I'm a homemaker and would appreciate advice on what are my options.
I currently have only $65k in my SA, transferred everything out of my OA. Using a compound interest calculator at 4% interest rate, I will only have around $135k at 55. This falls short of the FRS of $176k. I read that I have the option to top up cash:
- Top up cash of $130k to get ERS
- Top up cash of $42k to get FRS
Q1: When is the best time to do this? Is it one lump sum top up at 55?
Q2: And I also read that I cant get the top up cash back, what are the implications of that?
Q3: Is it a bad idea to top up $130k cash to get ERS, or is it better to keep the cash available for use?
Q4: Of course best if hubby can transfer his cpf in excess of FRS/ERS to mine, is there a formula to estimate how much my hubby's CPF will have at 55 (based on currently salary)?
Appreciate all advice, thank you in advance :)
I currently have only $65k in my SA, transferred everything out of my OA. Using a compound interest calculator at 4% interest rate, I will only have around $135k at 55. This falls short of the FRS of $176k. I read that I have the option to top up cash:
- Top up cash of $130k to get ERS
- Top up cash of $42k to get FRS
Q1: When is the best time to do this? Is it one lump sum top up at 55?
Q2: And I also read that I cant get the top up cash back, what are the implications of that?
Q3: Is it a bad idea to top up $130k cash to get ERS, or is it better to keep the cash available for use?
Q4: Of course best if hubby can transfer his cpf in excess of FRS/ERS to mine, is there a formula to estimate how much my hubby's CPF will have at 55 (based on currently salary)?
Appreciate all advice, thank you in advance :)