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

[Mecontle]

  On 2/23/2011 at 3:20 PM, NightWind said:

see from sg forums

 

http://sgforums.com/forums/3545/topics/422821

 

Poor died penniless but with big sum of money in his CPF

by JimBoy Log on Monday, February 14, 2011 at 1:24pm

From CNA forum:

 

Today morning topic for 95.8FM was...

 

What you hope / expect to get from Budget Day....

 

 

 

One woman told the DJ...

 

She hopes the government will return some of their CPF money to the poor and sick...

 

Her younger brother died because of illness, and he died poor...

 

But he left a big sum of money in his CPF account which he never enjoy...

 

She felt pity for her brother....

 

------------------

 

... and as i sit up to hear more of what the sister was trying to say this Sheeping cut her off and start blabbering ... It certainly wasn't becos of lack of time for they play a good 5 mins of mindless music later on b4 the news... If they only want to hear what they want to hear then they should not ask ppl to call in. Just do the talking themselves.

 

 

 

The story was her brother fell ill when he was out of job... He didn't have the money for medical fees but got lots of $$$ locked up in CPF!!! The irony was he died penniless but left behind lots of money ....

 

pap says HUAT LA

[Mllcg]

  On 2/27/2011 at 2:36 PM, Mattjoe said:

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.

 

by right not allowed. he take out is for him to use only. but he collect cash so give out cash to his family.

[Mllcg]

  On 2/25/2011 at 1:52 AM, Wt_know said:

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

cpf = hdb + minimum sum = kosong liao :(

 

btw, min sum= cannot touch at all?

 

 

[Zappy]

  On 2/24/2011 at 4:52 AM, Jasonjst said:

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

Now a day even insurance do that .

 

From CPF Webby:

 

CPF members who are suffering from an illness which has rendered them permanently unfit for any form of employment may apply for early withdrawal of their CPF savings on medical grounds.

 

http://ask-us.cpf.gov.sg/Home/hybrid/Theme...&SourceId=1

 

Dependants' Protection Scheme (DPS)

DPS is an optional term insurance which covers CPF members for a maximum sum assured of $46,000 up to age 60. The coverage is worldwide. The DPS benefit will be paid out if the insured member passes away or becomes permanently incapacitated such that he or she can no longer work.

 

If the guy is terminally ill, he should had been able to claim from the DPS too. With the above options, why should he be poor before he died?

 

 

[Good-Carbuyer]

  On 2/23/2011 at 3:20 PM, NightWind said:

see from sg forums

 

http://sgforums.com/forums/3545/topics/422821

 

Poor died penniless but with big sum of money in his CPF

by JimBoy Log on Monday, February 14, 2011 at 1:24pm

From CNA forum:

 

Today morning topic for 95.8FM was...

 

What you hope / expect to get from Budget Day....

 

 

 

One woman told the DJ...

 

She hopes the government will return some of their CPF money to the poor and sick...

 

Her younger brother died because of illness, and he died poor...

 

But he left a big sum of money in his CPF account which he never enjoy...

 

She felt pity for her brother....

 

------------------

 

... and as i sit up to hear more of what the sister was trying to say this Sheeping cut her off and start blabbering ... It certainly wasn't becos of lack of time for they play a good 5 mins of mindless music later on b4 the news... If they only want to hear what they want to hear then they should not ask ppl to call in. Just do the talking themselves.

 

 

 

The story was her brother fell ill when he was out of job... He didn't have the money for medical fees but got lots of $$$ locked up in CPF!!! The irony was he died penniless but left behind lots of money ....

Well done. Another witness to the GRC=Gangsters-Rob-Citizens with CPF=Comfirmed Proven Failure Board introduced. I would be surprised the Y-gen are not against these. Likewise sooner than later, PR... also would be.

[Wt_know]

i think current minimum sum is $125,000. if your OA + SA = $130,000 then you can only take out $5000 because $125K must be maintained in CPF

 

anyway, i don't worry about minumum sum if you are using CPF to pay HDB/Condo/Landed because not many people can have $ above minimum sum while the entire OA is depleted for housing. perhaps, you are different and got plenty of moola in OA & SA

 

if you sell your property, sell everything, all the money goes back to CPF, you can take out anything that is above minimum sum. ie: OA+SA = $650k, you can take out $650k - $125K

 

and, gov is going to review minimum sum which is expected to be raised somemore

 

  On 5/24/2011 at 6:28 PM, Mllcg said:

btw, min sum= cannot touch at all?

Edited May 25, 2011 by Wt_know

[Stratovarius]

Ya, you can draw out any excess from the minimum sum.

$200k.... wow.... I don't think i can save that amount if im paying for my hdb...

[Tom_kkh]

years ago when my mum was diagnosed with stroke and high blood pressure and i am still a young cookie straight from the army, we struggled to pay her medical bills of $400 plus per month.

 

she has since passed away. Same same, she have around $10k plus in her CPF. Not a lot of course but we could have used that money to give her better treatment.

 

who knows, with the extra 10k plus for better treatment and medication, her life could have prolonged and she would have enjoyed more quality time with her grandchildren.... hell she would been able to witness my marriage.

