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UPDATED 25 FEB 2019:
A reader sent this to me:
And he asked me:
"Shocking or expected?"
What did I tell him?
"If people don't make good use of the CPF to help plan for retirement, well, they won't get much out of it. 😉"
If AK says so, it must be so.
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Ronnie Wan says...
Any advice or comments on the forum article above?
AK says...
I don't bother calling CPFB for things like that because I use the CPF LIFE Payout Estimator online.
Notice that the payout estimated falls in a range.
It is just an estimate.
The sky is not falling.
Reader:
I would like to ask you about transferring from OA to SA.
Currently my mother is under CPF life. According to CPF board, I am able to withdraw the OA and SA.
Is there anything I should look at before transferring OA to SA? Thanks!
AK:
OA to SA transfer is not allowed for those 55 years and older.
You qualify for CPF Life if:
Reader:
oh damnnn XD ok
the RA amount that is not deducted for CPF life, what can we do with that balance?
AK:
RA is meant to fund our retirement.
Cannot be withdrawn unless the member passes on.
That is if there is anything left.
Reader:
but how does it fund our retirement?
Since the CPF life's premium is alr deducted and the payout wont touch the remaining balance
AK:
All the RA money will be depleted by age 85 (under the LIFE Standard Plan).
UPDATED on 11 JAN 2022.
Find out more: CPF LIFE.
Reader:
may I ask how will it be depleted?
AK:
It is used to fund the payouts.
Even after all the funds have been depleted at 85, CPF LIFE continues to pay until the day we die.
Reader:
I got another qn
say the FRS is 166k
A has 166k in RA and B has 180k in RA
they will deduct 166k to buy CPF life right
AK:
Will not have more than FRS in RA
Unless u opt for ERS
So, A and B will have FRS $166K in RA.
Same same.
UPDATED on 11 JAN 2022.
Find out more: CPF LIFE.
Latest CPF calculators: HERE.
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