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Every Singaporean's contribution till 55 and beyond

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Fresh Graduates

CPF

Insurance

Term Life Insurance

Should I determine how much I should spend on insurance based on my take home salary before or after CPF deductions?
Hi Anon, I would suggest before. Because even if I'm ill and cannot work, I may still want to continue contributing to CPF to make payments for the home, save for retirement, etc. If I'm dead, then it was money that was meant to be there if I was alive. It is part of my income and we plan our entire lives around our income. The food we eat, the clothes we wear, and the house that we live in is all based on our total income.
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CPF

Is it true that amount top up to CPF cannot be withdrawn? https://valuewarrior.blogspot.com/2020/03/you-cannot-withdraw-interest-earned.html?
Yes. RSTU monies are reserved fully for RA Account and eventually CPF Life. So you'll only get it as a form of annuity for life. Only Mandatory Contributed or Voluntary Contributed monies and its interest above FRS or BRS with property pledge can be withdrawn as a lumpsum from the balance in SA and OA after 55.
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COVID-19

Savings

Savings Accounts

Stocks Discussion

Investments

Career

CPF

Robo-Advisors

Hello SEEDLY! I've been working FULL TIME for 5 years, saved all my money in banks (DBS & UOB & OCBC) until recently all the interest rates keep dropping.?
JC
JC
Level 5. Genius
Updated 1d ago
You may want to consider elastiq, capital and interest (1.8%) guaranteed. Flexible withdrawal after day 91. Am personally using it. https://www.tiq.com.sg/product/universal-life-insurance-elastiq/ If you want a higher interest rate, you may also consider Stashaway Simple or EndowUS Core or Enhanced where they invest in MMF. However, it's not capital guaranteed and interest rates are only projected.
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Savings

Investments

CPF IS

CPF

Savings Accounts

DBS

How can I return my CPF investment account money back to my CPF from DBS?
Hi Jiajing, You can give a call to the bank to 'force' a move back to OA. If there is no activity in your CPF OA Investment account with the bank, then it is usually moved back to CPF within 30 days. But you might not want to wait that long.
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CPF

How much should I leave in OA for housing needs, while transferring the rest to SA for higher interest?
Hi anon, This is a rather broad question as we don't know the full specifics of your situation, but generally I would keep at least the first $20K in OA to earn the extra 1% interest if I can. On top of that, if the downpayment is already paid, then one should ensure that one has at least 12 - 18 months of housing installments in OA in the event one loses their job, so that the OA can continue to sustain the mortgage and you won't have to dip into your cash reserves while looking for another job. If you are thinking of preparing for a downpayment, then I'd suggest that you calculate how much you need, and add a buffer as there are other fees like legal fees and such which can be paid by CPF as well.
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Fresh Graduates

Insurance

AIA

AVIVA MyWholeLifePlan

Singlife Insurance

Great Eastern SupremeHealth

FWD Term Life Insurance

MoneyOwl

AXA Life Insurance

Prudential PRUshield Health Insurance

Raffles Health Insurance Raffles Shield

CPF

What is the absolute minimum I should spend on insurance?
YT
YT
Top Contributor

Top Contributor (Jun)

Level 9. God of Wisdom
Updated 3d ago
Insurance is all about yourself (and your family) so it depends on circumstances. If you are single with no dependents then there's no need for death coverage. In contrast, if you have children or own a business or have depedants, then you should have life insurance. Premiums also depend on your gender, age and pre-existing conditions if any. There is no one-size-fit-all sum that will work for everyone. A rough guide would be to not spend more than 10-20% of your annual income on insurance premiums. I strongly suggest for you to discuss with a few advisors to seek different professional opinions based on your financial background and needs.
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Endowus

ETF

S&P 500 Index

Robo-Advisors

CPF

Investments

Retirement

Stocks Discussion

FSMOne Fundsupermart

Apart from one being an ETF and the other being an index fund, how else is VUSA different from VANUIVI (Vanguard U.S. 500 Stock Index Fund, which Endowus' CPF-enabled Lion Global Infinity feeds into)?
Shengshi Chiam, CFA
Shengshi Chiam, CFA, Personal Finance Lead at Endowus
Level 7. Grand Master
Answered on 04 May 2020
You cannot directly buy into the Vanguard U.S. 500 Stock Index Fund, which is a unit trust domiciled in UK, as a Singapore based investor. Americans have very very different considerations from Singaporeans. Unit trusts or mutual funds are in fact more popular than ETFs in US because US ETFs have to give out dividends (for dividend withholding tax purposes), whereas mutual funds are allowed to reinvest dividends from the fund manager.
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CPF

CPF SA

Retirement

I will reach 55 next March 2021 and I'm thinking of parking my CPF SA before ERS is being created. Besides Singapore T-bills, what are the funds available that has low risks for such shield?
Hi Richard, You may look at UOB United SGD fund. The fund is generally stable and has extremely low volaitility. You'll want to park your money around 2 weeks before you turn 55, and then sell off after that. Given the timeframe involved, chances are that you principal should generally remain intact, and will probably have a drawdown of less than one percent in a worst case scenario. One of the problems of buying SGS or T bills is the liquidity. You may not be able to buy the amount you desire at the price you desire, or sell at the price you want. This problem does not exist with Unit Trusts as long as the fund is open ended. You also won't have to pay a sales charge if you buy on the right platform. With SGS or T bills, you'll definitely have to pay brokerage.
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CPF

Retirement

CPF SA

Family

My parents (age 54/58) used to be self-employed, currently semi-retired. Their CPF OA/SA/RA has only 2-3k inside though their medisave has about 40-50k. What happens to the monies when they reach 65?
Hi anon, Are you referring to the medisave monies? Monies in MA can't be taken out, and will stay in the account, with deductions occuring for eldershield, medishield life and any other medical related costs that are approved for deduction from MA. The interest earned is at 4% and any excess interest over the current basic healthcare sum (BHS) of $60K will be credited to the SA instead. Do note that the BHS will be reviewed yearly. The first $5K of monies in OA and SA can be taken out after 55. The rest will go to RA, and can't be taken out.
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CPF

Savings

SeedlyTV S2E08

Loo said that when you're young, there's no need to show off. Do you agree? And if you have a kid, will you choose to use a $1 diaper or a zero cost napkin to wrap around your kid?
Sudhan
Sudhan
Level 6. Master
Answered 5d ago
Hello Clara, I agree with Loo that there's no need to show off. There's no point on being asset-rich but cash-poor. On the point about diapers, while there's the option of the cheaper napkin, we have to weigh the pros and cons of it too. Using napkins may mean more time spent on cleaning the baby plus napkin. I would go for value-for-money diapers that takes into account comfort for baby, diaper rash possibility, etc. I can't believe we are having a convo about diapers, but that's the beauty of this forum!
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