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

[Wt_know]

4 minutes ago, Roh96 said:

So i guess the best thing to do at 55 is not to do anything, don't think about your CPF, keep on working. Tio bo?

55? better work till 65 and then part time till 75 ... 

[Throttle2]

14 hours ago, Kopites said:

Cpf life imo is a good scheme. Don't treat it like any other financial instrument. Don't be too bother with the shift in interest rate. Take it as a form of saving. 

Such "enforced" saving not only good on a personal level but also less of a burden toward the society. 

Retirement era I can proudly proclaim i am independent living in my own accounts.

My opinion. Don't rant at me...😄

Yes absolutely , forced savings.

[Throttle2]

5 minutes ago, Wt_know said:

55? better work till 65 and then part time till 75 ... 

Wah i only 37, how to work until 65??

 

[Beregond]

55 minutes ago, Ct3833 said:

Anyone who is keen may read on. I am not trying to sell CPFlife, we have to  no choice but to participate anyway. The more we understand the better we can decide if one should top up his CPFlife account to max or to buy other private retirement policies .

One point to note is no private instruments gurantee 4% returns. And the pay out from private instruments is not perpetual if one is lucky enough to outlife his policy. 

 

https://dollarsandsense.sg/cpf-life-private-annuity-plan-pros-cons-choosing-either-option-for-retirement/

Cpf life is good.

But the thing  is if i can provide  evidence  that i have more and better saving then what cpf can give me.

I should have an option to opt out.

Now is totally no choice. 

I got the feeling i am force by insurance  agent to sign up for extra saving and medical plan when i am already  more then fully covered 😒

[Jman888]

30 minutes ago, Roh96 said:

So i guess the best thing to do at 55 is not to do anything, don't think about your CPF, keep on working. Tio bo?

after 55 contribution rate drop quite a lot, even more when reach 60  

[Wt_know]

39 minutes ago, Beregond said:

Cpf life is good.

But the thing  is if i can provide  evidence  that i have more and better saving then what cpf can give me.

I should have an option to opt out.

Now is totally no choice. 

I got the feeling i am force by insurance  agent to sign up for extra saving and medical plan when i am already  more then fully covered 😒

ok la ... policy is to cover 90% of users ma ... in case they screw up

it's better in this way ... if not the remaining 10% need to pay more taxes to save the 90% with no savings and money gone to atb, viets and minah! lol

Edited December 1, 2020 by Wt_know

[Beregond]

5 minutes ago, Wt_know said:

ok la ... policy is to cover 90% of users ma ... in case they screw up

it's better in this way ... if not the remaining 10% need to pay more taxes to save the 90% with no savings and money gone to atb, viets and minah! lol

ya totally get your point.

i just feel we need to be more flexible on it. esp on the part of drawing out for emergency use😃

[Mustank]

1 hour ago, Jman888 said:

after 55 contribution rate drop quite a lot, even more when reach 60  

Really got to shore up cpf sa quickly before 55

my wife earn lesser so I transfer my oa to her

must get her to hit enhanced retirement sum before she hit 55

[Jman888]

17 minutes ago, Mustank said:

Really got to shore up cpf sa quickly before 55

my wife earn lesser so I transfer my oa to her

must get her to hit enhanced retirement sum before she hit 55

#metoo as part of yearly xmas present

 

[Spidey10]

19 minutes ago, Mustank said:

Really got to shore up cpf sa quickly before 55

my wife earn lesser so I transfer my oa to her

must get her to hit enhanced retirement sum before she hit 55

my wife not working and homemaker for the past 35 years....how ah...only me got CPF. coming to 55 in 3 yrs time...

So when she retire no CPF, what is the policy ler?

[Throttle2]

Those who clean up their CPF on their mortgage, good luck!

 

[Volvobrick]

10 minutes ago, Spidey10 said:

my wife not working and homemaker for the past 35 years....how ah...only me got CPF. coming to 55 in 3 yrs time...

So when she retire no CPF, what is the policy ler?

Not even medisave? At the mininum you should top up her medisave (in full about 60k now if you can afford) and enjoy the 5-6% plus it is not locked up. And your kids' too (can be used for parents). 

[ToyotaShuttle]

16 minutes ago, Spidey10 said:

my wife not working and homemaker for the past 35 years....how ah...only me got CPF. coming to 55 in 3 yrs time...

So when she retire no CPF, what is the policy ler?

the policy is that she got no CPF to withdraw lor. 

btw, why do you say she will retire if she isn't working?

Edited December 1, 2020 by ToyotaShuttle

[ToyotaShuttle]

4 minutes ago, Volvobrick said:

Not even medisave? At the mininum you should top up her medisave (in full about 60k now if you can afford) and enjoy the 5-6% plus it is not locked up. And your kids' too (can be used for parents). 

top up 7k per yr can get tax exemption right?

[Volvobrick]

Just now, ToyotaShuttle said:

top up 7k per yr can get tax exemption right?

Got to check CPF website. But max per year is 37k plus. To top up to 60k must do over 2 calender year. Top up this month and then on 1st Jan! I topped up for my kid. 

[Throttle2]

23 minutes ago, Spidey10 said:

my wife not working and homemaker for the past 35 years....how ah...only me got CPF. coming to 55 in 3 yrs time...

So when she retire no CPF, what is the policy ler?

Cant do anything lor. Just withdraw $5k at 55 if there is $5k

[Throttle2]

4 hours ago, Wt_know said:

1M65 said just throw $130k in CPF and "forget about it" ...

yes ... just dont think dont see dont touch and totally forget about it

Now 1M65 is outdated already.

should be 1M55

[Roh96]

2 hours ago, Jman888 said:

after 55 contribution rate drop quite a lot, even more when reach 60  

By 55 should reach enhanced retirement sum liao, so even as contribution rates drop after that should be fine bah.