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I had $650,000 in my CPF in 2013 when we left Singapore. That is a lot of money in the country we currently live in, but just peanuts in Singapore. The money is barely enough to buy a luxury car. It is just barely enough to just make the down payment on a private condo.
Hi Josh, you mentioned current CPF annual salary ceiling is at 102K salary. Assuming I have hit this cap by December, but then I get an additional 2 months bonus. 1. Will the 2 months bonus be paid to me in full (meaning no more CPF deduction for Employees contribution), and 2. The Employer will no longer include and contribute Employers portion for the 2 months bonus, (or will the Employer still pay the contribution to me in cash?). 3. Is there no way to earn CPF contribution beyond the 102K salary cap? What if I have 2 employers? Appreciate your advice. Thanks.
Hi Ben, from my understanding 1) not enough info Note there is a monthly ceiling cap of $6800 now. Depends on whether u had mid year bonus 2) yes coz of yearly limit 3) cap is per employer. 2 jobs is only way to be more Hope it answers
Dear Josh, In relation to the topping up to MA for tax planning or retirement planning. what does this action will you consider & label as in terms of expenditure recprding? Do u put this under Needs, Wants or Investment? TIA.
i think you might want to set up a personal call with josh. everyone's situation is very different...but just off the top of my mind as im also in my 40s.. i can say 40s is stil considered young la. so gotta really ask yourself what is your risk appetite, how urgent you need money etc.
At around 2:00 of this video you said that if MA is “full” and SA also “full”, your CPF contribution will flow into OA. That’s also what I understood. Around Q3 last year, my SA amount reach the FRS but it still continue to receive more contribution. Any idea why? I thought it’s some new policy, until I watched this video.
How about those that just want to have cash instead of large sum in Retirement Acc. What is the amount one can withdraw at age 55yo? May be you can give examples for those reach BRS & FRS when one says reach $250k with $50k SA Cash Top Up? As SA Cash Top Up has a catch, it seems to be a separate Retirement Sum that one cannot touch at all and not form part of BRS and FRS amt. Thanks.
Technically SA top up is reserved and will flow to RA for CPF Life But OA transfer to SA and SA from employment can be withdrawn when FRS is met. Hope it clarifies
@@joshconsultancy Thank you for the clarifications. It means once SA Cash Top Up is done, this amt + compounded interest will never see the light until 65yo in the form of gradual monthly pay up.
No. That will be the RA for monthly payouts from 65. After 55, if you've FRS in RA (or BRS with property pledge), you are free to take out everything from SA and OA if tou want. Many will want to do SA shielding for the risk free 4% interest. Once you've missed the window after 55, then you can't do so anymore
@@Phonedumb I think for SA Cash Top Up, it is a different story, it is not part of BRS or FRS, you can withdraw excess of FRS or BRS @55yo but does not include this SA Cash Top Up + compounded interest. I suspect this sum is also not eligible for investment purpose, ie. can't do shielding too but this must check with CPF.
Hi, I’ve been a homemaker most of my life and have very little CPF. I’m 63 now and trying to top up my RA account… meanwhile do you think I should also top up my MA or just stick to topping up my RA to FRS ? Your videos on CPF has been very helpful. Thank you !
Erm, I don’t mean to point out the obvious, but the yellow color segment you pointed out has a much bigger range (e.g 100k) while the others show a diff of 20k. The 300k-400k segment is not the largest proportion of Singaporeans
Hi Josh. Let say I could top up $5k into my medisave before hitting the cap and this allows me to claim a tax relief of $5k. However the assessable income is still high and I still need to pay tax. Isn't it better just to channel my cash to pay tax directly?
43. In the yellow bracket 😅. By 50 might be in the 1m or more bracket 😅 OA in endowus invested in s&p500, SA just parked there FRS. MA topped up every year first day get tax relief. Dont buy a house unless its bto. Privileged to have a house from parents so invest OA to get 8% yoy.
Our system is no good compared to Europe’s system. Europe’s pension is paid monthly till death. That’s why they enjoy their retirement more than us. Ours have to work when the cpf retirement money is finished. So sad
Money lender 4% interest rates also based on monthly calculation, but the interest amount is much higher than cpf SA interest amount. If cpf is based on monthly then 100k will get 104000 on first month then second month will get 108160?
