How Much of Your CPF can U Transfer to Your Mom/Dad ?

[Narong Wongwan]

I thought U guys always complain CPF is fake ponzi scheme never get back one still wanna transfer???

It's exactly like a ponzi....giving back small amounts as interests....that's ponzi rule number 1.

 

[chonburifc]

Me already take it as Cheat Peasant Fund (CPF) written off liaoz. But if my old folks can benefit from this scheme, why not? Better than let HC play blind folded bacarrat dio boh? Me song even my old folks use the money to buy 4D.

 

[halsey02]

I thought U guys always complain CPF is fake ponzi scheme never get back one still wanna transfer???

We are the most charitable people on this earth you don't know? we give $50 to get $____ even OBAMA can't match this, or CLInTon or BUSH!!(es)

 

[halsey02]

Hehehe. Finally found this thread.

Does it mean if MS (OA+SA) is met, member can transfer excess to parents RA. And then parents can withdraw the amount in cash?

Don't make me happy for nothing leh.

Simple calculation..how much does a current flat cost?, how many years repayment? 30 years, how much to pay a month plus interest? how much the salary earned to generate a deposit into CPF - Ordinary, Special, & Medisave..what is the Min Sum now? & Medisave Min Sum. After doing the calculations, how much do you think any of the current generation can have balance to give their own parents money in their CPF & there is a limit, how many thousand dollars?

Will a huge portion of that money, goes into their Medisave Accounts ( parents) to top up to the Min required? What do you think? think, think, think!! It is another 'charity show' donation drive by CPF.. ha ha ha ha only there is no song & dance, maybe this song : http://www.youtube.com/watch?v=CTMMRrxx-Ug

 

[Char_Azn]

It's exactly like a ponzi....giving back small amounts as interests....that's ponzi rule number 1.

The way I see it
Ponzi scheme = Take current contributions to pay back yesterday's debt = Europe welfare System

Bank fixed deposit = Take your money and loan it to someone = CPF

 

[halsey02]

The way I see it
Ponzi scheme = Take current contributions to pay back yesterday's debt = Europe welfare System

Bank fixed deposit = Take your money and loan it to someone = CPF

Better still, pass on to MOF who pass on to _______ the lender bears the loss, while the borrower makes big profit from the sum assure !! if Interest promised will only pay the X% & any additional bonus yield..will be small. The original owner of the funds gets X-1% may not even get the bonus sum...and the 'lender, with surplus funds from this...pass on to MOF.... but any major loss the original owner gets nothing in % may even suffer a small loss..

In other words, Profits they keep..loses we bear...the best funds any government on this earth can get.. the Spanish, the Greeks, the Germans.. the whatever, are GREEN with ENVY!

 

[Char_Azn]

Better still, pass on to MOF who pass on to _______ the lender bears the loss, while the borrower makes big profit from the sum assure !! if Interest promised will only pay the X% & any additional bonus yield..will be small. The original owner of the funds gets X-1% may not even get the bonus sum...and the 'lender, with surplus funds from this...pass on to MOF.... but any major loss the original owner gets nothing in % may even suffer a small loss..

In other words, Profits they keep..loses we bear...the best funds any government on this earth can get.. the Spanish, the Greeks, the Germans.. the whatever, are GREEN with ENVY!

U just described how a bank works and U never lose your principle amt, so where does "profits U bear" come from??? The worse that can happen is annual interest rate adjust downwards

 

[halsey02]

U just described how a bank works and U never lose your principle amt, so where does "profits U bear" come from??? The worse that can happen is annual interest rate adjust downwards

By 'adjusting the books'...and 'cooking the balance sheet'... ha ha ha ha

 

[GOD IS MY DOG]

no point talking about CPF scam lah..................better to think how to get money out if possible.............

 

[Narong Wongwan]

no point talking about CPF scam lah..................better to think how to get money out if possible.............

Yes. Churn it. Turn as much as you can into cash while you can...

 

[kkbutterfly]

Is it possible to transfer $1000 cash every month into parent RA and use their RA to withdraw the next mth since my old folk reach 65 years old?

 

[Qantas]

Is it possible to transfer $1000 cash every month into parent RA and use their RA to withdraw the next mth since my old folk reach 65 years old?

Caveat Emptor. I understand that monies in the RA are used for purchase of annuity and cannot be withdrawn wholesale. Only monies in the OA & SA can be withdrawn if they are over 55 provided they have sufficient balance set aside for the MS and also the Medisave MS. Don't anyhow transfer to RA.

 

[Narong Wongwan]

Caveat Emptor. I understand that monies in the RA are used for purchase of annuity and cannot be withdrawn wholesale. Only monies in the OA & SA can be withdrawn if they are over 55 provided they have sufficient balance set aside for the MS and also the Medisave MS. Don't anyhow transfer to RA.

You can transfer a lump sum as and when....to parents and grand parents. I believe parents in law and grandparents in law as well.

Then each of them can withdraw from the lump sum 297 per month.

Alternatively they can use the lump sum to buy an annuity.

If the senior pass away then the balance lump sum for monthly payment will be refunded. If bought annuity already then no refund.

 

[bobby]

Such lucky parents...got such good children.