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It’s the time of the year again, where CPF announce the annual hike in Medisave Basic Healthcare Sum (BHS). This time it’s $68,500 in 2023.
Your teacher told you 2 definite things in life: Death & taxes, but didn’t tell you the third thing which is CPF BHS and FRS increase yearly.
And then when you look at Facebook, all your anti-government comments will come and KPKB about shifting goalpost already.
This year comments section became more more spicy, because
1. Comments about Temasek’s failed investment in FTX
2. Interest rates remain unchanged despite inflation soaring through the roof
Context: I already achieved the 2022 limits for FRS in SA and BHS in MA already, both accounts maxed out
What happens after 31 Dec 2022
- Your CPF annual interest will get credited: 2.5% OA, 4% SA/MA/RA
- MA interest still goes into MA
- For $66,000 MA balance, Annual interest of 4% = $2,640
- MA Balance = $68,640
- But on 1 Jan 2023, this interest of $2,640 will be transferred to either your
- SA (if FRS is not met yet) OR
- OA (if FRS is met in SA) - My case
- Net MA balance returns to $66,000
On 1 Jan 2023, BHS is increased to $68,500
- You have a $2,500 tax relief opportunity to voluntary contribute to Medisave account (VCMA)
- So do VCMA asap before your employment contributions come in, otherwise your employment contributions will “EAT UP” your tax relief opportunity after credited.
- Paynow QR will be the best option
How about FRS?
FRS is not relevant to me anymore since my annual interest from SA will cover the annual increment (3.5%) in FRS. Also the SA interest will remain in SA, not transferred to OA.
- Means no opportunity for Retirement Sum Top Up (RSTU) but I have already expected it anyway.
#Sponsoredby #Webull
My 2023 CPF Strategy after the NEW Basic Healthcare Sum
Теги
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