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Anonymous

20 Apr 2020

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CPF is ultra confusing and I have a hard time understanding it. My mum has only 25k in her OA and SA combined. MA has ard 22k. She is turning 55 next year. Does she qualify for FRS/CPF Life?

I understand to be on CPF Life, she needs to have 60k by 64.5 years old. Does the BRS and FRS matter here? I am hoping to help her reach FRS by 65 years old. Is there like a time limit that she needs to hit FRS? Is it like by 55 years old she needs to reach there otherwise her CPF Life would be capped at the BRS? GOSH ITS CONFUSING THINK MY CONCEPT ABIT SCREWED UP.. Appreciate a detailed reply please halp :(

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Ching Li Chew

20 Apr 2020

Cpf will be implementing a matched retirement savings from 2021-2025, good opportunity to tap on this to boost your family member’s cpf if they qualify.

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Colin Lim

20 Apr 2020

Financial Services Consultant at Colin Lim

I would like to add on apart from what the rest has mentioned...

if i am in your position, i would think of alternative than CPF..

is your mom still working? will she be working after 65?

are you staying with your mom? are you married...there are tons of factors that i need understand before i can come up with a solution.

an example is if you married and not staying with your mom, you can ask your mom to rent out spare rooms? or your mom can stay with you? or you continue to give allowance to your mom.

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YT

20 Apr 2020

55:

Retirement Account (RA) created (OA + SA)
Option to withdraw from CPF:

up to $5,0...

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