Quote:
Originally Posted by lazyplane
We are all CPF fans.
Also note bequest are also capped at ERS (if i recall correctly).
above ERS - bequest will be given out in cash.
Congrats on achieving 40k interest from CPF.
Fun Fact below :
The short answer is max amount in CPF (if you have not hit FRS in CFP yet) is ERS. Because you can still get bequest etc hence up to ERS
Once you hit ERS in CPF, the max amount is ERS + accumulated (annual top of 37.74k + interest from CPF)
Theoretically, assume at age 1 hits ERS, then max total CPF = + max contribution every year + interest . Assume this continues all the way to age 55 , max cpf then will be around $6.5m ! So you can now answer that question... ha ha |
Think you are confused or you do not understand what you read. Under the
CPF enhanced nomination scheme (ENS), you can specify to bequeath your
CPF money to your loved ones'
CPF accounts. Otherwise, the default is that the bequest money will be given out to them in cash (via cheque or GIRO). There is no limit to the amount you can bequeath to your loved ones'
CPF.
But thats besides the point of this discussion - which is to determine what is the maximum
CPF amount a person can build up in his
CPF on his own.
The maximum
CPF contribution a person can make to his
CPF is $37,740 per year. But, if you hold two jobs simultaneously, you could contribute more than $37,740 per year to your
CPF. I confirmed with the
CPF Board of such cases.
Suffice to say, it is hard to pin down the maximum anount a person can have in his
CPF at a given age. However, I have seen it with my own eyes, people at 55, having more than a cool million dollars in their
CPF OA alone. I was a year late. I attained
CPF OA millionaire status at 56.