Minimum Sum in CPF
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will like to clear some doubts regarding CPF.
currently the Minimum Sum in our CPF in order for us to withdraw when we reach 55 is $90,000 and will be increased to $120,000 in 2013.
question is, what if of any reasons we are unable to meet the Minimum Sum, will we be able to draw out whatever amount is in our CPF? -
Yes! after your death. Full withdrawal can done by your next-of-kin.Originally posted by Gordonator:will like to clear some doubts regarding CPF.
currently the Minimum Sum in our CPF in order for us to withdraw when we reach 55 is $90,000 and will be increased to $120,000 in 2013.
question is, what if of any reasons we are unable to meet the Minimum Sum, will we be able to draw out whatever amount is in our CPF?
Gov prefer this way. -
there wont be any available for withdrawal then.Originally posted by Gordonator:will like to clear some doubts regarding CPF.
currently the Minimum Sum in our CPF in order for us to withdraw when we reach 55 is $90,000 and will be increased to $120,000 in 2013.
question is, what if of any reasons we are unable to meet the Minimum Sum, will we be able to draw out whatever amount is in our CPF? -
meaning if i got $80,000 in CPF by age 55 i cannot withdraw?
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CPF require a minimum sum of $90,000 for your Retirement Fund, if your CPF account has more than this amount, the surplus will be paid out by installment at the age of 56 years and 58 years.
The Retirement Fund of $90,000 will start its payout when you reach the age of 60 until the fund runs dry - then it is good luck to you, as you are on your own.
Much will depend on what you have done with the balance amount that exceeded the minimum sum of $90,000 and paid out in two installments at the age of 56 and 58.
To all those who are still below thirty, get a long term insurance program - either life, endowment, or medical when the Premiums are still low; those who past forty will have to be contented that they will pay lesser than those in the fifties; while for the fifties and above, good luck with the Premiums.
More could have been done by CPF and the Government - if they can pool all the Retirement Fund into one sinking fund National Insurance Scheme, that will balloon the amount that can be made available to each Singaporean until their last day.
Left to individual resource, the scope is limited. -
aiyo.... actually there easier way to collect your money earlier lar.
when you reach 35, buy a new house with CPF money then stay in parents house? You can buy a new house if you register with 1 elder parent assuming both parents are still around at that time, they will give you a grant also, I think 30k.
Say a new house is 160k, minus 30k grant = 130k for the house, say your CPF by age 35 generally have abt 50k, use that to pay and the rest of 80k get loan.
Rent out the house to FT and collect 1.5k/mth = 18k per annum
Cannot sell for 5 yrs so = 18k * 5 = 90k
Your loan is for 80k normally they only give 80% you top up the rest. So If you rent for 5-6 yrs the rental would cover the payments + interest
Then after 5-6 years you free as a bird liao, continue to rent every year got 18k and then your own career job leh? every month from there assuming 2-3k + rental 1.5k.
2.5k + 1.5k * 12 = 48,000 wooo you're rich.
Then as the estate mature when they build schools MRT offices nearby the value of the house goes up, after 10yrs you sell 300k, 50k of your CPF money maybe plus interest goes back to CPF remainder quarter of million 250k is yours - boom town. -
Money in your CPF is an illusion.Originally posted by Gordonator:will like to clear some doubts regarding CPF.
currently the Minimum Sum in our CPF in order for us to withdraw when we reach 55 is $90,000 and will be increased to $120,000 in 2013.
question is, what if of any reasons we are unable to meet the Minimum Sum, will we be able to draw out whatever amount is in our CPF?
They'll keep raising the minimum sum, and the retirement age.
So in the end, you won't live to use your money!! -
Sure this is a loophole to draw down on your CPF before your retirement age, as was the Approved Shares Purchase Scheme that was allowed until a few years ago.Originally posted by four-niner:aiyo.... actually there easier way to collect your money earlier lar.
when you reach 35, buy a new house with CPF money then stay in parents house? You can buy a new house if you register with 1 elder parent assuming both parents are still around at that time, they will give you a grant also, I think 30k.
Say a new house is 160k, minus 30k grant = 130k for the house, say your CPF by age 35 generally have abt 50k, use that to pay and the rest of 80k get loan.
Rent out the house to FT and collect 1.5k/mth = 18k per annum
Cannot sell for 5 yrs so = 18k * 5 = 90k
Your loan is for 80k normally they only give 80% you top up the rest. So If you rent for 5-6 yrs the rental would cover the payments + interest
Then after 5-6 years you free as a bird liao, continue to rent every year got 18k and then your own career job leh? every month from there assuming 2-3k + rental 1.5k.
2.5k + 1.5k * 12 = 48,000 wooo you're rich.
Then as the estate mature when they build schools MRT offices nearby the value of the house goes up, after 10yrs you sell 300k, 50k of your CPF money maybe plus interest goes back to CPF remainder quarter of million 250k is yours - boom town.
What about stamp fees that will reduce the profit from the sale of your HDB house ?
Did you forget that HDB will take a cut of the profit if your sales price exceed your original purchase price ?
The amount taken from your profit can well exceed the original 30k grant in your original purchase value. -
yeah ok, but 100-200k profit is still a lot of money, by the time you sell the flat you could be 40+ another 10-15yrs you retirement age liao and start receiving your accumulated CPF + interest.
That 100k or maybe 200k+ you get at 40+ not enuf to last 10-15yrs?
Then you have insurance ntuc, aia whatnot also for health and medical?
tsk cannot 100% depend on CPF to survive lar -
they keep extending the retirement age and increasing the minimum sum. but nothing much is done to guarantee employment.
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Foreign governments look at our CPF scheme with envy. If they tried implementing it, they'd be voted out of office at the elections!! To say nothing of the protests.
