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+--- Thread: Closure of CPF SA for those above 55....means what? (/Thread-Closure-of-CPF-SA-for-those-above-55-means-what)
Closure of CPF SA for those above 55....means what? - sgbuffett - 16-02-2024
Quote:From next year, the government will close the SA for those aged 55 and above.
These savings will be transferred to the RA up to the Full Retirement Sum, where they will continue to earn the long-term interest rate.The remaining SA savings will be transferred to the Ordinary Account (OA), but members can voluntarily transfer their OA savings to the RA anytime, up to the Enhanced Retirement Sum to earn higher interest and receive higher retirement payouts.
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
RE: Closure of CPF SA for those above 55....means what? - [[ForeverAlone]] - 16-02-2024
so I smart? never play what max up SA to become " fake " millionaire?
Seriously , hello Where got so easy , max up your SA later retire RICH In million ??? So call " those Guru tell " what mr loo whatever heck.
Once again let me say once more. REAL RICH WILL NOT TEACH YOU.
RE: Closure of CPF SA for those above 55....means what? - sgbuffett - 16-02-2024
OMG the 1M65 people all kena.
The whole 1M65 scheme gets broken at age 55...as CPF SA don't exists for those above 55.
RE: Closure of CPF SA for those above 55....means what? - RiseofAsia - 16-02-2024
(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
LKK already, no meaning to lock in so much money in CPF. Put inside bank is a better option.
RE: Closure of CPF SA for those above 55....means what? - WhatDoYouThink! - 16-02-2024
How much do you hv in cpf oa, sa and ra?
RE: Closure of CPF SA for those above 55....means what? - sgbuffett - 16-02-2024
(16-02-2024, 05:03 PM)RiseofAsia Wrote: LKK already, no meaning to lock in so much money in CPF. Put inside bank is a better option.
55 is not LKK...and the CPFSA after 55 can take out anytime and earns 4% that is why many people use SA to their advantage....like a bank account earning 4%.
RE: Closure of CPF SA for those above 55....means what? - Bigiron - 16-02-2024
Mean not OA and SA all changed one account RA..
Hmmm... isn't this all along like this?
RE: Closure of CPF SA for those above 55....means what? - RiseofAsia - 16-02-2024
(16-02-2024, 05:15 PM)Bigiron Wrote: Mean not OA and SA all changed one account RA..
Hmmm... isn't this all along like this?
No. Currently After 55, you have 4 accounts.
OA, SA,MA and RA.
RE: Closure of CPF SA for those above 55....means what? - wendychan - 16-02-2024
and raise the CPF contribution rate for ages 55 -65.. FUCKERS FOOkers
say raise GST to provide for future medical cossts
this country is rules by a bunch of useless FUCKERS who lord over a majority of stupid morons
RE: Closure of CPF SA for those above 55....means what? - wendychan - 16-02-2024
all their goddamm famalies creaming theselves over how they can control and tortue singaporeans
RE: Closure of CPF SA for those above 55....means what? - Bigiron - 16-02-2024
(16-02-2024, 05:16 PM)RiseofAsia Wrote: No. Currently After 55, you have 4 accounts.
OA, SA,MA and RA.
Oic....ok thanks you
RE: Closure of CPF SA for those above 55....means what? - RiseofAsia - 16-02-2024
(16-02-2024, 05:17 PM)wendychan Wrote: and raise the CPF contribution rate for ages 55 -65.. FUCKERS FOOkers
say raise GST to provide for future medical cossts
this country is rules by a bunch of useless FUCKERS who lord over a majority of stupid morons
They have run out of idea to create wealth so now best thing to do is to get from the dafts.
RE: Closure of CPF SA for those above 55....means what? - Bigiron - 16-02-2024
💰 The CPF Enhanced Retirement Sum will be raised to S$426,000 from S$308,700. #SGBudget2024
➡️ https://bit.ly/42KnRJe
Follow us on @mothershipsg
RE: Closure of CPF SA for those above 55....means what? - theold - 16-02-2024
Smart move, don't need to pay so much interest.
Still have to maintain the minimum sum in OA?
RE: Closure of CPF SA for those above 55....means what? - klat - 16-02-2024
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
RE: Closure of CPF SA for those above 55....means what? - Sharexchange - 16-02-2024
Meaning your special account now cannot be use to invest in cpf approved products. Good la.
RE: Closure of CPF SA for those above 55....means what? - Lukongsimi - 16-02-2024
(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
➡️ https://bit.ly/42KnRJe
Follow us on @mothershipsg
Terok all lock up in RA slowly receive or let others enjoy your fruit
RE: Closure of CPF SA for those above 55....means what? - sgh - 16-02-2024
For ppl who invest with SA how are? At age 55 forced to sell all becuz SA no more?
RE: Closure of CPF SA for those above 55....means what? - sgxin - 16-02-2024
(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.
RE: Closure of CPF SA for those above 55....means what? - Sticw - 16-02-2024
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??!?
RE: Closure of CPF SA for those above 55....means what? - Oyk - 16-02-2024
(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? 
RE: Closure of CPF SA for those above 55....means what? - Sharexchange - 16-02-2024
(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
RE: Closure of CPF SA for those above 55....means what? - talky - 16-02-2024
(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
RE: Closure of CPF SA for those above 55....means what? - talky - 16-02-2024
(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
RE: Closure of CPF SA for those above 55....means what? - Sticw - 16-02-2024
Next change will be no withdrawal at 55yo...
RE: Closure of CPF SA for those above 55....means what? - RichDad - 16-02-2024
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
RE: Closure of CPF SA for those above 55....means what? - RichDad - 16-02-2024
(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
RE: Closure of CPF SA for those above 55....means what? - wendychan - 16-02-2024
we have been told they dont invest OUR
cfp $$$ right? erm...
RE: Closure of CPF SA for those above 55....means what? - Wy:Nox - 16-02-2024
Those who are 54 years old need 40 mths to attain the $100k extra target. Did the Govt do their math?
RE: Closure of CPF SA for those above 55....means what? - talky - 16-02-2024
(16-02-2024, 08:59 PM)RichDad Wrote: Yes, close the loophole. 4% savings account gone.blue chips like the 3 banks etc at least 4% yield
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