@@Longtermalwayswins Can you confirm it is calculated based on every month? As I have $100k in SA and interest per year is $4K+ and if based on monthly, then it will be much more isn't it?
@@joshconsultancyi think what the author meant is having more means wanting to have more, as current state "more" is insufficient to tame inner self to wanting more.
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Activate auto-sweep on Tiger Vault Reward for:
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• Special offer: Extra USD 30 Tesla fractional shares
*T&Cs apply. This advertisement has not been reviewed by the Monetary Authority of Singapore.
I had $650,000 in my CPF in 2013 when we left Singapore. That is a lot of money in the country we currently live in, but just peanuts in Singapore. The money is barely enough to buy a luxury car. It is just barely enough to just make the down payment on a private condo.
Hi Josh, you mentioned current CPF annual salary ceiling is at 102K salary. Assuming I have hit this cap by December, but then I get an additional 2 months bonus.
1. Will the 2 months bonus be paid to me in full (meaning no more CPF deduction for Employees contribution), and
2. The Employer will no longer include and contribute Employers portion for the 2 months bonus, (or will the Employer still pay the contribution to me in cash?).
3. Is there no way to earn CPF contribution beyond the 102K salary cap? What if I have 2 employers?
Appreciate your advice. Thanks.
Hi Ben, from my understanding
1) not enough info
Note there is a monthly ceiling cap of $6800 now. Depends on whether u had mid year bonus
2) yes coz of yearly limit
3) cap is per employer. 2 jobs is only way to be more
Hope it answers
Thanks so much. Had difficulty finding this info@@joshconsultancy
No more 4% in SA , gets closed n transfer to OA .
i aso have 220k in my OA..SHD i put all in TBILL?
Factually interest is higher.
But u decide because I don’t have full context to give advice on 👌🏻🙏
Dear Josh, In relation to the topping up to MA for tax planning or retirement planning. what does this action will you consider & label as in terms of expenditure recprding? Do u put this under Needs, Wants or Investment? TIA.
Hi there may be no best answer
I would put as expenses needs
What should be a investment strategy for 40s? ie. should i max out my FRS(ie. top up into SA) or use my funds to invest in dividend stock?
If tax rate is high, topping up to SA for tax relief is favourable
i think you might want to set up a personal call with josh. everyone's situation is very different...but just off the top of my mind as im also in my 40s.. i can say 40s is stil considered young la. so gotta really ask yourself what is your risk appetite, how urgent you need money etc.
At around 2:00 of this video you said that if MA is “full” and SA also “full”, your CPF contribution will flow into OA. That’s also what I understood. Around Q3 last year, my SA amount reach the FRS but it still continue to receive more contribution. Any idea why? I thought it’s some new policy, until I watched this video.
Hi, SA earned from employment will continue to flow in
Its only the interest and the surplus from medisave that will flow to OA
Hope it answers
@@joshconsultancy I see. Thanks for the explanation
SA interest will remain in SA. Only medisave interest that exceeds will go into OA.
How about those that just want to have cash instead of large sum in Retirement Acc. What is the amount one can withdraw at age 55yo? May be you can give examples for those reach BRS & FRS when one says reach $250k with $50k SA Cash Top Up? As SA Cash Top Up has a catch, it seems to be a separate Retirement Sum that one cannot touch at all and not form part of BRS and FRS amt. Thanks.
Technically SA top up is reserved and will flow to RA for CPF Life
But OA transfer to SA and SA from employment can be withdrawn when FRS is met. Hope it clarifies
@@joshconsultancy Thank you for the clarifications. It means once SA Cash Top Up is done, this amt + compounded interest will never see the light until 65yo in the form of gradual monthly pay up.
No. That will be the RA for monthly payouts from 65. After 55, if you've FRS in RA (or BRS with property pledge), you are free to take out everything from SA and OA if tou want. Many will want to do SA shielding for the risk free 4% interest. Once you've missed the window after 55, then you can't do so anymore
@@Phonedumb I think for SA Cash Top Up, it is a different story, it is not part of BRS or FRS, you can withdraw excess of FRS or BRS @55yo but does not include this SA Cash Top Up + compounded interest. I suspect this sum is also not eligible for investment purpose, ie. can't do shielding too but this must check with CPF.
