CPF Minimum Sum vs CPF Life

[TracyTan866]

Re: CPF LIFE exposed - what you really need to know

The only way (for someone or his family) to get back your CPF in full is to die or denounce citizenship before 55. Once after 55, part of it will vaporize. Someone once asked me which of the 2 options is better. My answer to him was, "What is the default option if you don't exercise your right to opt? Just pick the one that is not the default option. Sure better one. The lesser of the 2 evils."

CPF is my money. I ask the pap to justify why should I have to renounce my citizenship to get back what's mine?

 

[Thick Face Black Heart]

Re: CPF LIFE exposed - what you really need to know

If CPF Life is better than Minimum Sum, why doesn't the pap give us a choice? Are we daft not to choose the better option.

It doesn't matter which is better. The elephant in the room is that we can't take out the money, and the goalposts keep shifting.

 

[TracyTan866]

Re: CPF LIFE exposed - what you really need to know

It doesn't matter which is better. The elephant in the room is that we can't take out the money, and the goalposts keep shifting.

That's true.

But CPF Life is a double whammy because if you die young, your family gets very little or nothing.

Minimum Sum is different...whatever is in your account is returned to your family.

My mum is in her early 60s and the CPF has been writing to her to encourage her to out from Minimum Sum into CPF Life.

 

[Thick Face Black Heart]

Re: CPF LIFE exposed - what you really need to know

That's true.

But CPF Life is a double whammy because if you die young, your family gets very little or nothing.

Minimum is different...whatever is in your account is returned to your family.

My mum is in her early 60s and the CPF has been writing to her to encourage her to opt from Minimum Sum to CFP Life.

In CPF Life, whatever amount that has not been used to pay the annuity disbursements will be returned to your beneficiaries. So if you die at 67 before you get your first handout, the entire sum is given to your beneficiary.

But note that the proceeds will be deposited into your beneficiary's CPF account if you fail to use to correct form to indicate your preference. This is obviously done to con some people into making the dreadful mistake. I'm sure more than a few folks out there have already used the wrong form and they did not realize it. I believe that when you make a nomination, they deliberate use the wrong form as the default form, so those not paying attention will walk into the trap. Imagine those not really literate show up at CPF board to make a nomination, and the counter staff just keep quiet and let them do it.

Imagine the shock their beneficiary will get when he finds out that his parents CPF money is being deposited into his OA. Then we can ask him who he voted for.

 

[TracyTan866]

Re: CPF LIFE exposed - what you really need to know

In CPF Life, whatever amount that has not been used to pay the annuity disbursements will be returned to your beneficiaries.

The proceeds will be deposited into your beneficiary's CPF account if you fail to use to correct form to indicate your preference.

You may be wrong. Your beneficiaries may get back $0, depending on whether you opt for CPF Standard Plan or CPF basic Plan and age of death.

 

[Thick Face Black Heart]

Re: CPF LIFE exposed - what you really need to know

You may be wrong. Your beneficiaries may get back $0, depending on whether you opt for CPF Standard Plan or CPF basic Plan and age of death.

You are right. My oversight. Yes, the beneficiary may get zero depending which plan you opt.

FUCK THE PAP! So those who died before 67 just donated their entire savings to Temasek holdings!!!

 

[TracyTan866]

Re: CPF LIFE exposed - what you really need to know

You are right. My oversight. Yes, the beneficiary may get zero depending which plan you opt.

FUCK THE PAP! So those who died before 67 just donated their entire savings to Temasek holdings!!!

Now you see why the CPF Board tries so hard to seduce my mum to opt for CPF Life instead of remaining on Minimum Sum? It is an evil scheme to dupe unsuspecting Singaporeans.

 

[TracyTan866]

Re: CPF LIFE exposed - what you really need to know

You are right. My oversight. Yes, the beneficiary may get zero depending which plan you opt.

FUCK THE PAP! So those who died before 67 just donated their entire savings to Temasek holdings!!!

See my comments on Post#15 and #17