how much is the minimum sum now?
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Serious Saving $1m through CPF
- Thread starter SNTCK
- Start date
how much is the minimum sum now?
till now, i still not understand what is cpf about lo, now only using it to pay housing loan.
looks a complicated scheme to me leh.
U are all over the map on this. Is this retirement money or bonus? The 2 are not the same. I don't think u gave the slightest idea at all.
It is complicated and easily solved and definitely not complex. PAP brains are simple.
Bonus may not be the correct word to use. I simply did not treat this amount exist unless I can live till the age If I survive there is still money kept by government. So long I find at 55 I can enjoy my hard earned $ is more important to me.
Of course my method will not suit everyone. Just sharing my plan which I find better than living with uncertainty with some extra % earned.
There are people who actually truly enjoy the process of living in poverty secretly and seeing the bank account grows . The sense of achievement surpass enjoyment from food and entertainment
Think it must be some kind of illness! I prefer looking at my million $ condo than looking at my million $ bank a/c! Of course one of our multi million $ ministar says he feels so rich looking at his CPF statement. That's because he can enjoy both - asset rich and cash rich. How many of us can say the same ?
Its not a complicated scam. They throw many shits into it, like medishield and what not and many rules and regulations. In the past, there was no special account or any of this shit. That is what makes it look complicated.
Its a very simple plan. U have to understand how the govt wants to play it. Your employer puts money in, you put money in, the govt puts nothing in. From the money that goes in, u can use it for housing payments and medisave. And lets say your mortgage payment is $1500 per month. you would have the mortgage payment taken our of your CPF. Instead of buying AXA health insurance, u are forced to buy Medisave. So, if your mortgage payments and health insurance payments comes out of your CPF, it frees the money up to put into your retirement. If you are really disciplined, the $1500 that goes out of your CPF O account that goes to your monthly house payments has an opportunity cost 2.5%, you will then substitute it dollar for dollar with $1500 into another investment, say a mutual fund, this mutual fund will be your retirement fund as the CPF accounts gets depleted monthly. U will for certain earn more then 2.5% on this mutual fund, hence growing your real retirement account faster and bigger then CPF can. U are basically inventing your own retirement fund and swapping out a low 2.5% yield for a higher one.
ie AD ........... after death
Current at 161k . I predict by my turn should be 200k or there. Backup plan if goes too high or draw down age aka goal pole shift too far is to run road to maryland
Anyone that only has 200k in their CPF accounts at the age of 55 would be in big trouble if it was released to them in one go because they are obviously low skilled and financially illiterate.
That is unfortunately true. If cost of living was still 1.2 SGD for noodles, it would be fine, but... now it is 4-6 sgd for noodles as a norm.
The cost of noodles is not the issue. The problem with releasing a 6 figure sum to someone who has been on a low income and very little savings is that they will be ill prepared to manage such a huge amount.
All it takes is a couple of foolish decisions and they'll be wiped out at least 2 decades before they kick the bucket. What will society do with someone who does not have a penny to his name who is only in his mid 50s?
I know someone without any savings on hand , but with 300k in cpf already planning how to use the money which will be in in 2 years time :*:
How is he going to use the money?
And you profiled it correctly. A low income earner just like myself.
Plans for holidays with family members. Children educations funds, post dated in laws maintenance fee and the current deprivation of a proper lifestyle.
Spent productive life living like begger.
Saved up $1 million then still must budget live simply until end of their lives. He think his $1 mill bigger than bullock cart wheel?
CB live until so kankor might as well go jump bedok reservoir. Use money buy insurance let kids enjoy the payout
By age 36, I had already maxed out my SA and Medisave accounts, with some balance left in my OA. All it takes is financial prudence, spending within your means and not overpaying for your HDB apartment. By now, thanks to compound interest, my CPF account has around $800k. It's my 'Alamo' money if I cheat on my wife and in turn get cheated by some hooker from Batam or Shenzhen, and I have nothing left to fall back on.
Thanks to PAP, I am set for life.
Thanks to PAP, I am set for life.
Some years back, there was some keling lady with 3 kids from Jiuhu who received $1M of donations from the public because her dead beat husband got run over by some mad PRC driver. Within a year, she squandered all of that money and penniless. Even she expressed amazement how she could have lost $1M just like that. She didn't even manage to save $10k of that money by simply putting into the bank. No, she spent some of that money, gave away some of it to relatives as gifts and invested the remaining into her brother's harebrained bus business idea which went bust within months.
200k won't last 5 years if that's how you're going to manage the windfall.
i saw another 1 million by 65 CPF story on another investment forum.......Temasek and GIC must be desperate for money......
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