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....
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