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CPF Minimum Sum


Khyber
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Actually wanna find out how this scheme actually work out. In CPF webby it stated after 55 years old if our CPF did not have the Min SUM then we need to top up cash or pledge our property. What is the meaning of pledging property ? Need to sell? Any bros can enlighten me?

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all the information that you need is found in this thread

 

http://www.mycarforum.com/index.php?showtopic=2664322

 

in a nutshell

 

a. OA + SA got $123k = you've met min sum = extra (OA+SA - $123k) can take out

b. OA + SA got $61.5K + HDB (pledge $61.5K) = you've met min sum = extra (OA+SA - $61.5K) can take out

c. OA + SA < $123k and have no HDB = you've not met min sum and just continue to work until lie down ... as simple as that

 

i presume many ordinary folk will fall into category B. if one sell their HDB and go for rental flat will fall into category A.

if category c, nothing else to say and just work till the last day

 

  On 8/31/2011 at 4:18 AM, Khyber said:

Actually wanna find out how this scheme actually work out. In CPF webby it stated after 55 years old if our CPF did not have the Min SUM then we need to top up cash or pledge our property. What is the meaning of pledging property ? Need to sell? Any bros can enlighten me?

Edited by Wt_know
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Neutral Newbie

Thank Bro for the link to the previous thread, but I still dont understand if by 55 yo we die die dont have enough MIN SUM and cant top up cash, what is going to happen? Need to sell property? Top up CPF and stay somewhere cheaper? Or just cant draw anymore money from CPF to finance existing property? Thanks Bros..

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  On 8/31/2011 at 4:23 AM, Wt_know said:

all the information that you need is found in this thread

 

http://www.mycarforum.com/index.php?showtopic=2664322

 

in a nutshell

 

a. OA + SA got $123k = you've met min sum = extra (OA+SA - $123k) can take out

b. OA + SA got $61.5K + HDB (pledge $61.5K) = you've met min sum = extra (OA+SA - $61.5K) can take out

c. OA + SA < $123k and have no HDB = you've not met min sum and just continue to work until lie down ... as simple as that

 

i presume many ordinary folk will fall into category B. if one sell their HDB and go for rental flat will fall into category A.

if category c, nothing else to say and just work till the last day

 

Thanks for the very clear explanation ... Thanks [blush][blush]

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like i said, you don't have to do anything. just have to work till lie down.

if you did not meet min sum means you cannot withdraw a "single" cent from OA+SA ... no need to top up

 

  On 8/31/2011 at 4:29 AM, Khyber said:

Thank Bro for the link to the previous thread, but I still dont understand if by 55 yo we die die dont have enough MIN SUM and cant top up cash, what is going to happen? Need to sell property? Top up CPF and stay somewhere cheaper? Or just cant draw anymore money from CPF to finance existing property? Thanks Bros..

 

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  On 8/31/2011 at 4:32 AM, Wt_know said:

like i said, you don't have to do anything. just have to work till lie down.

if you did not meet min sum means you cannot withdraw a "single" cent from OA+SA ... no need to top up

 

 

Aiyah even say can withdraw 100k after minimum, how long will 100k last you? If have china mei2..100k can last 1 year laff already [laugh] . Cost of living here so high, I think only few people dont need to work to support lifestyle after 55.

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you can downgrade to batam mei2

 

  On 8/31/2011 at 4:40 AM, Zanter said:

Aiyah even say can withdraw 100k after minimum, how long will 100k last you? If have china mei2..100k can last 1 year laff already [laugh] . Cost of living here so high, I think only few people dont need to work to support lifestyle after 55.

 

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  On 8/31/2011 at 4:32 AM, Wt_know said:

like i said, you don't have to do anything. just have to work till lie down.

if you did not meet min sum means you cannot withdraw a "single" cent from OA+SA ... no need to top up

 

Not very promising future after 55 though :blink::blink:

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  On 8/31/2011 at 4:23 AM, Wt_know said:

all the information that you need is found in this thread

 

http://www.mycarforum.com/index.php?showtopic=2664322

 

in a nutshell

 

a. OA + SA got $123k = you've met min sum = extra (OA+SA - $123k) can take out

b. OA + SA got $61.5K + HDB (pledge $61.5K) = you've met min sum = extra (OA+SA - $61.5K) can take out

c. OA + SA < $123k and have no HDB = you've not met min sum and just continue to work until lie down ... as simple as that

 

i presume many ordinary folk will fall into category B. if one sell their HDB and go for rental flat will fall into category A.

if category c, nothing else to say and just work till the last day

 

if b is what u say it is,

 

can i pledge 100% and cash out 100% cpf cash?

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TS only need to know ONE thing...

 

All the money in your CPF account....

 

You will never see them in COLD HARD CASH ever again....

 

whether you are lucky enough or not...to live to past 65...

 

Or have used some money when you were younger to buy property...

 

Any marnie still left in CPF...even after you have retired and not put more in...

 

YOU WILL NEVER BE EVER TO SEE THE MONEY IN COLD HARD CASH....ALL OF IT..

 

Does the above answered ALL your questions ...you have about your CPF? [laugh][laugh]

 

 

=============================================================keep Keep voting for them...GO...GO..GO... [laugh]

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  On 8/31/2011 at 4:29 AM, Khyber said:

Thank Bro for the link to the previous thread, but I still dont understand if by 55 yo we die die dont have enough MIN SUM and cant top up cash, what is going to happen? Need to sell property? Top up CPF and stay somewhere cheaper? Or just cant draw anymore money from CPF to finance existing property? Thanks Bros..

 

how would you have enough min sum at the age of 55 if you bought a 500-600k flat with a 30 yr loan.. [laugh]

unless u tio toto, or huat liao... pay increase by 2-3 x fold... [;)]

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  On 8/31/2011 at 6:02 AM, Khyber said:

Not very promising future after 55 though :blink::blink:

 

 

that's why taxi occupation only singaporean can drive mah... [laugh]

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  On 8/31/2011 at 4:40 AM, Zanter said:

Aiyah even say can withdraw 100k after minimum, how long will 100k last you? If have china mei2..100k can last 1 year laff already [laugh] . Cost of living here so high, I think only few people dont need to work to support lifestyle after 55.

 

 

everyday 'la kopi' lor..plus $3 'cai fan' lor... [laugh]

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you say leh? of course cannot la ... gov aint stupid.

perhaps in the "near" future, if min sum is raised to $500k then everyone need to pledge 100% hdb liao.

 

  On 8/31/2011 at 8:51 AM, Mllcg said:

if b is what u say it is,

 

can i pledge 100% and cash out 100% cpf cash?

Edited by Wt_know
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  On 8/31/2011 at 6:02 AM, Khyber said:

Not very promising future after 55 though :blink::blink:

After 55, you start your 2nd working life.

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drive taxi for the next 20 years till 75? :angry:

 

  On 8/31/2011 at 12:06 PM, Kb27 said:

After 55, you start your 2nd working life.

 

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wash toilets, pick cans, sell newspaper, pump attendant, clear table, carry coffee (before kopitiams taken over by food courts), where u see all the cat c pple.

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