Talking Point >>> Is your CPF enough for retirement?

[Philipkee]

On 8/16/2020 at 11:55 AM, Ct3833 said:

Looks like the covid 19 situation is going to be here for  long haul, while the government has been helping businesses and individuals in many ways,  the amount of national reserves is finite, considering covid 19 being an exceptional crisis, maybe the government should consider allowing the public to withdraw some amount of  their CPF during this difficult period, even cap at $5k would still be better than nothing for those who really need financial helps. 

I suggested before.  Just allow cash withdrawals of the interest of the preceding year prot rated on monthly basis.

So let's say someone has $100k in OA.  Interest is $2500 a year.  So let the person draw maybe $200 a month so at max he withdraws only $2400 a year so there is still a nett gain in cpf.

If he has zero deduction and zero inflow into cpf, and the covid-19 lasts longer than a year, the following year he can still withdraw only $200 a month.  If there was deduction maybe cos of housing loan and no inflow or lesser inflow, maybe the following year he withdraws $100 monthly.  If he contributed more than deduction, maybe the next year he withdraws $300 monthly.

I think this is better than just unlocking the reserves.  Some say it's the same as cpf is part of the reserves but I beg to differ.  If you withdraw from your cpf, the govt owes you less when it's time for you to retire.  If the govt gives you cash payout from the reserves, they have already spent the money and now they still owe you more money in the cpf since it's still locked in and earning interests.

Let's not get into discussion on what if govt doesnt pay out cpf on retirement.

 

[Freeder]

1 hour ago, Wt_know said:

62, 65, 67, 70, 90?

if laoma can work at 95  ... who need retirement ... huat ah!

Mr. errrr Ms. Poh , with all the pressure and stress in Sgp , U still want us to work till we drop dead..

If got nothing to say, just STFU...

Hope Jamus will make her cry soon..

[Ct3833]

Another talk big who live in an ivory tower , people on the street get retrenched at age 50 and cannot get back to work force,  these people fed by army all the time comfortably and next get parachute into a GLC, how badly disconnect they are with the problems of those men on the street? 

Edited September 2, 2020 by Ct3833

[Throttle2]

CPF withdrawal age will go to 60 in the near future....

good luck Singaporeans!

[Ct3833]

On 9/3/2020 at 1:51 PM, Throttle2 said:

CPF withdrawal age will go to 60 in the near future....

good luck Singaporeans!

Mai spread fear lah, life is stressful enough.  I am speaking on behalf of the young 50s, I am  a man  in the "past".😅😅

Edited September 8, 2020 by Ct3833

[BanCoe]

30 minutes ago, Ct3833 said:

Mai spread fear lah, life is stressful enough.  I am speaking on behalf of the young 50s, I am  a man  in the "past".😅😅

Won’t be surprised at 60 as they will say “we” don’t push up Full retirement minimum numbers no more for next 5 years ...... I won’t be surprised , really .

[Ct3833]

12 minutes ago, BanCoe said:

Won’t be surprised at 60 as they will say “we” don’t push up Full retirement minimum numbers no more for next 5 years ...... I won’t be surprised , really .

Hope not though it will not affect me. 😪😪

[BanCoe]

59 minutes ago, Ct3833 said:

Hope not though it will not affect me. 😪😪

unker I know you got MG Kad ol'ready  🤣🤣    

[t0y0ta]

1 hour ago, BanCoe said:

Won’t be surprised at 60 as they will say “we” don’t push up Full retirement minimum numbers no more for next 5 years ...... I won’t be surprised , really .

Things will slowly creep.

It has been happening over past 3 decades.

Slowly increasing Min Sum

Slowly delaying retirement age

Slowly changing the scheme such that no more lump sum

What you say is a certainty... only a matter of when

[Wt_know]

slowly but surely .... slow cooked to perfection ... LOL

just like we heard ... GST not going to be raised for the next xxx years ... but xxx years come sibei fast and furious ... 

Edited September 8, 2020 by Wt_know

[Mustank]

Amdk dad buys son an whisky as investment a year 

You can invest in your kids also - CPF 💪

Edited September 8, 2020 by Mustank

[Volvobrick]

On 9/2/2020 at 8:46 PM, Wt_know said:

62, 65, 67, 70, 90?

if laoma can work at 95  ... who need retirement ... huat ah!

She secretly wants to reduce number of ministars talking about top heavy?  We have the highest number per capita in the world.

 

PS Google says she is in charge of Terminal 5, which means nothing to do for next 5 years. So plenty of time.  She should propose everyone take a 10 year break 45-55, then continue to work till death, maybe some will accept.  At least we would be assured of 10 good years of (early) retirement.

 

Edited September 8, 2020 by Volvobrick

[SuPerBoRed]

CPF withdrawal is far away for me... but technically... if you are prepared to renounce ur citizenship and migrate to a less ''stressful'' country... you can take all your CPF monies out isn't it?

[Throttle2]

21 hours ago, Mustank said:

Amdk dad buys son an whisky as investment a year 

You can invest in your kids also - CPF 💪

£40k ???

chey....  here need min £400k

[Wt_know]

3 minutes ago, Throttle2 said:

£40k ???

chey....  here need min £400k

and 1 year only allow to drink 1 bottle .... LOL .... 

[Chongster]

Me mid 40s my SA and medisave at limit and I top up my wife to limit also.  If still not enough means the scheme is failure.  I don’t think I can do much more to game it

[BanCoe]

On 9/9/2020 at 8:23 AM, SuPerBoRed said:

CPF withdrawal is far away for me... but technically... if you are prepared to renounce ur citizenship and migrate to a less ''stressful'' country... you can take all your CPF monies out isn't it?

Yes must renounce Sg citizenship for sure then only can withdraw full amount 

[Wt_know]

40 minutes ago, BanCoe said:

Yes must renounce Sg citizenship for sure then only can withdraw full amount 

take a flight to india and uturn as FT work as consultant? huat ah!