Question for PNGMK -- am I correct in interpreting that if one's Medisave account is currently maxed at $60K and the Medisave share is also thereby going into SA, then one can now top up an additional tax deductible $3K right away into Medisave account? Also, would it then follow that if one doesn't do the Medisave top up right away and instead waits/procrastinates till later in the year, they may no longer be eligible to do so if the $63K limit is reached in the meanwhile by way of payroll contributions?PNGMK wrote: ↑Thu, 31 Dec 2020 9:08 amRemember to top up your CPF accounts today to take full advantage of:
- tax savings for the medisave account (current limit $60,000).
- On Jan 1 you can top up as above with adjusted limits to earn full interest through the year:
Medisave limits will be $63,000 in 2021 (tax deductible).
For Singaporeans I would like to see a state form of support for those who can't accumulate enough CPF in their working lives (particularly women). This is an issue for sure.poods wrote: ↑Sat, 02 Jan 2021 11:32 amI'm 52. I don't have many years of contributions. It doesn't work for me, as it doesn't for Singaporeans who aren't on a good income, have had a life accident or whose life doesn't fit the economic model.
My best option is to renounce my PR when I get to the stage I'm not working anymore, and get it all back in a lump sum.
Absolutely right - that is probably the #1 CPF deficiency: joint survivorship. If only one spouse has substantial CPF and something happens to them, the other spouse is likely to be up the creek with no paddle. They may get something, but they may also get nothing (e.g. spouse is on CPF life standard payments until around 80 or so, oops... no bequest and no more payments, good luck!)
Users browsing this forum: No registered users and 1 guest