Poor died penniless but with big sum $$$ in CPF

[Skunk]

  On 2/24/2011 at 4:05 AM, Darryn said:

Cash out CPF means what? Cash out means can have money to buy car, live in house with garden, got money to spend right? Aren't all the things you are saying fully implied by cashing out CPF?

 

No it's not.

 

There's a difference between

 

1) migrating because i want a better/different lifestyle.....oh, the CPF cash would come in handy

 

and

 

2) I'm broke, so i better migrate so i can cash out my CPF n spend it on a house n car.

 

Don't be surprised, i've met quite a few stupid blokes around. Like one 50 year old uncle who chose to become a taxi driver so he could have a car to drive his kids to the beach. Duh how dumb is that.

[Mazdaowner]

He's just got the fever lah. [laugh]

[Darryn]

  On 2/24/2011 at 4:15 AM, Skunk said:

No it's not.

 

There's a difference between

 

1) migrating because i want a better/different lifestyle.....oh, the CPF cash would come in handy

 

and

 

2) I'm broke, so i better migrate so i can cash out my CPF n spend it on a house n car.

 

Don't be surprised, i've met quite a few stupid blokes around. Like one 50 year old uncle who chose to become a taxi driver so he could have a car to drive his kids to the beach. Duh how dumb is that.

 

Sorry...I don't get the difference?

 

Money buys lifestyle.

 

I can either stay here and get my $300 a month from CPF, live in a high rise and take public transport.

 

OR I can sell my assets here, replace then with the same functionality but much lower price somewhere else and live off the proceeds.

 

I guess for me it makes perfect sense because this is essentially my retirement strategy. Build up "expensive" assets here, sell them and go to somewhere where cost of living in cheaper and use the difference for living expenses.

 

Just remember...I'm broke = cashing out my CPF will buy me a better lifestyle.

Edited February 24, 2011 by Darryn

[Jman888]

  On 2/24/2011 at 4:15 AM, Skunk said:

Like one 50 year old uncle who chose to become a taxi driver so he could have a car to drive his kids to the beach. Duh how dumb is that.

 

 

 

what is wrong with that?

 

he can probably earn more by driving taxi, has more flexible time and able to drive his kids to beach.

 

[Piyopico]

  On 2/24/2011 at 3:41 AM, Darryn said:

Actually not really - the cost of many things is MUCH lower in Australia / NZ.

 

Assuming got fully paid off HDB 5 room. But paid using CPF so still owe yourself $300k. Plus $50k in Special, $50k in Medi Save. $30k in ordinary.

 

Sell HDB for $450k.

 

Can go to Aus / NZ with $450k (house) + $30k (ordinary) + $50k (special) + $50k (medisave) = $580k.

 

If BUY carefully can get retirement suitable house (with land) for $100k. Get a GOOD car for $50k - balance is $430k. Cash on hand for whatever you want to do.

 

Then if you can get citizenship can get govt pension.

 

Isn't this better than staying in Singapore and trying to stretch $30k?

 

Errh what sort of house plus land can you get in aust/nz for 100k?

 

Prices over there have doubled compared to say 5 yrs ago.

 

Thailand would be ideal though.

 

[Jman888]

  On 2/24/2011 at 3:41 AM, Darryn said:

Actually not really - the cost of many things is MUCH lower in Australia / NZ.

 

Assuming got fully paid off HDB 5 room. But paid using CPF so still owe yourself $300k. Plus $50k in Special, $50k in Medi Save. $30k in ordinary.

 

Sell HDB for $450k.

 

Can go to Aus / NZ with $450k (house) + $30k (ordinary) + $50k (special) + $50k (medisave) = $580k.

 

If BUY carefully can get retirement suitable house (with land) for $100k. Get a GOOD car for $50k - balance is $430k. Cash on hand for whatever you want to do.

 

Then if you can get citizenship can get govt pension.

 

Isn't this better than staying in Singapore and trying to stretch $30k?

