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Anonymous

09 Mar 2020

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When to set aside BRS, FRS? 55 or payout age?

Hi, for BRS of $90,500, this amount is assessed when u turn 55 or 6 months before payout age?

I notice that for the $60,000 mark, it says 6 months before payout age

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Geraldo L.

09 Mar 2020

If you turn 55 between 1 Jan 2013 to 31 Dec 2015, CPF Life is determined by either (1) setting aside $40k in your retirement account at age 55 or (2) $60k in your retirement account when you reach payout eligibility age. For those turning 55 on or after 1 Jan 2016, BRS is set aside when you reach the age of 55.

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Hariz Arthur Maloy

04 Mar 2020

Independent Financial Advisor at Promiseland Independent

Setting aside FRS or BRS is at age 55 when RA is created.

The 60k minimum is to pay CPF Life premiums at 65.

So when you set aside the retirement sum at 55, it earns interest until you need to make CPF Life premiums payments at 65.

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After setting aside the FRS, does withdrawal from CPF (from age 55 onwards) incurred income tax?

Will the BRS (basic retirement sum) and FRS (full retirement sum) keep increasing as we age and hit the 55 year old mark? What will be a good number to predict?

At age 55, after setting aside the desired retirement sum, and with $300k in SA at ~4% int p.a., will this mean $1k/month for living expenses?

If I top up my spouse account up to FRS from 20 K , At her age 55 Can she choose to select BRS with property pledge and remaining money in SA account.?

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