Personal Finance
Transferred $20,000 from CPF OA to SA for Oct 2020
By CompoundingDividendxDividend  •  October 2, 2020
I transferred $20,000 from my OA to SA account today. In total, I had transferred $72,000 since 2017. i) $10,000 in Jan 2017 (Link) ii) $10,000 in Feb 2018 (Link) iii) $5,000 in Apr 2018 (Link) iv) $10,000 in Apr 2019 (Link) v) $17,000 in Apr 2020 (Link) vi) $20,000 in Oct 2020 The objective of doing these transfer is to meet Full Retirement Sum (FRS) as early as possible so that I do not have to worry about the yearly increasing amount to FRS. Based on past statistic, the yearly increasing amount is less than 4% which CPF SA interest % will be able to cover this even I no longer working the moment I were to hit the FRS amount in any year (Tips #15 & #16 in Link). To escalate the process of hitting FRS, I also started to do Retirement Sum Topping-up (RSTU) this year. Target to top up $7,000 cash into CPF SA by end of the year, so that I can enjoy tax relief for this action too....
Read the full article
By CompoundingDividendxDividend
LEAVE A COMMENT
LEAVE A COMMENT

Your email address will not be published.

*

Your Email Address will not be published
*

3 Comments

3 responses to “Transferred $20,000 from CPF OA to SA for Oct 2020”

  1. Anonymous says:

    1

  2. Anonymous says:

    0.5

  3. Anonymous says:

    4.5

Leave a Reply

Your email address will not be published.

Read More Articles
More from thefinance
%d bloggers like this: