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sgwiki:cpf [2023/03/14 06:11] – created ying | sgwiki:cpf [2023/03/14 06:42] (current) – ying | ||
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- excess part will not earn additional intesest for some case applicable for additional interest (like above age 55 and first 30000sgd may get additional 1% extra interest, those type of addition interest) | - excess part will not earn additional intesest for some case applicable for additional interest (like above age 55 and first 30000sgd may get additional 1% extra interest, those type of addition interest) | ||
* there is also a total cap limit of CPF contribution, | * there is also a total cap limit of CPF contribution, | ||
- | * once you reach that total cap limit, you will no need to contribute your part to CPF, | + | * once you reach that total cap limit, you still " |
- | * once you reach that total cap limit, your employer | + | * **AS there is ONLY Hard Limit on annual contribution**, |
+ | * If your has reached the Full Retirement Sum (FRS) and is aged above 55, you can Finally choose | ||
+ | * once you reach that total cap limit early, your employer still have to contribute additional | ||
* however, even you reach that total cap limit early, you have to wait till your age 65 to receive your CPF montly payout | * however, even you reach that total cap limit early, you have to wait till your age 65 to receive your CPF montly payout | ||
- | * also, if you reach that total cap limit, you still can manully topup extra into your CPF account, extra part still earn the prevailing interest rate of 2.5% per annum (current rate), extra part no addition interest (like example above) | + | * also, if you reach that total cap limit early, you still can manully topup extra into your CPF account, extra part still earn the prevailing interest rate of 2.5% per annum (current rate), extra part no addition interest (like example above) |
* in addition, if you reach that total cap limit and beyond, you can withdraw the excess CPF part at any time, but any withdrawal will be subject to the prevailing CPF withdrawal policy (chatGPT said that) | * in addition, if you reach that total cap limit and beyond, you can withdraw the excess CPF part at any time, but any withdrawal will be subject to the prevailing CPF withdrawal policy (chatGPT said that) | ||
* Reason to manually topup Extra beyond that total cap limit | * Reason to manually topup Extra beyond that total cap limit | ||
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* as low-risk investment, as CPF give you interest | * as low-risk investment, as CPF give you interest | ||
+ | **Final conclusion on contribution part** | ||
+ | * if you are under 55, | ||
+ | * every year, you will have to contribute to CPF upto 37,740sgd (based on current CPF rate) | ||
+ | * if you are beyond 55, and reached total cpf saving of 186000 SGD (current rate for 2023) | ||
+ | * you can stop contribute your part to CPF, while your employers still have to contribute their share | ||
+ | **Final conclusion on withdraw part** | ||
+ | * if you are beyond 55, | ||
+ | * you can finally withdraw the Excess Amount above < Full Retirement Sum (FRS) 186000 SGD (current rate for 2023) > | ||
+ | * but you can't withdraw RA saving | ||
+ | * if you are beyond 65, | ||
+ | * you can start withdraw RA saving. |