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The best way to prepare for retirement is to use less CPF $$

Darthrevan
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Sdf4786k

Sdf4786k

Twincharged

so... he should have renounced his SG citizenship to get maximum benefits from both sides... haha... 

 

I think got baotoh lah..

 

Where got laidback NZ so free go so deep and check..

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Hoseyboh

Hoseyboh

Twincharged

Can someone knowledgeable in CPF policies tell me what the expected retirement sum will be in 10 yrs time?

 

Thanks

Boss, you 45 Liao ah!

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Hoseyboh

Hoseyboh

Twincharged

Thanks for the table Boss, but what does it tell?

 

Say i have $1mil in CPF when i turn 55, how much cash can i withdraw?

 

CPF damn complicated

When you turned 55 in 2028, They kip $229,548 till you turn 65. The rest you can take go buy Rolex lah

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Wt_know

Wt_know

Supersonic
(edited)

perhaps in 2028 ... $250K can buy 1 toyota vios only ... lol

 

When you turned 55 in 2028, They kip $229,548 till you turn 65. The rest you can take go buy Rolex lah

Edited by Wt_know
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Wt_know

Wt_know

Supersonic
(edited)

bro, migrate to Hawaii ... you can take everything until the last cent ... [thumbsup][laugh]

no nonsense of every month give you jit pak neng pak for chap chai peng

then you can return to singapore offer rolex cleaning service as Foreign Talent ... LOL

 

But if i dont want what stupid enhance scheme?
Then they keep less?

What about minimum sum?
Where does that come into play.

 

Edited by Wt_know
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Kusje

Kusje

Supersonic

But if i dont want what stupid enhance scheme?

Then they keep less?

 

What about minimum sum?

Where does that come into play.

 

boss, for people who are not working and very free like you, just head down to cpf counter.

 

Ask until the fellow at the counter gives you all the answers or resigns on the spot.

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Hoseyboh

Hoseyboh

Twincharged

But if i dont want what stupid enhance scheme?

Then they keep less?

 

What about minimum sum?

Where does that come into play.

Boss, $229,548 is not enhancement hor. Minimun sum is when you pledged your fully paid Punggol hdb, you can take out another 50% of $229,548. So you will be left with only $114,774 till you turn 65....

 

But if you sell your hdb, your RA will have to TOP up back to $229,548 Hor....

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Throttle2

Throttle2

Supersonic

Boss, $229,548 is not enhancement hor. Minimun sum is when you pledged your fully paid Punggol hdb, you can take out another 50% of $229,548. So you will be left with only $114,774 till you turn 65....

 

But if you sell your hdb, your RA will have to TOP up back to $229,548 Hor....

I dont understand Boss.

 

Say my punggol HDB is full cash from day one.

Not pledging anything.

CPF has $1mil at age 55

I only need to keep minimum sum in CPF and be able to take everything else out right?

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Throttle2

Throttle2

Supersonic

boss, for people who are not working and very free like you, just head down to cpf counter.

 

Ask until the fellow at the counter gives you all the answers or resigns on the spot.

Yes Boss, i will do that one of these days.

Just take it as excursion to CPF .

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Hoseyboh

Hoseyboh

Twincharged
(edited)

I dont understand Boss.

 

Say my punggol HDB is full cash from day one.

Not pledging anything.

CPF has $1mil at age 55

I only need to keep minimum sum in CPF and be able to take everything else out right?

So they will keep $229,548 and you can withdraw $770,452 from your OA and SA. Song song gao Jurong..... Edited by Hoseyboh
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Showster

Showster

Twincharged

It’s good to ask the counter. My friend told me there is also a limit to how much you can “deposit” per year. It may not be possible to deposit one time one million and wait for maturity to withdraw.

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Spring

Spring

Moderator

If sa and ord add up more than RA requirement can take out the balance?

 

This week received my annual cpf "bank" statement. Eye wide wide..tongue licking..

Can take out all bar medisave n RA if u meet the RA requirement but I wouldn’t cos the returns there is good n if u still working, no point take out. Of course, there will be nasayers who will tell u to take every cent out whilst u can. I guess we all have our own opinions.

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Wt_know

Wt_know

Supersonic
(edited)

for simple explanation, we ignore ERS (enhanced retirement sum).

retirement sum aka minimum sum is the SAME for everyone, which is $230K (in 2028)

 

Mr X, age 55, min sum = $230K

Mr T, age 55, min sum = $230K

 

Mr X, choose to pledge his HDB/property with 50%, hence min sum is reduced to $115K

Mr T, choose NOT to pledge his HDB/property, hence min sum remains $230K

 

It does not matter you have $500K or $1M or $2M in CPF

It does not matter your HDB/property is FULL CASH on day 1 or no more outstanding loan or fully settled recently.

 

Your withdrawal = total CPF $ (OA + SA only) minus $115K or $230K

 

One day Mr X, sell his HDB/property. Some of his proceed will be used to top up the $115K + accrued interest (that he pledge) - some might say what HE OWE ... lol

 

This is to make sure Mr X and Mr T have the "same starting point" when both are age 55 with $230K min sum locked up.

 

If Mr X used his CPF money before to buy property, when the proceed return to CPF, CPF will know how to move the proceed to RA (retirement account).

 

the point here is

 

1. everyone min sum is the same whether you pledge no pledge full cash or take cpf $ to buy property

 

2. ah gong worry those pledge property ... when sell that time ... all money kena cheated by ATB or Batam girl then at 65 CPF life not enough cry papa cry mama because at 55 that time ... only locked up $115K and earn little interest

 

i guess the question is what if the "private property" (or resale HDB) is purchased with FULL cash and not a single cent used from CPF (ie: no money is returned to CPF when property is sold)

if i pledge with 50% and sell that time, i have to give CA$H to CPF? [sly]

how do CPF know i sell my property? ah gong must be watching everyday? lol

i am sure this loophole would have been plugged somewhat

 

I dont understand Boss.

Say my punggol HDB is full cash from day one.
Not pledging anything.
CPF has $1mil at age 55
I only need to keep minimum sum in CPF and be able to take everything else out right?

 

Edited by Wt_know
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Ash2017

Ash2017

Twincharged

Itâs good to ask the counter. My friend told me there is also a limit to how much you can âdepositâ per year. It may not be possible to deposit one time one million and wait for maturity to withdraw.

provided they don't come out with new rules to lock up more money in CPF
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Wt_know

Wt_know

Supersonic

provided they don't come out with new rules to lock up more money in CPF

never say never ... the excuse of rising cost, aging, better service, this and that ... [sweatdrop]
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