I started serious Investing Journey in Jan 2000 to create wealth through long-term investing and short-term trading; but as from April 2013 my Journey in Investing has changed to create Retirement Income for Life till 85 years old in 2041 for two persons over market cycles of Bull and Bear.

Since 2017 after retiring from full-time job as employee; I am moving towards Investing Nirvana - Freehold Investment Income for Life investing strategy where 100% of investment income from portfolio investment is cashed out to support household expenses i.e. not a single cent of re-investing!

It is 57% (2017 to Aug 2022) to the Land of Investing Nirvana - Freehold Income for Life!


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Friday 27 November 2020

Basic Healthcare Sum for 2021

 CW8888: Last year to top up MA as self employed to earn 4% interest rate in MA.  65 in 2021. Sianz! Sigh!

The Basic Healthcare Sum (BHS) is the estimated savings required for basic subsidised healthcare needs in old age. The BHS is adjusted yearly for members below age 65 to keep pace with the growth in MediSave withdrawals. Once members reach age 65, their BHS will be fixed for the rest of their lives.

From 1 January 2021,

1. For members below 65 years old, their BHS will be raised from $60,000 to $63,000.

2. For members who turn 65 years old in 2021, their BHS will be fixed at $63,000, which will not change thereafter.

For members aged 66 and above in 2021, their cohort BHS had already been fixed and will remain unchanged.

BHS is the cap to the MediSave Account (MA) and contributions in excess of a member’s BHS will be automatically transferred to his or her other CPF accounts. A higher BHS will allow for more savings to be kept in a member’s MA for his or her healthcare needs. CPF members do not have to top up their MA if they have less than the BHS.

2 comments:

  1. We should petition Govt to introduce FHS and EHS same like BRS, FRS and ERS. LOL!

    ReplyDelete
    Replies
    1. Maybe in the future when over 1 in 4 are over 65.

      Now will have very few takers & oppo will use it to say govt want to suck more money into CPF blackhole. LOL!

      Delete

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