Anonymous

20 Apr 2020

∙

My mum is 70 y/o this year and still working. At her age, is it still advisable to do TOP-up to her cpf account? Separately, what can I do TOP up to her Medisave account?

Should I be topping up her CPF account? What's the best way to go about helping her retirement?

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Loh Tat Tian

20 Apr 2020

Founder at PolicyWoke (We Buy Insurance Policies)

I think this is a fairly complex manner but let's make it step by step.

(1) How much does your mum need per month?

(2) How much would cpf payout to cover that?

(3) How much more do you need to give out?

After that, determine how much can be given in cash and how much can be used to top up her account.

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For CPF, after age 55, can top-up any amount in SA account to earn the 4% interest rate, eg $50k? And afterwhich can withdraw any amount anytime? Or have to top-up just below age 55?

If my parent age 63 y/o as of year 2024 have yet to reach the BRS in their retirement account and they have yet to reach their BHS in MediSave account which one should they TopUp?

My mum is reaching 55 years old soon. Will she be forced to withdraw her CPF? If not, can she choose to leave it in the CPF account and let it compound over time till old age?

Does CPF's Annual Limit for voluntary top-ups (i.e. $37,740 cap) work on a 12-month rolling basis or does it reset at a certain time (e.g calendar or financial year)?

At what age should I start to top up my CPF account? Should I start now or work on investing those money first?

Related Posts

For CPF, after age 55, can top-up any amount in SA account to earn the 4% interest rate, eg $50k? And afterwhich can withdraw any amount anytime? Or have to top-up just below age 55?

If my parent age 63 y/o as of year 2024 have yet to reach the BRS in their retirement account and they have yet to reach their BHS in MediSave account which one should they TopUp?

My mum is reaching 55 years old soon. Will she be forced to withdraw her CPF? If not, can she choose to leave it in the CPF account and let it compound over time till old age?

Does CPF's Annual Limit for voluntary top-ups (i.e. $37,740 cap) work on a 12-month rolling basis or does it reset at a certain time (e.g calendar or financial year)?

At what age should I start to top up my CPF account? Should I start now or work on investing those money first?