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Any pitfalls in transferring $$ from ordinary to special account in CPF?

Discussion in 'The Courtyard Café' started by Porfirio Rubirosa, Dec 2, 2008.

  1. Porfirio Rubirosa

    Porfirio Rubirosa Alfrescian Old Timer

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    Of late I have noticed that CPF has been taking out full page ads in the MSM to encourage the public to transfer their $$ from ordinary to special account to 'enjoy' the extra 1.5% interest. Apart from using CPF monies to service mortgage loans, are there any other reasons/concerns as to why the public should not take advantage of this benefit under the special account?:confused:
     
  2. Leegimeremover

    Leegimeremover Alfrescian Old Timer

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    Yes.
    Do you think the PAP will still be around in 10-30years? Also, with the crap interest rate, what makes you think that inflation will not wipe it out? With no inflation adjustment, see you money (woman) get raped and sodomized, grow old and when you can have her back, she is old haggard, frail, diabetic, worthless. Money in hand is like a woman you can grow more money and have more woman or money. haha. Consider CPF as a tax.
     
  3. ahleebabasingaporethief

    ahleebabasingaporethief Alfrescian Old Timer

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    YOU SEOW AH!

    Better give money to the poor people on the streets than let the LEEches have them
     
  4. myfoot123

    myfoot123 Alfrescian (Inf)

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    Ooh, still got money to transfer from Ord to Special account ah? I thought many people don't have sufficient money in CPF to pay for Housing Loan.
     
  5. facial

    facial Alfrescian Old Timer

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    You have been warned!
     
  6. silverfox@

    [email protected] Alfrescian Old Timer

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    My understanding is
    transfer OA to SA. CAN.
    Transfer from SA to OA. CANNOT!

    1.5% will not be able to fight inflation increase. Still better to park it in OA as it is of now.
     
  7. Porfirio Rubirosa

    Porfirio Rubirosa Alfrescian Old Timer

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    Sounds about right.:)
     
  8. madmansg

    madmansg Alfrescian Old Timer

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    My understanding is
    transfer OA to SA. CAN.
    Transfer from SA to OA. CANNOT!
    ============

    our cpf all gone !! now they trying ponzi scheme.
     
  9. annexa

    annexa Alfrescian Old Timer

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    Yes. It means you are putting your money into a death trap where you cannot take until you DIE. If you put your money into SA, you cannot take out or transfer to OA. It means you are transfering ALL YOUR MONEY TO SOMEONE ELSE BY ATM.
     
  10. Porfirio Rubirosa

    Porfirio Rubirosa Alfrescian Old Timer

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    You mean you can't touch it even after 62? Can't buy that shitty CPF annuity with monies in SA?

     
  11. jw5

    jw5 Moderator Old Timer Old Timer

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    Who's to say that the withdrawal age will not be 80 by the time you are 62?
    What they are doing is to "negotiate" the terms of a loan from you to them, by offering you a slightly higher interest rate to change your loan from a semi-flexible one (whereby you can be repaid if you use the CPF to pay down a mortgage) to a long term loan (whereby you can only get repaid at the withdrawal age, which is of course determined by them).
     
  12. NoOnEsAwMe

    NoOnEsAwMe Alfrescian Old Timer

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    y dun u just email cpf board and ask them directly?

    better still, u could do everyone a favour by posting cpf board's reply too.
     
  13. Porfirio Rubirosa

    Porfirio Rubirosa Alfrescian Old Timer

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    Can you ask instead, tkq:D
     

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