Anonymous

03 Aug 2022

∙

Hi I have 50k in OA and 10k in SA which i can withdraw. my objective is to look for lifetime payout so does it make sense for me to transfer the funds to insurance annuity plan?

1

Discussion (1)

What are your thoughts?

Learn how to style your text

Elijah Lee

05 Aug 2022

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

It sounds like you are already over 55 and have full withdrawal flexibility.

While I don't know the specifics of your current financial situation, please don't do that. Monies in OA and SA have flexibility and a decent interest rate.

An annuity, while putting you in control, also has limitations. It's ok to use spare cash lying in the bank to get one, but in general, you shouldn't be using CPF monies for that. I'd rather you transfer them to CPF RA for higher CPF LIFE payouts if you really want to have a bigger retirement income payout from annuities.

Reply

Save

Write your thoughts

Related Posts

Hi. I have 50k in OA and 10k in SA which i can withdraw. Do it make any sense to put them into insurance annuity plan?

45 yrs old single, saving for retirement. I have $65K CPF-SA and $30K in CPF-OA. Does it make sense to transfer all my OA to SA, or use $10K to invest in Endowus for higher i/r?

Does it make sense to transfer from OA to SA as part of retirement planning?

If OA 50K, SA 10K, RA 99K. I heard that I cannot withdraw money from SA if I do not have the FRS on RA, is this true? What about withdrawing from OA? Does pledging HDB helps in withdrawing OASA?

Hi Loo, many may not want to transfer OA to SA because they might want to upgrade swelling in future. U don't plan to move out of your hdb?

Related Posts

Hi. I have 50k in OA and 10k in SA which i can withdraw. Do it make any sense to put them into insurance annuity plan?

45 yrs old single, saving for retirement. I have $65K CPF-SA and $30K in CPF-OA. Does it make sense to transfer all my OA to SA, or use $10K to invest in Endowus for higher i/r?

Does it make sense to transfer from OA to SA as part of retirement planning?

If OA 50K, SA 10K, RA 99K. I heard that I cannot withdraw money from SA if I do not have the FRS on RA, is this true? What about withdrawing from OA? Does pledging HDB helps in withdrawing OASA?

Hi Loo, many may not want to transfer OA to SA because they might want to upgrade swelling in future. U don't plan to move out of your hdb?