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What happens if my OA+SA is below BRS?

28 Jul 2016 
SOURCE: Investment Stab

Today, we could like to address this question:

What happens if my OA+SA is below the BRS?

Answer: NOTHING HAPPENS!*

Recommended Post: What are the Retirement Sums?

1) You do not need to personally top up your CPF accounts with your cash to reach your BRS

2) No penalty involved if you fail to meet your CPF BRS

3) It is not compulsory for your to meet your CPF BRS, unless you wish to make certain transactions

*4) You will still be eligible to join CPF LIFE and receive a monthly payout when you reach the payout eligibility age.


There is an amount that will automatically make you participate in a CPF LIFE plan.


 However, if you fall below the amount and wish to join CPF LIFE, you would need to submit an application to CPF to join.

Join CPF LIFETurn 55 between 1 Jan 2013 to 30 Apr 2016Turn 55 on 1 May 2016 and after
Automatically$40,000 in RA when you reach 55NA
Automatically$60,000 in RA when you are near your payout age$60,000 in RA when you are near your payout age
via ApplicationFail to reach the above requirementsFail to reach the above requirement



Recommended Post: What is CPF Basic Retirement Sum?

 

Notes
BRS: Basic Retirement Sum
OA: Ordinary Account
SA: Special Account
RA: Retirement Account

 

Remember to offer your opinions. If you don't put your two cents in, how can you expect to get change?

 

This article first appeared on Investment Stab. Follow them on Facebook.

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