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Thanks Chris, i met FRS in SA on 31 Dec 2023; its later than you but a milestone for me. After watching this video, I transferred $3000 to my MA this morning. 😊

@HoneyMoneySG

7 ай бұрын

Nice work!

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

Do you have a video on using the Medisave account to buy insurance products? I am interested in hospitalization and related insurance that can be bought using the MA.

Thanks Chris, interested to see how yr Endowus portfolios are doing as well 🤑

Hi, so now that you have completed the FRS, how much do you think you will have in cpf ma/RA by the time you are 65? And how much will be your expected cpf life payout per month then?

Hi Christ, thanks for such a clear video. If we reach FRS via RSTU (not via manadatory contribution), will the additional MA flow to OA or SA?

@HoneyMoneySG

7 ай бұрын

Same treatment regardless of mandatory or voluntary. Flow to SA (if FRS not met), Flow to OA (when FRS in SA is met)

I don't think you should worry much about catching up with future FRS. The interest you earn in your SA every year should more or less increase your total SA amount yearly to keep in pace with any increases in FRS every year.

Cpf is weak when it comes to promoting their system. Glad that Chris made the videos for easy understanding to the sg and pr.

@HoneyMoneySG

7 ай бұрын

Thank you for the consistent support!

Hi would like to clarify if special account has met FRS . Will my monthly cpf contribution still allocate to special account ? Or will go to OA and MA only ?

Hi Chris, dont mind, how young are you? :D

Excellent sharing, thanks.

@HoneyMoneySG

7 ай бұрын

You're welcome!

May I know what are the perks of reaching FRS and BHS respectively, especially when they will keep increasing annually?

@HoneyMoneySG

6 ай бұрын

Here is the video" kzread.info/dash/bejne/a66Jj9Bqg7zNorw.htmlsi=rbdByDxy0iyx-bWk

i like your background very beautfiul. I can see the raindrop falling.

What happens after the SA amount hits ERS? Does the mandatory contribution for SA goes to OA (assuming MA is at BHS limit)? Or it continues to build beyond the ERS amount?

@HoneyMoneySG

7 ай бұрын

I'm not at ERS so unsure, but I would assume it will continue to increase SA

I'm not able to top-up my MA as it's at 68,500. My age just cross 66yo. Is that reason why I can't do VCMA?

@HoneyMoneySG

7 ай бұрын

Yes, BHS is fixed once you turn 65

I was a non-believer. Now i'm the opposite and I really wish i was not misled by so much misinformation in my younger days.

@HoneyMoneySG

7 ай бұрын

This is what I have observed from many as well!

I like to ask if we already hit FRS, by voluntary 3k contribution to Medisave account, are we eligible for tax relief still?

@HoneyMoneySG

7 ай бұрын

Yes

@hex6593

6 ай бұрын

@@HoneyMoneySGif we had used medisave for some surgery last year, so now have less than $68,500, does it mean we can top up even more to reach $71,500 and get more tax relief? Of course tax relief for self top up capped at $8k. Have reached FRS in SA also. Thanks!

@HoneyMoneySG

6 ай бұрын

@@hex6593 Yes

I also hit every year. Plus, I own a condo near East Coast + $380K in stocks at age 36

Hey Chris, What is the voluntary top-up limit to my MediSave Account?

@HoneyMoneySG

Ай бұрын

Up to the Basic Healthcare Sum. But tax relief limit up to $8000 for self

@KoshilanKoshTV

Ай бұрын

@@HoneyMoneySG thank you 🙏🏾

@KoshilanKoshTV

Ай бұрын

@@HoneyMoneySG Thank you. One more question so once MA up to BHS. The surplus will flow to SA first before my SA max correct ? Once SA also full, MA hit BHS than will flow to OA. Correct me if I am wrong

@HoneyMoneySG

Ай бұрын

Yes

Do you mind to share how did you top up SA until this amt at such as young age? Just hook all your salary all in? Hahaha

@HoneyMoneySG

7 ай бұрын

A combination of Top-ups + Supercharge after BHS is met.

@KimberlyNing

7 ай бұрын

@@HoneyMoneySG thanks. By the way, for the OA to be transferred to SA, need to keep min 20k in OA or not? Or can lump sum of OA go into SA?

@HoneyMoneySG

7 ай бұрын

No need. Can be fully transferred to SA

hi chris, i did the $3k top up already. for rstu do i do only $5k for tax relief or $8k ?

@TimothyTeo

7 ай бұрын

5k only. total for MA + SA top up for tax relief is 8k per year.

@Ivan-nv6qg

7 ай бұрын

@@TimothyTeo thanks man

@socketheadscrew707

7 ай бұрын

@@TimothyTeowhat’s the difference between topping up to MA $3k & SA $5k vs straight top up $8k to SA?

@HoneyMoneySG

7 ай бұрын

Correct 5K RSTU after $3K VCMA reaching BHS

@randomterror7

7 ай бұрын

@@socketheadscrew707 no difference between both for tax deductibility. Some people may not be able to do $8k to SA because they have already met the FRS sum for that year. Topping up MA allows you to use the fund for certain hospital bills and insurance. In contrast, you won’t be able to utilize the excess funds in SA until you are 55 year old in most circumstances.

Why did you take only 23% for the calculation of OA instead of 37%

@randomterror7

7 ай бұрын

Because 6% SA and 8% MA?

@HoneyMoneySG

7 ай бұрын

OA: 23%, SA 6%, MA 8% for those below 35, total 37%

Best safety net

@HoneyMoneySG

7 ай бұрын

Indeed!

Got it

0:30 aiyo, why you mention in the video lah....😅

@HoneyMoneySG

7 ай бұрын

More awareness, less kanchiong

Does BHS top up be included in the total contribution of 37700 for cpf?

@HoneyMoneySG

5 ай бұрын

no

Why should the CPF board sponsor you? lmao

Enjoy your annuities and opp cost from topping up CPF so early now that DPM has closed the SA for 55 yo 😂😂😂

Chris, you still having CPF contribution from work ? I thought you had quit from full-time job ?

@HoneyMoneySG

5 ай бұрын

I pay myself a fixed monthly salary with CPF

Haha, let the non believer be the way they are.Those who are rich, cash rich, these people aren’t going to be bothered. Sadly, majority are the poorer when retirement kicks in are those screwing the CPF system. 😂

@HoneyMoneySG

7 ай бұрын

It's unfortunate but true

I suspect Singapore need money. Thats why cpf transfer interest from MA to SA. This is to get fresh cash money from Singaporeans.

@ustradingdiary

7 ай бұрын

Bro.... Same interest.... 😂

@ChandraChandra-er7nf

7 ай бұрын

@@ustradingdiary different, if interest stay in MA people cannot topup since MA almost full . Purposely cpf transfer to SA so it allow people to topup. So cpf get fresh money from cash topup

@ClaraFlater_than_surface_board

7 ай бұрын

​@@ChandraChandra-er7nfit's still your money, like Chris said, you can't change someone's perspective no matter what, but you can always share the good news

@ChandraChandra-er7nf

7 ай бұрын

@@ClaraFlater_than_surface_board if like this every year singaporean need to spare cash to topup medisave.

@randomterror7

7 ай бұрын

@@ChandraChandra-er7nf you can also choose not to top up if you are in the camp which believes cpf is a scam. Nobody is forcing you to top up (totally optional).

Dude, there are many under 30 years old 2 to 3 times richer than u living in bukit timah quietly