I am 54 years old. If my son tops up my CPF this year, will I be able to withdraw it next year beyond the BRS. And possible to use CPF as a fixed deposit yearly plan to earn interest after 55? - Seedly
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Anonymous

Asked on 28 Oct 2018

I am 54 years old. If my son tops up my CPF this year, will I be able to withdraw it next year beyond the BRS. And possible to use CPF as a fixed deposit yearly plan to earn interest after 55?

I heard some friends doing this but wonder whether this is possible?

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The top ups in SA will form the first batch of funds moving to RA.

Only monies after that plus doing a property pledge will you then be able to withdraw above the BRS.

Any monies left in OA and SA after setting aside your RA is then fully liquid.

But you cannot top up your SA after 55. Only OA. You can treat it as a 2.5% interest savings account.

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Lee Jiahui
Lee Jiahui
Level 6. Master
Updated on 07 Jun 2019

Can withdraw beyond BRS? No, cash withdrawal only allowed if you have FRS. BRS and property pledge are only for those who don't have FRS.

Can treat as fixed deposit? Yes, up to 37k/yr contribution, if MA not max, some goes to MA, then not all 37k will go into OA. If there is balance to do repayment for money used for property and accrued interest, then that's the upper end of contribution limit. However, once withdrawn, you can't deposit the cash back as a savings account.

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Loh Tat Tian
Loh Tat Tian

28 Oct 2018

What about if you done VC? How will it be treated?
Lee Jiahui
Lee Jiahui

28 Oct 2018

The VC under RSTU is earmarked for RA which shouldn't matter because VC isnt allowed after FRS is reached. It's just to prevent ppl withdrawing VC money and using property as pledge. https://www.cpf.gov.sg/eSvc/Web/Schemes/TopUpSpecialAccount/SpecialAccountLandingPage
Loh Tat Tian
Loh Tat Tian, Complex Manager at Ocean Ifm Pte Ltd
Level 8. Wizard
Updated on 28 Oct 2018

Short answer. No

Yes, if you done voluntary contribution.

1) The amount is dependent on your FRS.

RSTU (retirement top up scheme) is for your FRS. BRS cannot be used to calculate for this amount. Hence this hack does not apply. Only apply if it is above FRS. Or you just nice have a FRS - 7000. So the amount of money in CPF SA/OA (if you are still working) can be drawn out.

As a fixed deposit interest, yes. Voluntary Contribution can be done (but if your MA has not maxed, it will get stuck in MA)

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