Re: Are you able to withdraw your cpf when you reach 55 years of age?
The MS was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2015.
In 2013 MS (in 2003 dollar) was $115k. We left 5k to reach "120k" in 2015. Assuming that each year is 2.5k.
(117,500/115,000) * 148,000 * 1.025 (inflation of 2.5%)= $154,997
Round off to nearest hundred. You will get $155k min sum for 2014
For 2015:
(120,000/117,500) * 155,000* 1.025 (based on inflation of 2.5%) = $162,255
This is my predicted min sum of year 2015
After year 2015, Min sum will continue to increase. But it will based on inflation. Of course CPF can change their goal post again.
Based on my age, when I age 55(currently 38) and inflation of 2.5%(hope no change), my min sum will be $262,900.
Hope you guys know how the min sum mechanism work.
Cheers!
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