I hit CPF Full Retirement Sum again in 2023
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- Опубликовано: 8 сен 2024
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Disclaimer: Information provided in the video are not meant to be taken as professional financial advice and are strictly for entertainment purposes only. The content shared is based on the creator’s personal experience and results may vary from each individual’s personal finance situation i.e. DYOR
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For MA Interest
- Because my MA was already maxed at 2022 BHS @ $66,000, and also FRS in SA, MA interest will flow to OA
- If your SA is not at FRS yet, while you already have BHS, the MA interest will flow to SA, just like normal employment contributions
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For SA interest
- Credited to SA, despite it being FRS
- Cannot do Retirement Sum Top-Up anymore, so no more tax relief opportunity with SA
- 2023 Full Retirement Sum (FRS) is now $198,800 (+$6,800)
- SA interest coupled with employment SA contributions more than covered the FRS increase
- Even without employment contributions will have hit anyway, power of early FRS
2023 CPF Strategy walkthrough
- VCMA $2500 to BHS $68,500
Conclusion
- CPF forms a retirement safety net, so you can explore other riskier activities like investments or business
- Important for Ikigai or Financial Independence Retire Early as well
- 1 year anniversary since hitting Full Retirement Sum at 30 last year
- How much do you have in CPF balances
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