 

 

Edited May 25, 2011 by Tom_kkh

[Tom_kkh]

  On 5/25/2011 at 12:20 AM, Stratovarius said:

Ya, you can draw out any excess from the minimum sum.

$200k.... wow.... I don't think i can save that amount if im paying for my hdb...

 

those who stay in HDB will not have 200k in the bank. And those who do not contribute CPF(the bosses) doesnt affect them and they don give a damn.

 

end of the day. the poor and the medium earners suffers.

[Relacklabrudder]

  On 2/24/2011 at 3:36 AM, Darryn said:

Uhmm..rubbish how? this is actually a pretty accurate assesment of how and why CPF can be used.

 

My CPF amounts to more than 30% of income, this is more tax than I would be paying in one of the "welfare" states, then I must still pay tax to government. And the HDB DOES fully control the housing market - between what flats they release, what sites the government releases, their policies et al - they are the market driver.

 

And if you use CPF for property, you are taking a loan from yourself, and must keep paying yourself back until you are 55.

 

I happen to believe that (in general) CPF is a pretty good system, (no perfect, but good) - but what, in detail, is inaccurate about that post? How would you describe CPF differently?

 

 

u damn rite! 30+% we contribute to CPF is actually a tax disguise as retirement scheme as long as u r not allowed to cash out fully when u reach 55 yr as promise. that to me is cheating when u keep raising the withdrawal age and minimum sum.

 

in welfare state though the tax is 40%, part of it goes into very good health insurance and when u lose ur job they give u $ to survive. Here in singapore if u lose ur job, gd luck to u!

 

Best is CPF is use to artificially push up our HDB prices since it cannot be use for anything then most ppl just hantum into property that can use cpf which is mainly hdb. so lead to higher and higher hdb prices.

 

 

 

 

 

[Mockngbrd]

  On 2/24/2011 at 4:32 AM, Piyopico said:

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.

both sounds good to me. so sad right? ppl born here all cannot afford to live here

Edited May 25, 2011 by Mockngbrd

[Tom_kkh]

double post

Edited May 25, 2011 by Tom_kkh

[Galantspeedz]

  On 2/24/2011 at 9:08 AM, Darryn said:

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.

 

 

wow $300 not enough cover your utuktutues bill? i think check if any electiricity is leaking anot?

 

[Galantspeedz]

  On 2/24/2011 at 3:36 AM, Darryn said:

Uhmm..rubbish how? this is actually a pretty accurate assesment of how and why CPF can be used.

 

My CPF amounts to more than 30% of income, this is more tax than I would be paying in one of the "welfare" states, then I must still pay tax to government. And the HDB DOES fully control the housing market - between what flats they release, what sites the government releases, their policies et al - they are the market driver.

 

And if you use CPF for property, you are taking a loan from yourself, and must keep paying yourself back until you are 55.

 

I happen to believe that (in general) CPF is a pretty good system, (no perfect, but good) - but what, in detail, is inaccurate about that post? How would you describe CPF differently?

 

how you get 30+%?

 

CPF at most deduct 20%, up till max 900...

[Galantspeedz]

  On 5/25/2011 at 1:54 AM, Relacklabrudder said:

u damn rite! 30+% we contribute to CPF is actually a tax disguise as retirement scheme as long as u r not allowed to cash out fully when u reach 55 yr as promise. that to me is cheating when u keep raising the withdrawal age and minimum sum.

 

in welfare state though the tax is 40%, part of it goes into very good health insurance and when u lose ur job they give u $ to survive. Here in singapore if u lose ur job, gd luck to u!

 

Best is CPF is use to artificially push up our HDB prices since it cannot be use for anything then most ppl just hantum into property that can use cpf which is mainly hdb. so lead to higher and higher hdb prices.

 

but too bad you still finding ways to go there?

[Relacklabrudder]

  On 5/25/2011 at 2:10 AM, Galantspeedz said:

how you get 30+%?

 

CPF at most deduct 20%, up till max 900...

 

 

20% from employee, 13-14% from employer = 33 to 34%

 

dun forget the cpf contributed from emplyer is still part of ur salary package. the company dun care cpf or cahs, they see it as the whole package paid to u

[Windwaver]

  On 2/24/2011 at 12:15 AM, Ender said:

Regardless how much our government put in. Treat it as a saving that's your children will cash out when we pass on. Be glad that employer is also funding this saving for your children. Which mean we can set aside less money, property to pass on to them and more for ourselves to retire.

 

Out of every 10 friends, 5 or 6 do not have kids so I guess the government gets a big bonus when these people die

[Galantspeedz]

  On 5/25/2011 at 2:12 AM, Relacklabrudder said:

20% from employee, 13-14% from employer = 33 to 34%

 

dun forget the cpf contributed from emplyer is still part of ur salary package. the company dun care cpf or cahs, they see it as the whole package paid to u

 

not really... your pay package only includes the 20%.. the 13-14% is required by govt....

 

if you pay package is included, why isn't it in your payslip? or at least my doesn't have, neither is it under IR8A. I stand to be corrected though.

 

1 qns is..... if it is not required, would this be in your actual pay package?