CPF
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Today I receive a letter from CPF saying I can use my CPF money to top up my mother account. Last month, they told me I cannot use my CPF money to pay for my housing loan because I need to set aside some money for my minimum sum.. isn't it a joke? I can have a nice figure in my ordinary account while I cannot use it for my housing. I told them I am not working and do not have cash to pay for it. They say they are sorry to hear that but there is nothing they can do about it. Now they want me to top up my mother account with this money .... This is the million dollar government we have.,
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Firstly it is not a million dollar government but a multi-billion dollar government, maybe even more.
Top up your mother's account is a once off payment, and also up to a certain amount, no more.
Your loan will be a monthly deduction that will deplete your account faster than you can build it up.
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Indirectly, they are telling you, they need to use your CPF monies NOw
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Originally posted by ORIGAMIST:
Today I receive a letter from CPF saying I can use my CPF money to top up my mother account. Last month, they told me I cannot use my CPF money to pay for my housing loan because I need to set aside some money...
How much you have in your cpf account?How much you want to top up to your mum cpf account?
What is the balance need in the cpf account?
Likely, many people will be in the same boat as you.
Plse share more information with us ya.
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I got less than $20k.. Last month they say my limit up and cannot use the money. It have to be for minimum sum. Last night they send a letter say I can top up my mum. Isn't it the same as taking the money out of the account? So what happen to the minimum sum rule now? Now the situation is worst right:? if they allow me to use it for my housing payment, at least the bank won't for the time being take action against me and so I have a roof over my head. If I take the money and top up my mum account, I still got no money for my house and my minimum sum is affected.
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A lot of people will be in your situation soon.
They cannot use any more CPF money to pay for their housing loan because they have hit the limit.
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yes, I understand many will be. This is what I do not understand why the government is doing this?
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They prefer to keep all your money in CPF so that they can keep inflation in checked.
Inflation is 5.7% and GDP growth only 0.9% in sunny Singapore now.
STAGFLATION!!!
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Originally posted by ORIGAMIST:
yes, I understand many will be. This is what I do not understand why the government is doing this?
because they think you are all a bunch of suckers and can thus be bullied anyday,anywhere and anytime anyhow.i think voting is much too late.
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And to think that CPF is complusory, so how much of our money are they keeping it.
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sounds like u are getting totally ripped off by cpf board.
u can always find a few countries to immigrate out from spore.
they get zero in the end if they give everyone a damned future with screwball policies that any drug addict or drunkard can conjure up.
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In addition to the CPF housing withdrawal limits which cap the amount of CPF that can be used for housing, members should also be aware of factors like the CPF Minimum Sum requirements when they reach 55 years old, the effect of changes in housing loan interest rates, reductions in the amount of contributions to the Ordinary Account as they get older, etc.
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The Minimum Sum was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2013. These amounts will be adjusted yearly for inflation
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What if you are a bankrupt? You may use your CPF savings in your Ordinary Account to buy a flat as well as service the housing loan. However, you must get prior approval from HDB or the Official Assignee if you are buying an Executive flat. If you are above age 55, you may also use your CPF savings in excess of the Minimum Sum cash component in your Retirement Account to buy the flat and repay the housing loan.If you had used your CPF savings to buy an HDB flat before you became bankrupt, you can continue to use your CPF savings to repay the housing loan. -
How much is the Minimum Sum?
Setting aside the Minimum Sum when you reach 55 ensures that you have some regular income from age 65 to live on in your retirement.
The Minimum Sum was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2013. These amounts will be adjusted yearly for inflation.If you are unable to set aside your full Minimum Sum in cash, your property, bought with your CPF savings, will be automatically pledged for up to half of your Minimum Sum.
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THATS ODD......the cpf website seem to be rather vague on what age u can withdraw all $$$$$$ in cpf.sounds damn fishy.
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government using our hard earned money, only give us 4% interest?
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Lol, all of you seem to be quite content by this. Working hard, putting all this money into another account and letting the Govt. choose what they want to do with it and not complaining.
Perfect sheeps^^
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Inflation at 5%.
If you keep $100 in the bank with 5% interest rate, in 15 years time, the $100 would have become $208.
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Originally posted by Bio-Hawk:
Lol, all of you seem to be quite content by this. Working hard, putting all this money into another account and letting the Govt. choose what they want to do with it and not complaining.
Perfect sheeps^^
why cant i put$$$$$$ in bank n getall interests at 4%/year in oz fixed deposit instead??since age 55 there seems to be more complications if minimum sum is not met and $$$$$ seems like frozen with so so interest rates! -
how u expect me to buy porn when my cpf all frozen n cant be taken out?
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so can we get our money when we reach 62?
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Can, unless you are declare dead by doctor. There are 3 categories of CPF paid out, the so called longevity paid out until 85yo.
After 65yo,
1st cat, if you opt to take less per month until 85yo and happen that you past away within this period of 65 to 85, your immediate family is able to withdraw all the money and share among them, which can also dominate anyone as full beneficiary, either your son or the PRC gal who take care of you. If you want, I also can volunteer, PM me.
2nd cat, if you opt to take out an average per mth until 85yo, and happen that you past away during this period of 65 to 85, your immediate family or the PRC gal get only 1/2 of the remaining CPF balance.
3rd cat, if you opts to take the biggest amount eligble to take per mth, and happen that you past away during this period of 65 to 85, govt take all your CPF. This is the best choice if you happen to have PRC gal, she get nothing afterall. And for this cat, please dun PM me.
So, whatever you choose, you still hv to die and still cannot get the money.
Now, if you manage to survive past 85yo, which i doubt many uncles here can do it, for Cat 1 and Cat 2, under insurance, you will go on and take the monthly paid out till 90yo, for Cat 3, you get nothing.
Wha 90yo..siao liao