Serious What is the chance for sinkie to withdraw cpf at 65 yo ?

[chootchiew]

If someone already have close to the cpf min sum (OA + SA = $150k) now (at 46 yo) , can he plan his retirement this way.

Cash savings of $480k to be used from 46 yo to 65 yo, thereafter at 65 yo relying on the cpf life to live till mati ?
Taken into account there should be some balance $ from the cash savings when he is 65 yo.

 

[lifeafter41]

If someone already have close to the cpf min sum (OA + SA = $150k) now (at 46 yo) , can he plan his retirement this way.

Cash savings of $480k to be used from 46 yo to 65 yo, thereafter at 65 yo relying on the cpf life to live till mati ?
Taken into account there should be some balance $ from the cash savings when he is 65 yo.

Hi chootchiew, are you referring to yourself in this instance......

 

[chootchiew]

Hi chootchiew, are you referring to yourself in this instance......

Hi Bro, not me, just lim kopi with a bro , he dare not retire, I work out for him and told him he is free to retire
He is also not married and his hdb bto 2 room is paid up.

 

[SNTCK]

he got how much cash ?how old is he?

 

[trump]

higher chance to tiok toto

 

[chootchiew]

he got how much cash ?how old is he?

He is 46 yo this year. He said close to $500k cash about $480k bah.
He said the $150k inside cpf he treat as confiscated so he dare not retire now.:*:

 

[SNTCK]

He is 46 yo this year. He said close to $500k cash about $480k bah.
He said the $150k inside cpf he treat as confiscated so he dare not retire now.:*:

so is 500k cash and 150k cpf?

or 500k-150k=350k cash?

 

[chootchiew]

so is 500k cash and 150k cpf?

or 500k-150k=350k cash?

I think should be close to 500k cash and 150k cpf.
Or maybe you are right he could be saying with cpf is 500k else how can be can't retire.

Anyway do u also treat cpf as confiscated ?

 

[SNTCK]

I think should be close to 500k cash and 150k cpf.
Or maybe you are right he could be saying with cpf is 500k else how can be can't retire.

Anyway do u also treat cpf as confiscated ?

well, i dun even know whether i can live so long till 65 years old not.

i better save cash as retirement fund, or my share dividend as retirement fund

 

[chootchiew]

well, i dun even know whether i can live so long till 65 years old not.

i better save cash as retirement fund, or my share dividend as retirement fund

Nobody can pokay can live till 65 too.

That means you are also same as him totally ignoring the cpf money.

 

[chootchiew]

higher chance to tiok toto

I never strike toto before. So....

 

[winchester88]

The min. age might be increased to 68 or 70 liao by that time.
Also the min. sum will confirm be increased as well!

 

[Narong Wongwan]

Your friend is right. Cpf deduction treat as tax or confisticated.
Do your financial planning without factoring in cpf.
If have ways to churn it then churn if and get cash out.
Else buy a property and monetize it

 

[chootchiew]

Your friend is right. Cpf deduction treat as tax or confisticated.
Do your financial planning without factoring in cpf.
If have ways to churn it then churn if and get cash out.
Else buy a property and monetize it

Hell I see some people with high salary top up their cpf using hard cash. Lol .
Really hard to predict is it donation or investment.

 

[johnny333]

The PAP says that they will let Sporeans take out their CPF when they are 65

I bet they are working on many schemes to ensure that few Sporeans will have any CPF left. It has already started with Medi shield Life where you have to pay $$$ for medical.

 

[chootchiew]

The PAP says that they will let Sporeans take out their CPF when they are 65

I bet they are working on many schemes to ensure that few Sporeans will have any CPF left. It has already started with Medi shield Life where you have to pay $$$ for medical.

I thought msl is at the advantage of sinkie if they can live pass 65 ? It will payout till the person dies.

 

[johnny333]

I thought msl is at the advantage of sinkie if they can live pass 65 ? It will payout till the person dies.

Has the PAP ever done anything for the "lesser mortals" other than to tax & steal from them ?

You can of course wait until you are 65 to find out their real intentions. However I think it is smarter to vote them out & hope that a new gov't will open all the cupboards. I'm a realist & with the way the PAP is wasting & losing $$$, I don't think much $ will be left.

That is why all my financial planning is done without factoring in my CPF.

I have also looked at various hospitals in cheaper countries like Thailand in case I need surgery. Using a Spore hospital is I think too expensive. It is also becoming very dangerous with all the screw ups

 

[chootchiew]

Has the PAP ever done anything for the "lesser mortals" other than to tax & steal from them ?

You can of course wait until you are 65 to find out their real intentions. However I think it is smarter to vote them out & hope that a new gov't will open all the cupboards. I'm a realist & with the way the PAP is wasting & losing $$$, I don't think much $ will be left.

That is why all my financial planning is done without factoring in my CPF.

I have also looked at various hospitals in cheaper countries like Thailand in case I need surgery. Using a Spore hospital is I think too expensive. It is also becoming very dangerous with all the screw ups

In this case it is like buying a endowment insurance plan for the non guaranteed payout portion.
Some people treat the non guaranteed as guaranteed too. Looks like there is no firm answer till the day arrives.

 

[johnny333]

In this case it is like buying a endowment insurance plan for the non guaranteed payout portion.
Some people treat the non guaranteed as guaranteed too. Looks like there is no firm answer till the day arrives.

The PAP has changed the withdrawal age when most Sporeans are reaching 55 & above.
Why would they do so unless ________? You will have to fill in the blanks.

My conclusion is that the money is not there. I have invested in unit trusts & I can tell you that the performance is very bad because you have to pay an annual management fee as well as other fees. I look at the CPF as a perpetual unit trust . Do you know who is in charge managing our CPF?

It is none other than Ho Ching & the other clowns at Temasick. When Chip Goodyear a respectable investmet guy was offered the job at Temasick, he turned it down. There's something funny going on in Temasick. As they say where there is smoke, there is a fire. These people have a poor track record & they don't answer to anyone except to the Lee family.

If it makes you feel good you can of course dream of all the things you will do with do with YOUR CPF money
In 9 years time Sporeans will find out more but I think many are going to be disillusioned.

 

[lifeafter41]

Hell I see some people with high salary top up their cpf using hard cash. Lol .
Really hard to predict is it donation or investment.

Yes there are some people that does that. Especially those that are reaching 55 soon. While it's not tax deductible, it does pay a good interest and relatively risk free is the rationale.