55 forced to sell all becuz SA no more?
Hold until u die lor..hahaha...
Or else u just put into RA la...
U got this 2 option only
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(16-02-2024, 04:53 PM)sgbuffett Wrote: The CPF SA has been used as a high interest savings accounts by Singaporeans. Now the money will be transferred to CPF OA to earn 2.5% instead of 4%.
If youbstill want the 4% you have to transfer to RA ...once in RA you cannot take out as lump sum but enroll your money to the enhanced CPF Life scheme.
The changes also means those who use the "shielding trick" to get more interest can no longer do it as money goes back to cPF OA....
Looks like they purposely close a loophole
finally took pap many many yrs to close this loop hole
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(16-02-2024, 06:13 PM)Sharexchange Wrote: Meaning your special account now cannot be use to invest in cpf approved products. Good la.
do it b4 end 2024
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Next change will be no withdrawal at 55yo...
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Yes, close the loophole. 4% savings account gone.
Now got to seek higher returns.
Where will the massive funds go to? Bonds , T bills, reits?
Expect T bill n SSB yield to drop. Siao liao
(This post was last modified: 16-02-2024, 09:02 PM by
RichDad.)
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(16-02-2024, 08:57 PM)Sticw Wrote: Next change will be no withdrawal at 55yo...
No basic MS. All must kena lock up in full MS
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we have been told they dont invest OUR
cfp $$$ right? erm...
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Those who are 54 years old need 40 mths to attain the $100k extra target. Did the Govt do their math?
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(16-02-2024, 08:59 PM)RichDad Wrote: Yes, close the loophole. 4% savings account gone.
Now got to seek higher returns.
Where will the massive funds go to? Bonds , T bills, reits?
Expect T bill n SSB yield to drop. Siao liao
blue chips like the 3 banks etc at least 4% yield
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