CPF Calculator

Below are the information you need to know about the calculation: 

DISCLAIMER - This calculator only serves to provide an estimated forecast of your CPF monies in the future based on the inputs provided. This should not be used for an accurate assessment of the amount of monies you have in your CPF accounts. Use it at your own risk! Please leave a comment if you have any feedback on the calculator.
  1. The calculation is based on your inputs and the current CPF interest rate.
  2. CPF Members currently earn an interest of 2.5% for the Ordinary Account (OA) and 4% for the Special (SA), Medisave (MA) and Retirement Account (RA). There is an additional 1% paid on the first $60,000 of your combined CPF balances, with up to $20,000 from the OA.
  3. Currently, only the additional interest before the formation of the RA at Age 55 is being considered. The additional interest after the formation of the RA at Age 55 is not being considered yet.
  4. Monthly Salary is the total amount of wages payable to you, before deduction of employee CPF contribution and personal income tax. This is subjected to a monthly CPF contribution cap of $6,000
  5. The CPF contribution rate used is based on CPF contribution rate table for employees earning a monthly salary of $750 or more.
  6. Contribution to the MA are subjected to a cap of $60,000 - also known as Basic Healthcare Sum (BHS). Any contributions in excess of the BHS will overflow to the SA up to the Full Retirement Sum (FRS) before overflowing to the OA.
  7. Annual salary increment and bonus will be capped by the Annual contribution limit of $102,000 and the CPF Annual Limit of $37,740.
  8. Retirement Age is the age where you stop working and stop receiving your salary and CPF contribution.
  9. FRS or ERS selection determine if FRS or ERS gets transfer to your RA account when you turn 55. Note that CPF will only by default transfer up to FRS to your RA. Topping up your RA up to ERS will have to be manually done.
  10. Under More Options, you can do the following
    • Set FRS and BHS growth rate. They are growth percentage applied to the FRS and BHS yearly to increase the FRS and BHS. The default rates are 3% and 5% for the FRS and BHS respectively.
    • SA shielding. This limits the transfer of SA to RA up to the amount you specify (minimum $40,000) while the rest of the transfer to RA comes from OA. NOTE: RSTU and it's interest cannot be invested and hence cannot be shielded. You need to account for this and enter the amount in SA that cannot be shielded at 55.
    • BETA - Functions which are not fully tested (Indicated with a B)
      • OA transfer to SA. This will transfer the amount specified from your OA to SA for the specified Age range.
      • OA withdrawal or refund for housing. Key in negative value for withdrawal and positive for refund. Amount entered is monthly for the specified Age range.
      • Annual Topping up of the SA/RA (via Retirement Sum Top Up Scheme). Note that the top up will not be considered once the SA/RA reaches FRS/Enhance Retirement Sum (ERS). The top up is done at the end of the year on December for the specified Age range.
      • Annual Topping up or deduction of MA. Key in negative value for deduction and positive for topping up. Note that the top up will not be considered once the MA reaches BHS. The top up is done at the end of the year on December for the specified Age range.
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CPF Calculator CPF Calculator Reviewed by Valuewarrior on June 14, 2020 Rating: 5

18 comments:

  1. Hi, can you explained what is MA top % in your calulator. This year BHS is $60k, how come it still remains the same for the following year even if you put 5% increment for MA ? Eg. Input show $60K, but the next year still show $60k? It only take effect on the year after?

    ReplyDelete
    Replies
    1. Sorry It's a typo. MA topup should be in $ instead of %. MA top up is the annual top up you do cap to the BHS. You should input the percentage for MA increase in BHS growth rate (%). This has been fixed now. Thanks for the comment.

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  3. Just wanna say thank you for this nifty CPF calculator..super useful for predicting my future CPF accounts. Plus, very motivating once you can see the effects of the compounding magic!

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    Replies
    1. No problem. Yes.. the effect of compounding can be very powerful for the patient one.

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  4. Thank you for your valuable information post. I think To make your future safe, it is better to take advice from the Investment Management Advisors to grab information about social Security Claiming Strategies, and much more.

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  5. Hi thanks very much for the fabulous calculator. I will be using part of OA to pay off a flat in 2021 and sell when it reaches MOP 5 years later. So how should I input for the refund of OA and accrued interest in the calculator?

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    Replies
    1. Currently, there's only 1 input for both housing loans deduction and refund. You will have to split the calcuation in to the deduction period and the refund period. Will look into having 2 different fields for deduction and refund in future updates. Thanks.

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  6. Hello, for MA, shouldn't any excess above 60k be transferred to SA? Currently it shows that the MA earns interest and continues to grow beyond 60k

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  7. Hello, for MA, shouldn't any excess above 60k be transferred to SA? Currently it shows that the MA earns interest and continues to grow beyond 60k

    ReplyDelete
    Replies
    1. There's a 5% growth rate assumed for the BHS (Basic Healthcare Sum). You can see that under the More Options drop down. Anything above prevailing BHS for that year will flow to SA (up to FRS) before going to OA

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    2. Thanks for your reply. So should the calculator transfer the excess to SA? or should I manually calculate any excess above 60000 into my SA?

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    3. The calculator will take care of the overflow from MA.

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  8. The yearly SA increment seems to be set to grow at 4.32% (based on your calculator), instead of 4% (set by CPF). Can you confirm this inaccuracy?

    ReplyDelete
    Replies
    1. The additional .32% might be coming from the additional 1% interest per annum on the first $60,000 combined CPF balance (capped at $20,000 for OA). Do let me know again if that doesn't add up as well. Appreciate your feedback. Thanks!

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  9. Many thanks, an excellent tool.
    One question, why my RA is at 400k but my ERS is at 323k at 63, is there a limit to ERS for CPF Life?

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    Replies
    1. The ERS forms the limit to which you can perform top up your Retirement Account. You cannot perform retirement sum top up to your Retirement Account beyond ERS for the prevailing year. However, the interest that you earn in Retirement Account can still continue to accumulate in your Retirement Account.



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