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Anonymous

23 Oct 2021

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Any tips to grow $ for parents by topping up their CPF using monthly allowance?

Am thinking of putting the monthly allowance into their CPF, instead of cash to them monthly.

One parent is in early 70s, and one parent is late 60s. Is it still worthwhile to top up their cpf (which account do I top up) and still get decent % growth of their money? Thank you.

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Tan Choong Hwee

23 Oct 2021

Investor/Trader at Home

Did they have FRS in their RA at age 55? If they did, can do VC3AC (Voluntary Contribution to 3 Accounts) subjected to annual limit of $37740 to earn 2.5%/4%/4% interest rates in OA/SA/MA, and yet can withdraw from OA/SA anytime when the needs arise.

If not, can do RSTU to their RA to increase their monthly payouts.

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My parents' CPF do not meet the Basic Retirement Sum. If I were to start topping up their RA now making use of the Matched Retirement Savings Scheme, how will the monthly payout be decided?

My MIL 79 years old this year, her CPF Retirement account almost empty. If I top up her account using cash as allowance, which scheme is better? The Retirement Sum Scheme or CPF life scheme?

How do one portion out savings and giving your parents allowance money monthly if one earns 1.9K before CPF?

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I'm 28. After setting aside 12 months emergency fund, do I still need to allocate money to savings? Or should I use my spare cash to invest or top up CPF?

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