CPF Voluntary Contribution + CPF Retirement Scheme
Hi all, more questions popping into my head after the PFF especially CPF. 😂
CPF Voluntary Contribution:
Does the annual SGD 3,740 contribution inclusive of employer’s contribution?
Retirement Scheme:
Knowing that the max is 7K to SA for tax relief, but am I able to top up more than that? And if I hit the FRS, can I still do the cash top-up? If it’s doable, will my CPF Life get a higher payout like 3K?
Lastly, am I able to top up these two at the same time?
Thank you in advance 😊
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Tan Choong Hwee
18 May 2021
Solutions Specialist at Providend
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Annual limit of $37740 includes total mandatory contribution (MC) from employment (both employer and employee portions) plus any voluntary contribution (VC).
$7k is the max for tax relief, but you can top up until SA hit FRS ($186k for 2021). Once you hit FRS, you cannot top up SA anymore. However, the SA portion of your MC and VC3AC will stay in SA, meaning SA can grow beyond FRS by contribution.
CPF LIFE payout amount doesn't depend on what you have in SA at 55, but what your RA balance at 65 (which you may postpone to 70 for higher payout).
Yes, RSTU and VC are 2 different schemes. You can do both at the same time.