Asked by Anonymous

Should I do voluntary contribution to all my 3 accounts CPF even though I will use the OA for payment of BTO in the future?

0
0
Share this
Answer this question
Add
Add
Select
Clear
Add
Write your answer

Answers (2)

Sort by:
Most Upvote
  • Most Recent
  • Most Upvote
    • Loo Cheng Chuan, Founder at 1M65 Movement

      Top Contributor (Nov)

      63 Answers, 183 Upvotes
      Answered on 04 Nov 2018

      Good answer from Chang. Just to add on: I would just do enough to meet My goal for 1M65 in SA/MA. But a HDB flat down payment is important. So make sure you have enough for that first, either in cash or CPF.

      Comments (0)
      5
      0
      Share this
    • Yixiong Chang

      Top Contributor (Nov)

      146 Answers, 186 Upvotes
      Answered on 04 Nov 2018

      What is the purpose u are trying to achieve?

      No, I wouldnt recommend doing that. As contribution this way, you will not receive tax relief (unless u are self-employed). If your purpose is to take advantage of the extra 1% rate return for the first $60k balance or for retirement planning, you will need to topup to the special account only. It is called the "retirement sum topping up scheme".

      Do chat me up if you would like to discuss more.

      Comments (0)
      1
      0
      Share this

Manage your money for free today!

Download on the App StoreGet it on Google Play
  • Quick overview
    Quick overview of your bank and card transactions.
  • Secure syncing
    Secure syncing of your bank or credit cards transactions
  • Automatic categorization
    Automatic categorization and analysis for your expenses
Seedly app