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Shocking news, 60% don't want to withdraw their cpf money upon 55 years old

Leepotism

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Are You Ready" to retire?
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SINGAPORE: The Central Provident Fund (CPF) Board has launched a campaign "Are You Ready" to help Singaporeans kickstart their retirement planning.

It will help to educate them on financial literacy with a checklist of four themes - cash flow, heath care, housing and retirement.

Speaking at the launch of the campaign on Sunday, Minister of State for Manpower and National Development Tan Chuan-Jin noted that some Singaporeans are already ensuring that they have enough savings.

He said records from the CPF Board showed that about 60 per cent of members do not make withdrawals when they reach the age of 55.

Brigadier-General Tan also said that many CPF members have been voluntarily making top-ups for their loved ones through the Minimum Sum Topping-up Scheme.

Over the past five years, the number of these transactions has gone up by 36 per cent while the top-up amount has grown by 33 per cent.

Last year, there were about 30,000 minimum sum top-up transactions, amounting to S$250 million.
 
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chonburifc

Alfrescian (Inf)
Asset
One sided report. How much can one withdraw when reach 55? Also, of the 60 percent, how many are still paying for the HDB flats? If there's nothing or little left in the CPF, withdraw what?
 

Cestbon

Alfrescian (Inf)
Asset
One sided report. How much can one withdraw when reach 55? Also, of the 60 percent, how many are still paying for the HDB flats? If there's nothing or little left in the CPF, withdraw what?

Agree only one side comment. PAP try to con peasant CPF no more money. Hope this news less people will withdraw the money from CPF.
At least 50% adult when reach age 60 don't even have min sum in their CPF account. How to withdraw?
Please ask gov give info how many % adult age 60 have at least $120k in CPF account?
 

chonburifc

Alfrescian (Inf)
Asset
Agree only one side comment. PAP try to con peasant CPF no more money. Hope this news less people will withdraw the money from CPF.
At least 50% adult when reach age 60 don't even have min sum in their CPF account. How to withdraw?
Please ask gov give info how many % adult age 60 have at least $120k in CPF account?
Government forcing more true blue Singaporeans to give up citizenship. 55 is a good retirement age. I still find it hard to believe Singaporeans retirees wants to work as Toilet cleaners, hawker centre cleaners or some other lowly paid and long hours jobs. Me also holding red IC and understand most Singaporeans wants to retire at 55 after working hard their entire lives.

Why create such propaganda to show senior singaporeans don't want to retire? Or they cannot afford to retire in Singapore?
 

Leepotism

Alfrescian (Inf)
Asset
Government forcing more true blue Singaporeans to give up citizenship. 55 is a good retirement age. I still find it hard to believe Singaporeans retirees wants to work as Toilet cleaners, hawker centre cleaners or some other lowly paid and long hours jobs. Me also holding red IC and understand most Singaporeans wants to retire at 55 after working hard their entire lives.

Why create such propaganda to show senior singaporeans don't want to retire? Or they cannot afford to retire in Singapore?

Every year they increase the minimum sum. No chance to see your money alive.

MyCPFlogo.gif

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Reaching 55
...Planning Your Golden Years



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How much is the Minimum Sum?
Setting aside the Minimum Sum when you reach 55 ensures that you have some regular income from age 65 to live on in your retirement.

The Minimum Sum was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2013. These amounts will be adjusted yearly for inflation.
If you are unable to set aside your full Minimum Sum in cash, your property, bought with your CPF savings, will be automatically pledged for up to half of your Minimum Sum.

55th birthday on or after
Minimum Sum
(in 2003 dollars)

Minimum Sum
(after adjustment for inflation)

1 July 2003
$80,000
$80,000
1 July 2004
$84,000
$84,500
1 July 2005
$88,000

$90,000​
1 July 2006
$92,000

$94,600​
1 July 2007
$96,000

$99,600​
1 July 2008
$100,000
$106,000
1 July 2009
$104,000
$117,000
1 July 2010
$108,000

$123,000​
1 July 2011
$112,000


$131,000​
1 July 2012
$116,000

} To be​
1 July 2013
$120,000
} announced​

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