Hi, I’ve been a homemaker most of my life and have very little CPF. I’m 63 now and trying to top up my RA account… meanwhile do you think I should also top up my MA or just stick to topping up my RA to FRS ? Your videos on CPF has been very helpful. Thank you !
Erm, I don’t mean to point out the obvious, but the yellow color segment you pointed out has a much bigger range (e.g 100k) while the others show a diff of 20k. The 300k-400k segment is not the largest proportion of Singaporeans
Valid point
Uncle Josh, are you familiar with TV show Billions? Bobby Axlrod?
Not familiar. Maybe not old enough haha?
Hi Josh. Let say I could top up $5k into my medisave before hitting the cap and this allows me to claim a tax relief of $5k. However the assessable income is still high and I still need to pay tax. Isn't it better just to channel my cash to pay tax directly?
Money topped up into cpf that qualifies for tax relief is still your money. Buy money paid as taxes is gone
If I top up CPF in 2024, does it qualify as income tax relief for 2023?
No doesn’t. Has to be before 31/12/23
I thought topping up at the start of the year would be better ? Higher interest compared to topping up end of the year
Topic up at start yes will get full year calculation of interest
But I’m moving capital to investing. Hope it answers 👌🏻👍
I top up my MA on 2nd of Jan.
nicely done!
43. In the yellow bracket 😅. By 50 might be in the 1m or more bracket 😅
OA in endowus invested in s&p500, SA just parked there FRS. MA topped up every year first day get tax relief. Dont buy a house unless its bto. Privileged to have a house from parents so invest OA to get 8% yoy.
Good journey 👍
If you already have a property good enough this 250k in cpf. Unless no have then is bad
IF if have a property, only have $50k in CPF (did not touch cpf for house), but have $500k in cash is it still bad?
im 40 i only have 30k in CPF will never top up all my money are in other investment
only money in your ATM or piggy bank is your touchable money.CPF $ must wait long long.aka TAN KU KU
Just curious, what’s your main broker?
I use one for buy and keep into CDP account and a few for trading one of which is TIGER
Our system is no good compared to Europe’s system. Europe’s pension is paid monthly till death. That’s why they enjoy their retirement more than us. Ours have to work when the cpf retirement money is finished. So sad
That’s why their taxes so high and unsustainable 😬
Josh. I thought u sold off your hdb. Most money should have go back to your ordinary account. Why only $45k?
Yes did. Previously it was mainly cash and wife OA.
The compounding rate to millionaire cannot even beat inflation rate 😅 Maybe by then buy HDB 5 rooms need at least 3 million minimum.
Inflation is dropping not as the same as 2022. Property prices also go in cycles dont worry
45 years old. CPF total 213K. Low salary = low CPF.
Dont worry on it too much, keep building for your retirement however best you can
I thought cpf interest calculation is based on per annum and not monthly.
Month to month figure is tabulated and paid 31dec
Interest is accumulated every mth and calculated annually. Base of SA is updated monthly to get the latest monthly accrued interest
Money lender 4% interest rates also based on monthly calculation, but the interest amount is much higher than cpf SA interest amount. If cpf is based on monthly then 100k will get 104000 on first month then second month will get 108160?
per annum not per month la@@stiwrc2002
@@Longtermalwayswins Can you confirm it is calculated based on every month? As I have $100k in SA and interest per year is $4K+ and if based on monthly, then it will be much more isn't it?
I started work late at 33 years old and I work in a low salary job
So now 40 years old I have only $100 thousand
Find long term ways to build up income gradually and keep building for your retirement however best you can
Hi, how to attend yr class? @joshconsultancy
Envy .. in my eye u r rich , i only hv 100k in my RA account 🙃
Everybody has their own path. Do the best to stretch your retirement dollars k =)
The more u hv the more u want the more unhappy u are 🥸
No la, it’s just the “more you want”
Not too much to do with more you have
Its human nature la 🫰
@@joshconsultancyi think what the author meant is having more means wanting to have more, as current state "more" is insufficient to tame inner self to wanting more.