 

 

tell me how a 50 years old can migrate to Aus with just $500k in cpf? i pay you consultant fee

 

 

[Alim]

  On 2/23/2011 at 5:01 PM, Bavarian said:

They dun take out you taocheo already ...

 

They "force" you take out more & more by letting property prices go up & up.

[Jasonjst]

  On 2/23/2011 at 4:18 PM, Jordanplus said:

May he is not 55 year old yet

 

Should add a rule that once you contacted terminate illness , you can withdraw you CPF liao .

Now a day even insurance do that .

[Freestylers09]

Cpf got good n bad la

 

good is if u noe how to play with it

 

bad is kana lock in which alot see as bad

 

it depend how each play with it

 

 

[Gearoil]

  On 2/24/2011 at 4:08 AM, Darryn said:

CPF does help many to get a house, it is also an effective way of saving for retirement.

 

I'm not going to go and find cites now - my memory is my cite, but WAYYYYY less than 50% of people can and do actually plan well for their retirement. At least CPF is reasonably effective this way.

 

For us, our housing loan is FULLY paid from CPF, so no cash out of pocket - so that helps a great deal.

 

You mean when you grow old ...

 

You can 'eat your house' .....just like the 3 meals aday you'll need?

 

No wonder I said ....Sinkie are 'beyond teaching'..

 

They're too smart becos they think they are!

 

 

 

 

 

 

=================================================================

Famous quote : From highly paid MCYS Ministar....'What do you peasants need?

 

Eat at the restarant every day or have 3 simple meals at the hawker centre?

 

[Without_a_car]

interesting views

 

I think the main grouses is the tying the draw down age with the retirement age, the minimum sum, and the medisave minimum sum.

Edited February 24, 2011 by Without_a_car

[Mllcg]

CPF is only for "two" reasons

 

pay house,

 

monthly allowance when u stop working.

[Darryn]

  On 2/24/2011 at 4:37 AM, Jman888 said:

tell me how a 50 years old can migrate to Aus with just $500k in cpf? i pay you consultant fee

 

Setting aside whether or not you can get citizenship...

 

500k @ 7% net return = $35k per year. No house payments to make.

 

Then take easy part time job if wish - another 10k per year. Can live, and live ok

 

Then if got citizenship can get govt allowance.

 

But then you compare to Singapore. With $30k in Ordinary account - how are you going to live? $300 per month gets you what? Wouldn't even cover my utiltities bill.

[Darryn]

  On 2/24/2011 at 6:35 AM, Gearoil said:

You mean when you grow old ...

 

You can 'eat your house' .....just like the 3 meals aday you'll need?

 

No wonder I said ....Sinkie are 'beyond teaching'..

 

They're too smart becos they think they are!

 

 

 

 

 

 

=================================================================

Famous quote : From highly paid MCYS Ministar....'What do you peasants need?

 

Eat at the restarant every day or have 3 simple meals at the hawker centre?

 

YES YOU CAN.

 

It's not rocket science you know.

 

Growing up with family have big, four bedroom house on 1200sqm of land. Value maybe $500k

 

When family leave home, sell the house and move into 2 bedroom house with 500sqm of land. Pay $100k.

 

I don't know about you, but $400k sure as heck buys a lot of meals.

[Without_a_car]

2013, draw down will be raise to 65.

[Wt_know]

and if minimum is raised to $200k !!!

cpf = hdb + minimum sum = kosong liao :(

 

  On 2/24/2011 at 9:14 AM, Without_a_car said:

2013, draw down will be raise to 65.

Edited February 25, 2011 by Wt_know

[NightWind]

Thats what led to the property bubble coz everyone did just that to keep our hard earned $$$ away from PAP crooks

 

  On 2/23/2011 at 3:27 PM, Felipe said:

tats y may be a good idea to just max out cpf on property. at least can collect rent.

 

[Mattjoe]

I think my cousin managed to do that. He had terminal cancer, got his doctor to certify that his days were limited. He got his meagre cpf to give to his family. Not sure if this is still allowed.