Legal age of Retirement - what does it imply ?

• Daddy!!

  19 Aug 07, 16:37

  ..... ......
• the Bear

  19 Aug 07, 16:38

  it means that in time to come, you can only withdraw your CPF the moment they hammer the last nail into your coffin
• eagle

  19 Aug 07, 16:39

  hmmm...
  
  CPF Can Pay For?
• Medicated Oil

  19 Aug 07, 17:06

  Two points to highlight:
  
  - Harry "working"
  
  In actual sense, he is not working cos he is travelling around the world.
  The reason why he is still around are maybe he enjoy the privillege of being a poodle too much or he need free protection.
  
  He and Mr Peanut are just hogging the place, wasting the peasants money and making useless speeches. It just show the uselessness of the his son in needing two old man to do his job.
  
  Furthermore, the peasants are paying for all his expenses. If he retired, he have to use his own money. He is not that stupid.
  
  - Retirement Age
  
  Just another legal reason to hold your money back in his safe.
  
  Try to be financial independent and forget about relying on the CPF for any retirement.
  
  Cos more scheme will be generated to get your funds.
  
• Atobe

  19 Aug 07, 17:45

  Originally posted by Daddy!!:

  Minister Mah is giving out more money housing grant to first time home buyers at end of 2007.
  
  SINGAPORE : The Housing Development Board (HDB) is studying ways to help needy Singaporeans own their own home as well as to unlock the value of flats to aid retirement.
  
  National Development Minister Mah Bow Tan said these plans will be rolled out by the end of the year.
  
  He was speaking to reporters on the sidelines of a National Day Dinner in Tampines.
  
  Low income families who dream of owning their own home might be a step closer to realising it, as the HDB is looking into improving the Additional CPF Housing Grant scheme which was implemented last year.
  
  Currently, the scheme provides needy families with an extra grant of up to $20,000 to help them purchase their first flat.

  This is a surprise, considering that outright CASH Rebate Scheme for First Time Home Owners was abandoned some years back.
  
  Is this an admission that the HDB has been overpriced to take away so much from the Citizens' Retirement Fund ?
  

  
  "Even as home prices go up, it's important for us to keep public housing affordable to as many Singaporeans as possible, especially to low income (Singaporeans). So I think we need to look at how grants and subsidies can be tweaked," said the National Development Minister.

  Was that not the initial objective of HDB - building affordable homes ?
  
  Can homes be considered affordable when it absorb all of the amount of one's entire life saving in the CPF - LEAVING NOTHING for OLD AGE ?
  
  ''Borrowing money from a lender, making more profit then the interest paid to the lender, will practically make the borrowed sum free - and the lender made a sucker''
  
  Singaporeans were made the 'sucker' with the CPF monies loaned to the HDB at below market rates to build the HDB flats, only to have those flats sold to Singaporeans at market rates, returning huge profits to the HDB at the expense of the CPF account.
  

  
  Separately, the HDB will also expand options for home owners to unlock the value of their assets beyond what's available now.
  
  Currently, this includes downgrading to a smaller flat, subletting a unit and reverse mortgage, which hasn't been popular.

  This must be the ultimate retirement paradise for the Citizens of a 'First World' country as planned by MM, SM and now the PM ?
  

  
  On the recent recommendation by the HDB Heartware Forum panel to give residents more say in estate upgrading programmes, Mr Mah said this will foster a sense of ownership among residents. A consultation process is expected to be worked out within a couple of months.

  Are the Citizens now seen to have the brains to influence the quality of their neighborhood of our HDB Estate, but not the quality of the larger neighborhood of the Country ?
  
  Even the most uneducated Swiss Citizen is given the Rights to decide in a Referendum on issues that affect his Future in Switzerland.
  
  Yet, Singaporeans who are world-beaters in Service, Education, Enterprise, and Survival Skills are not worthy to decide our own Political Fate, which has to be in the hands of those few who believe that the SUM TOTAL of their own Elitist Brilliance is brighter than ALL Singaporeans put together.
  
  
  
  
• dragg

  19 Aug 07, 19:11

  does the heir who inherits your cpf need to pay estate tax?
  
  
• walesa

  19 Aug 07, 19:20

  Originally posted by Daddy!!:

  One way is the make your cpf low at the age of 60 to 70, as low as S$5K by buying a property for rental. You need to borrow from a bank and pay the mortgage using cpf to make this work. by doing this, you depletes the cpf and at the same time use the cpf to repay the bank loan, and you pocket the rental. time the bank loan tenure to end at 65. after which, collect property rental from the time you purchase till death.
  
  the rental income will adjust to inflation and deflation.
  
  many people are doing it.
  
  any comments ?

  As a matter of fact, there's something (not exactly similar) like what you've proposed in many parts of the world - it's called Reverse Mortgage.
  
  That scheme, however, would not be feasible for this regime which operates on the basis of economic bottomlines. Ultimately, those most in dire need of reverse mortgage are often the poor - ironically, in this regime, it's the poor in the most dire need of access to their CPF funds whom the fascists are most reluctant to aid.
  
  
• reddressman

  19 Aug 07, 19:50

  Originally posted by Daddy!!:

  One way is the make your cpf low at the age of 60 to 70, as low as S$5K by buying a property for rental. You need to borrow from a bank and pay the mortgage using cpf to make this work. by doing this, you depletes the cpf and at the same time use the cpf to repay the bank loan, and you pocket the rental. time the bank loan tenure to end at 65. collect property rental from the time you purchase till death.
  
  the rental income will adjust to inflation and deflation.
  
  many people are doing it.
  
  any comments ?

  I am very interested to try your method mentioned.
  But I just like to get 2nd opinion from others that this is indeed legal and feasible. If so, why not? Its my money and I like to spend it.
• Daddy!!

  19 Aug 07, 21:01

  Originally posted by reddressman:

  I am very interested to try your method mentioned.
  But I just like to get 2nd opinion from others that this is indeed legal and feasible. If so, why not? Its my money and I like to spend it.

  It is of course legal. As I said, many people have done it and are doing it.
  
  Because it is a second property for rental, it has to be private property. And since it is private property, it can be willed to your off-springs. A will at a lawyer costs around S$200.
  
  Very simple, just a phone call to any lawyer. Not sure, call a few lawyers to check out.
  
  if you save up the rental income into a rolling fixed deposit, it is not spending like you said, it is investments.
  
  In case one is unemployed in lets say 10 years, the balance in the CPF can be used to pay the mortgage. If this is insufficient, the rental and then the fixed deposit can then be used to pay the mortgage payments till a job is found.
  
  There is one thing to note though. When you sell the property before 55, you need to return to CPF what you draw out from CPF after repaying the bank loan. In other words, try not to sell it.