CPF Life drawdown age raised from 62 to 65

[theDoors]

For all to take note

CPF Board - Other CPF Schemes and Services - my CPF 1

Your CPF is for your retirement. You can withdraw your CPF savings when you turn 55, after meeting your CPF Minimum Sum (MS) requirements. Your CPF MS can be used to buy a life annuity from a participating insurance company or left in your Retirement Account with the CPF Board. From 62 (current Draw-Down Age), you will receive monthly payments from your MS to help meet your basic needs in retirement. If you had bought a life annuity, you will receive the monthly income for life. If you leave your MS with the CPF Board, you will receive the monthly income until your MS is exhausted. You may wish to start your monthly payouts later. It benefits you as your payouts will last longer.

CPF Life plans refined from four to two - Channel NewsAsia

Among the desired features of this plan include comparable payouts to the Minimum Sum Scheme, the bequest feature and the flexibility to use the Retirement Account.

Giving an example of how a member would benefit from the Standard Plan, CPF Board said a member with S$90,000 at age 55 in his CPF balances would receive S$780 as a monthly payout from his draw down age for life.

The draw down age for CPF Life is from 65 years of age.

If the member were under the minimum sum scheme, he would get S$800, but only for 20 years.

The second plan which will be retained is the existing LIFE Basic plan, which would provide a choice for members who prefer a higher bequest and a lower monthly payout.

 

[cunnilaubu]

The draw down age for CPF Life is from 65 years of age.

So what would one live on from 55 to the draw down age of 65?
This is sickening!

 

[theDoors]

So what would one live on from 55 to the draw down age of 65?
This is sickening!

CPF just makan 36 months of payment!

 

[freedalas]

Since the 1980s, the PAP has been devising schemes after schemes on how not to release the CPF monies that are due to us. At first they try persuasion and encouragement to get S'poreans to delay withdrawing their CPF balances but when that failed, they blatantly passed laws in broad daylight to force us to leave our CPF monies with them longer. And over the years, laws have been passed continuously to make this even longer ie the withdrawal age is deferred again and again.

During the Lehman Brothers financial crisis, GIC and Temasek made unmentionable mammoth losses. Instead of calling those responsible to account for these losses, what the Govt did was to conceive of even more schemes to delay CPF withdrawals because Temasek and GIC needed our CPF monies to cover the losses. All these while GIC and Temasek had been using our CPF balances for investment because it's the cheapest source of funds. In other words, we poor ordinary S'poreans had been funding Temasek and GIC for them to place bets that often turn out to be very poor investment losses of very huge proportions that raised the eyebrows of foreign Sovereign Wealth Fund managers. And yet to this very day, Temasek and GIC had not issue an apology to S'poreans for putting our CPF monies to poor use. Had this been in Taiwan, the people would not have let the Govt off so easily. Here in S'pore, 60% of the people endorsed the PAP actions to play with our CPF monies as long as they want.

 

[zhihau]

For all to take note

now where is bro makapa's picture? the one that states:"Let's shove it up the peasant's arse!"

 

[coolguy]

So no wonder now they die die also must defend the notion that public housing are affordable,
even though sinkies may wipe off all their CPF to fund the flat till they die.
And they set all sort of laws to ensure that sinkies use up all their CPF.
Whether you are 1K, 5K or more than 10K earners, all will have their CPF use dry.
For the survival of pappies, GIC and Temasek, this must not fall.

 

[batman1]

What if a CPF member dies before drawdown age 65 ?What if a CPF member is sick or poor or jobless and need money for daily survival between 55 to 65 ?

 

[captainxerox]

What if a CPF member dies before drawdown age 65 ?What if a CPF member is sick or poor or jobless and need money for daily survival between 55 to 65 ?

he is screwed.

 

[captainxerox]

cpf was better in the past. retirement and full withdrawal. if then gamble away cpf savings or never buy annuity or insurance and become sick, your pasal. let those who can plan choose to withdraw their cpf savings

 

[Fook Seng]

What if a CPF member dies before drawdown age 65 ?What if a CPF member is sick or poor or jobless and need money for daily survival between 55 to 65 ?

I think the govt should come out with a third option, called the CPF After Life option.

 

[zhihau]

I think the govt should come out with a third option, called the CPF After Life option.

ahahaha ahahahaha ahahahaha...
bro, that's a good one!

 

[HedgeTrader]

I think the govt should come out with a third option, called the CPF After Life option.

ahahaha ahahahaha ahahahaha...
bro, that's a good one!

Ya good one! That afterlife option cover for funeral, cremation and rental for a place to place your ash LOL

 

[coolguy]

i would not be surprised in future, the dead will also have to buy/lease their burial/cremation site.
For burial, it will be classified as freehold/lease depending on the land it is on and will be very very much expensive than cremation pigeon holes,
because land is very scarce in sg.
For cremation pigeon holes, it will be leased from the HDB Heaven and is valid for 99 years after death.
So if you opt for CPF After life, your monthly loan from "HDB heaven" will be deducted from there.
All this is to ensure you have a place to stay even after your death. I am not kidding.

 

[cathylmg]

i would not be surprised in future, the dead will also have to buy/lease their burial/cremation site.
For burial, it will be classified as freehold/lease depending on the land it is on and will be very very much expensive than cremation pigeon holes,
because land is very scarce in sg.
For cremation pigeon holes, it will be leased from the HDB Heaven and is valid for 99 years after death.
So if you opt for CPF After life, your monthly loan from "HDB heaven" will be deducted from there.
All this is to ensure you have a place to stay even after your death. I am not kidding.

For your info, nowadays all on 30 years liao. Don't belief go and check it out yourself...

 

[cunnilaubu]

For your info, nowadays all on 30 years liao. Don't belief go and check it out yourself...

You are correct. Not sure about other faith, but most of the Chinese temples are on 30 yrs lease. They need to renew the lease and those with ancestral urn at the temple also has to fork out additional $$$ to renew the pigeon hole.

It already happening.

 

[cathylmg]

You are correct. Not sure about other faith, but most of the Chinese temples are on 30 yrs lease. They need to renew the lease and those with ancestral urn at the temple also has to fork out additional $$$ to renew the pigeon hole.

It already happening.

Better to throw into the sea lah....bigger space...

 

[cunnilaubu]

Better to throw into the sea lah....bigger space...

Throw into sea also need to apply permit. Cannot suka suka u know.
Not sure got fee to pay or not. Since this is sinkapore, most likely yes.

 

[cathylmg]

Throw into sea also need to apply permit. Cannot suka suka u know.
Not sure got fee to pay or not. Since this is sinkapore, most likely yes.

Wah! Like that also must pay tax? What if die, cremated and buried in a foreign freehold land leh?

 

[depeche]

Wow...die die cannot retire or die in SG...must run road!

 

[halsey02]

i would not be surprised in future, the dead will also have to buy/lease their burial/cremation site.
For burial, it will be classified as freehold/lease depending on the land it is on and will be very very much expensive than cremation pigeon holes,
because land is very scarce in sg.
For cremation pigeon holes, it will be leased from the HDB Heaven and is valid for 99 years after death.
So if you opt for CPF After life, your monthly loan from "HDB heaven" will be deducted from there.
All this is to ensure you have a place to stay even after your death. I am not kidding.

You are not wrong, 'a name I cannot mentioned, but you know' spouse is already on the other side, soon this person will be going over, 'conveyance fees' for "HDB heaven" will be collected, once again, by a familar firm, deja vu!