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This how our pricking gov doing for singaporeans...just becos of some uncles spent the entire CPF saving on batam's girls. The gov starts to use it as an excuse to hold our CPF fund further. They themselves enjoying unlimited pensions for life in luxuries. fark themOriginally posted by Gordonator:will like to clear some doubts regarding CPF.
currently the Minimum Sum in our CPF in order for us to withdraw when we reach 55 is $90,000 and will be increased to $120,000 in 2013.
question is, what if of any reasons we are unable to meet the Minimum Sum, will we be able to draw out whatever amount is in our CPF? -
Your plan is really idealistic.Originally posted by four-niner:aiyo.... actually there easier way to collect your money earlier lar.
when you reach 35, buy a new house with CPF money then stay in parents house? You can buy a new house if you register with 1 elder parent assuming both parents are still around at that time, they will give you a grant also, I think 30k.
Say a new house is 160k, minus 30k grant = 130k for the house, say your CPF by age 35 generally have abt 50k, use that to pay and the rest of 80k get loan.
Rent out the house to FT and collect 1.5k/mth = 18k per annum
Cannot sell for 5 yrs so = 18k * 5 = 90k
Your loan is for 80k normally they only give 80% you top up the rest. So If you rent for 5-6 yrs the rental would cover the payments + interest
Then after 5-6 years you free as a bird liao, continue to rent every year got 18k and then your own career job leh? every month from there assuming 2-3k + rental 1.5k.
2.5k + 1.5k * 12 = 48,000 wooo you're rich.
Then as the estate mature when they build schools MRT offices nearby the value of the house goes up, after 10yrs you sell 300k, 50k of your CPF money maybe plus interest goes back to CPF remainder quarter of million 250k is yours - boom town.
Do you know that you cannot new HDB flat cannot rent entire place in first 5 years (Also for resale flats, if you take the HDB grant). You gotta stay in it.
Also, unless Your HDB flat is a Exec Mansionette (which HDB is no longer building), don't think you can get a rent at $1500 for flats anything smaller than a EM. -
aiyo .. can lar my next door neighbour and the one downstairs doing it leh, they stay with their sons and dotters then come back few days look see then boom go again.Originally posted by Homebody:Your plan is really idealistic.
Do you know that you cannot new HDB flat cannot rent entire place in first 5 years (Also for resale flats, if you take the HDB grant). You gotta stay in it.
Also, unless Your HDB flat is a Exec Mansionette (which HDB is no longer building), don't think you can get a rent at $1500 for flats anything smaller than a EM.
aiyo why ppl so simplistic nowsdays, SAF rule number 1 forget ah? Do anything you want but dun get caught ... aiyo
for 200k u dun wan to do ar? okie okie u scare then dun do, I will do it -
Originally posted by Gordonator:will like to clear some doubts regarding CPF.
currently the Minimum Sum in our CPF in order for us to withdraw when we reach 55 is $90,000 and will be increased to $120,000 in 2013.
question is, what if of any reasons we are unable to meet the Minimum Sum, will we be able to draw out whatever amount is in our CPF?
Sorry to say that..I am waiting for the 2013..My amount overrun, but still have to wait for another 17 years. -
That would be a form of tax. Someone who only works occasionally will then benefit as much as the one who works all the time and puts in more into the CPF. That is not fair. If you put in less into your retirement savings, you do not deserve to get more than someone who puts in more.Originally posted by Atobe:
More could have been done by CPF and the Government - if they can pool all the Retirement Fund into one sinking fund National Insurance Scheme, that will balloon the amount that can be made available to each Singaporean until their last day.
Left to individual resource, the scope is limited. -
and that's after tax too...how much the tax rate? u guess lorOriginally posted by Lowclassman:Yes! after your death. Full withdrawal can done by your next-of-kin. Gov prefer this way. -
frankly, the only way to get all of that cash when you are still alive, is by surrendering your citizenship.
You want to do that, better hope for kids who settle abroad and want your sorry old ass there. -
CPF is actually not a bad scheme, but the one size fits all minimum sum punishes the lower income workers.
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that is the whole purpose of the minimum sum.Originally posted by av98m:CPF is actually not a bad scheme, but the one size fits all minimum sum punishes the lower income workers.
the govt do not want the poor to be a burden to them. -
Anyway to verify that every Singaporeans' minimum sum is in the CPF as liquid cold hard cash or in other illiquid assets (like corporate bonds, stock certificates, gold, etc)?
I fear that our minimum sum monies are no longer in SGD cash but risky instruments.
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Its just an electronic printout you use your singpass to access.
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you need not worry about that.Originally posted by macjoe:Anyway to verify that every Singaporeans' minimum sum is in the CPF as liquid cold hard cash or in other illiquid assets (like corporate bonds, stock certificates, gold, etc)?
I fear that our minimum sum monies are no longer in SGD cash but risky instruments.
our govt need gold and cash to support our currency. the money is definitely there. afterall the total cpf amount is only a part of our total reserves. -
CPF is definitely a good system, imagine you put your money in the bank which only pay an interest of 0.5% compared to CPF 2.5%. It is definitely better to put in CPF to enjoy the higher interest.
Besides that CPF will no close unlike bank can close in case of any crisis, hence rich man wouldn't wanted to take that risk. I will put in more if CPF allows us to bank inside special account. If your salary is low then nothing much I can say except maybe you are no talented enough, else you will be paid like Minister or even MPs. Go only for high salary job so that you reach the minimum sum ahead of others and you will find it more challenging to go for higher CPF minimum sum. -
Who say ha? An independent auditor?Originally posted by dragg:you need not worry about that.
our govt need gold and cash to support our currency. the money is definitely there. afterall the total cpf amount is only a part of our total reserves.