There is a limit for bequest to nominee's
CPF under Enhanced Nomination Scheme. It capped at current FRS or ERS.
There is no limitation on the number of jobs that you can take with
CPF capped at the maximum contribution of $37,740 annually per job. I do know some businessman has contributed
CPF to their children either when they are very young or as their own company "employees" (family business) from age 14years old.
Having more than a Million in all
CPF account by/before 55 is possible based on working years and without using any
CPF for property investment and top up max VC.
Quote:
Originally Posted by Unregistered
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. |