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Legendary

02 Aug 2023

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Transfer OA to SA

I am 42 years and i have outstanding HDB loan of 250k. I have 120k in OA and 110k in SA. Do you think it is good to transfer from OA to SA to reach FRS? I caculated that the compounded interests is pretty high that i can draw for excess from FRS at 55 years. Like to hear some advices here. thanks

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Mel's Mum

24 Aug 2023

I wouldn't transfer all to reach FRS in one shot but rather maybe progressively.. since u have excess OA why not use to pay the housing loan first? Like many had shared, the money in SA can only be withdrawn at a certain age and only by monthly basis.. if u have other use for OA eg hdb loan.. best to keep some for rainy season

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Calvin

14 Aug 2023

Depends on if u have any use for OA - eg. housing loan which u still have, or for education or even investment (CPFIS) and insurance.

Unless you are confident of continue to work and the CPF (OA) deposited can cover these needs.

FYI, once you hit FRS, cannot top up using cash to claim for tax relief.

Also, you can use OA for investment like T-bills where the interest rate is not too bad as compared to SA 4%.

Finally the transfer is irreversible so consider carefully.

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Han Jinyuan Larry

09 Aug 2023

SwimSafer 2.0 Instructor & Assessor at SWIMWITHUS

Don’t transfer OA to SA

Cash top up SA for dollar for dollar tax deduction

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Javier Tan Yan Kai

09 Aug 2023

Actuarial Analyst at AIA

See how risk averse you are and ur liquidity needs

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Zion Poh

09 Aug 2023

No bad idea. utilised it for other usage...

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should i transfer my OA to SA to quickly hit the minimum so that whatever overflows from SA and MA will go into OA for my second property? I have hit my MA recently and my OA + SA is around 100k

I am currently transferring OA to SA regularly. OA 20k, SA 13k. When should I stop and allow OA to accumulate? Upon reaching 60k mark? (Meaning SA 40k)?

Whats your thoughts on transferring from OA to SA to let SA compound vs don't transfer but top up 7k to SA per year to enjoy tax relief 7% till FRS. Which option has more value?

If I am confident of finding future mortgage payments (in 3-4 years’ time) from my monthly income/savings, should I do a full OA to SA transfer now and continuously empty my OA balance into SA?

I am already 55, and have done my CPF ERS. Since I am still working and have contributions to my CPF SA and OA, may I know can I still transfer my CPF from OA to SA to earn higher interest rate?

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?

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