Friday, January 20, 2017

Transferred $10,000 from CPF OA to SA

I am 30 years old this year and I just triggered a transferred of  $10,000 from my CPF OA to SA today. This is my first transfer.

The main reason for this action is to build a stronger retirement nest by using 25 years of time to let the compounding magic do its work.

CPF did provide an OA to SA Transfer calculator for you to see how much extra interest you will earn when you reach 55years old.
Click here for the OA-SA calculator

This is how my CPF account look like before the transfer.
OA:              $58,XXX
SA:               $22,XXX
MA:             $25,XXX

Some of you might wonder, do I have a BTO flat yet?
The answer is Yes. But I only made the 5% downpayment (HDB loan) and key collection will be in Q4 2019.
Lucky and fortunately, my 4 room flat cost me just $260,XXX

I had did my maths and assuming we do not have any pay increment or AWS or bonus since 2016 all the way till our loan finishes, it will take us around 8years to fully paid finished our HDB loan.

To us, 8 years seem reasonable and if I were to get unemployed, I still can use my CPFIS as a backup plan.

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