This discussion is getting convoluted and complicated because there are at least three different respondents here.
But first, thanks for the clarification on the fact that one CANNOT bequeath
CPF monies to your beneficiaries' OA, but only to their SA (if they are below 55, and capped at prevailing FRS), or their RA (if they are above 55, and capped at the prevailing ERS) and MA (capped at the prevailing BHS).
I was not the one who suggested that businessmen contributed monies into their children's
CPF accounts although this is a common practice not just among business people but ordinary executives who have spare money left over.
However I was the one who stated that although the maximum
CPF contribution per year is $37,740, a person can actually contribute more that amount if he works two or more jobs at the same time. This is a fact. Just call the
CPF office or better still write in for a black & white reply.
About my networth growing from $3.3M to over $7M in 9 years? I did mention we suffered paper losses during the GFC. With the strong property & stocks recovery, we made back the paper loss amount and then some. I also accumulated more stocks during the recovery process and the value just grew.
If you read carefully, I also mentioned that although my wife and I were not holding top management positions, we were earning comfortable remuneration. These have allowed us to purchase our rental property with cash and still be able to return to
CPF the amounts that we used for our primary residence purchase.
Now, knowing the fact one cannot receive bequests into one's OA, it makes us OA millionaires an even more special achievement.
To be a
CPF millionaire is already quite an achievement, but to be a
CPF OA millionaire is an even rarer achievement. CW8888 achieved this at 62, I did it at 56.
Just looking at the
CPF growth trajectory of AK71, at 48 with $845K in his combined
CPF accounts, if he continues to contribute maximum of $37,740 into his
CPF, by 55, he should hit $1M in his
CPF OA. His overall
CPF combined amount would then in the region of $1.3M