Phantom 1 Report post Posted January 21, 2008 Zirhk,RA - Retirement Account.OA/SA .. all merged into one account. Share this post Link to post Share on other sites
zirhk3355 1 Report post Posted January 21, 2008 Zirhk,RA - Retirement Account.OA/SA .. all merged into one account.??Since when did that happen?? Really couldn't care less abt my almost non-existence CPF account; just make sure I wipe it clean clean for my mortgage and investment! Share this post Link to post Share on other sites
Phantom 1 Report post Posted January 21, 2008 ??Since when did that happen?? Really couldn't care less abt my almost non-existence CPF account; just make sure I wipe it clean clean for my mortgage and investment! lol.. all along. after the "retirement" accounts are closed and merged into one. check your friendly www.cpf.gov.sg website for more details. Share this post Link to post Share on other sites
zirhk3355 1 Report post Posted January 21, 2008 Oh its just dawned on me; is it the SRS account we are talking about here?But I dun understand about the merging part; you mean now there is no more ordinary account or special account, but both merged together as one? So what is it called?I just check yesterday I still got two accounts leh...? Share this post Link to post Share on other sites
Phantom 1 Report post Posted January 21, 2008 Oh its just dawned on me; is it the SRS account we are talking about here?But I dun understand about the merging part; you mean now there is no more ordinary account or special account, but both merged together as one? So what is it called?I just check yesterday I still got two accounts leh...?Dude, you are still young. Nope not the SRS account.Retirement Account (RA) .. its a combination of the OA/SA all merged after 55. (if i'm not wrong) Share this post Link to post Share on other sites
zirhk3355 1 Report post Posted January 21, 2008 Dude, you are still young. Nope not the SRS account.Retirement Account (RA) .. its a combination of the OA/SA all merged after 55. (if i'm not wrong)Ohh, after 55! Haha...okok I get it... Share this post Link to post Share on other sites
tweetie76 0 Report post Posted January 22, 2008 (edited) Ohh, after 55! Haha...okok I get it... Yalor, RA is after 55 ..just not sure RA funds can be used to purchased flat or not? Edited January 22, 2008 by tweetie76 Share this post Link to post Share on other sites
zirhk3355 1 Report post Posted January 22, 2008 Ok, read up the website and educate myself about our wonderful CPF system liao. Actually I had always known this as the 'minimum sum scheme' instead of RA.Q: What is the Retirement Account? A: The Retirement Account is for your old age. When you reach 55, you will need to set aside your Minimum Sum, using the savings in your Special and Ordinary Accounts, in the Retirement Account. You can then withdraw the rest of the savings in your Ordinary and Special Accounts in one lump sum.Yalor, RA is after 55 ..just not sure RA funds can be used to purchased flat or not? The answer, apparently, is no.http://mycpf.cpf.gov.sg/CPF/my-Cpf/reach-55/Reach55-3.htmOur great govt is telling you, the minimum sum is for your life annuity plan, ie receiving monthly payouts from 62 yrs old onwards. It cannot be use for anything else.But what about a roof over my head?? Oops, we haven't thought about that yet...erm, for now, you 'ji kei bou zhong' first lah! Share this post Link to post Share on other sites
tweetie76 0 Report post Posted January 22, 2008 (edited) Ok, read up the website and educate myself about our wonderful CPF system liao. Actually I had always known this as the 'minimum sum scheme' instead of RA.Q: What is the Retirement Account? A: The Retirement Account is for your old age. When you reach 55, you will need to set aside your Minimum Sum, using the savings in your Special and Ordinary Accounts, in the Retirement Account. You can then withdraw the rest of the savings in your Ordinary and Special Accounts in one lump sum.The answer, apparently, is no.http://mycpf.cpf.gov.sg/CPF/my-Cpf/reach-55/Reach55-3.htmOur great govt is telling you, the minimum sum is for your life annuity plan, ie receiving monthly payouts from 62 yrs old onwards. It cannot be use for anything else.But what about a roof over my head?? Oops, we haven't thought about that yet...erm, for now, you 'ji kei bou zhong' first lah! so sad hor , cannot take loan, cannot use CPF $$ (RA)...but i thot if u never pledge under MSS, then shd be able to use the RA funds right? I think this MSS was implemented in 1997 or 8~ Then how abt studio apartment? What are the condition to buy ? Looks like there is no other way to buy liao~ Edited January 22, 2008 by tweetie76 Share this post Link to post Share on other sites
