Anonymous

29 Jun 2020

∙

Hi there, I am 59 years old this year and currently have $310k in OA, $18k in SA and have already set aside the FRS sum back in 2016. My house is paid off entirely and no plans to upgrade anymore. Any advice in my situation?

Should i move as much funds from OA to SA to earn the higher interest rate?
Given I am already >55yo, I can withdraw my OA and SA funds anytime I want yes?
Is the maximum amount in my SA subjected to 2016 FRS or 2020 FRS?
Thanks in advance for your help!

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Hariz Arthur Maloy

29 Jun 2020

Independent Financial Advisor at Promiseland Independent

Hi Anon,

1) You can't move OA to SA after RA is created, only OA to RA. This will give you a higher CPF Life payout but the money moved will no longer be able to be withdrawn as a lumpsum unlike now in OA.

2) Yes you can.

3) There's no cap in SA. The only cap of FRS is for top ups and moving OA to SA before 55.

Now that RA is created you can't top up SA directly via RSTU. Only via Mandatory and Voluntary Contribution up to $37740 per year split into OA/SA/MA.

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