facebookShould I top up my Mum's CPF to qualify her for CPF life minimum of 60K? - Seedly

Advertisement

Anonymous

13 Sep 2019

CPF

Should I top up my Mum's CPF to qualify her for CPF life minimum of 60K?

My mum is 57, her Retirement acc has around 30k. Since there is still 8 more years to do so, Should I top up her CPF monthly so that she will qualify for CPF LIFE of 60k minimum when she is 65?
Understand that CPF life gives payout for life,
If not the payout would depletes ones it deplete.

Discussion (3)

What are your thoughts?

Loh Tat Tian

Loh Tat Tian

13 Sep 2019

Level 11·Founder at PolicyWoke (We Buy Insurance Policies)

I am going contrarian thinking. But it depends whether you are looking to
(1) maximise value, or

(2) Insure for life-long income.

If you wish for (1), you have to understand that the payouts will run out at age 91, since she will be on the Retirement Sum Scheme.

But if she has CPF combined 60k, they are already earning 6%/5% interest, so it's also 1 way to ask yourself, do you want to use those interest to fund her too?

Speak to me for a detailed explanation as it will involve a long talk and strategic placement.

Eric Chia

Eric Chia

18 Jul 2019

Level 7·Senior Financial Consultant at Prudential

She may already have met the minimum $60k requirement. You may like to check if any money was withdrawn at 55yo to pay for cpf life premiums. By right half of the retirement sum should have been used by cpf at 55yo.

Otherwise, yes you can consider topping up cpf for your mom, you may also like to check the details on IRAS website there should be tax relief for doing so (if I remember right).

Elijah Lee

Elijah Lee

18 Jul 2019

Level 18·Independent Financial Advisor at Phillip Securities (Jurong East)

Yes, that is definitely an option. Help her to achieve a basic level of guaranteed lifetime income. ...

Read 1 other comments with a Seedly account

You will also enjoy exclusive benefits and get access to members only features.

Sign up or login with an email here

Write your thoughts

Advertisement