zirhk3355 1 Report post Posted January 22, 2008 so sad hor , cannot take loan, cannot use CPF $$ (RA)...but i thot if u never pledge under MSS, then shd be able to use the RA funds right? I think this MSS was implemented in 1997 or 8~ Then how abt studio apartment? What are the condition to buy ? Looks like there is no other way to buy liao~ You have to pledge your house under MSS if your account is insufficient. You do not have a choice, unless you got enough money in your CPF. Its goes like this:Eg OA - $40k, SA - $20K, total only $60K, but MSS requirement is $94K (think its higher now...?). So, first thing first, the govt locked in that $60K, then if you have a flat/house, it will be force-pledged for the remaining value of ($94K - $60K) $34K.This means that you don't sell the flat you got no problem; but the moment you sell, you got to return the CPF + accrued interest owed back to your OA, right? Ah ha! At this point the govt will swing in and 'kop' $34K from it and locked in as well. What if you do not have $34K? Then they will just take whatever is available and leave you with nothing.Only after they had satisfactorily taken all the money they want from you, then they will let you use whatever pathetic amount is left for your lump sum withdrawal or to buy another flat.For studio apt, no loan at all. Either cash or whatever useable CPF you have left. Like mentioned, RA is not considered 'useable' CPF. Share this post Link to post Share on other sites
tweetie76 0 Report post Posted January 23, 2008 (edited) You have to pledge your house under MSS if your account is insufficient. You do not have a choice, unless you got enough money in your CPF. Its goes like this:Eg OA - $40k, SA - $20K, total only $60K, but MSS requirement is $94K (think its higher now...?). So, first thing first, the govt locked in that $60K, then if you have a flat/house, it will be force-pledged for the remaining value of ($94K - $60K) $34K.This means that you don't sell the flat you got no problem; but the moment you sell, you got to return the CPF + accrued interest owed back to your OA, right? Ah ha! At this point the govt will swing in and 'kop' $34K from it and locked in as well. What if you do not have $34K? Then they will just take whatever is available and leave you with nothing.Only after they had satisfactorily taken all the money they want from you, then they will let you use whatever pathetic amount is left for your lump sum withdrawal or to buy another flat.For studio apt, no loan at all. Either cash or whatever useable CPF you have left. Like mentioned, RA is not considered 'useable' CPF. ohoo,like that jialat.... that means they cannot buy flat lor..but we did a check with HDB 2yr ago, they mention that she need not top up MSS as it was implemented for those who are 62 at yr 199x..so i don't think is a force pledge lor..so vex with this housing arrangement..parents are not worry that they hv no house, their elder son don't allow them to stay ..they are also alright.. Edited January 23, 2008 by tweetie76 Share this post Link to post Share on other sites
zirhk3355 1 Report post Posted January 23, 2008 ohoo,like that jialat.... that means they cannot buy flat lor..but we did a check with HDB 2yr ago, they mention that she need not top up MSS as it was implemented for those who are 62 at yr 199x..so i don't think is a force pledge lor..so vex with this housing arrangement..parents are not worry that they hv no house, their elder son don't allow them to stay ..they are also alright..Oh ya, its only force-pledge for those who are below 62 after the implementation date... Erm, dun understand the "parents-no-house" and "elder son don't allow them to stay" part...?? Share this post Link to post Share on other sites
tweetie76 0 Report post Posted January 23, 2008 Oh ya, its only force-pledge for those who are below 62 after the implementation date... Erm, dun understand the "parents-no-house" and "elder son don't allow them to stay" part...?? so the mother only has to pay back the amt she used for the grandma's flat..the funds will be top up to her RA account..err, complicated family problem..actually i am referring to my pil not parents, they has 2 sons..both son has own hse....but the elder son's hse is forbidden lor..cos his wife dun allowed PIL to stay w them so we hv no choice but to let them stay..but for us is that we feel the finanicial pinch, so we thot of downgrading ..but duno where will they stay lor..i am the dil who wants to move out too.. Share this post Link to post Share on other sites
applefreak 1 Report post Posted January 23, 2008 how about getting the elder son to contribute towards a studio apartment for them?around $80k for the studio so if they pay a little and both sons pay a little can liao right? Share this post Link to post Share on other sites
tweetie76 0 Report post Posted January 23, 2008 how about getting the elder son to contribute towards a studio apartment for them?around $80k for the studio so if they pay a little and both sons pay a little can liao right? hi applefreak$80K CASH is alot of money..we don't have much money left..our house is finance by CPF mah..if they hv money. they wont be homeless now..i really don't think anybody can help me solve this problem..till the day i !! Share this post Link to post Share on other sites
