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Old 14-05-2014, 11:09 PM
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MasterID MasterID is offline
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Default When will I get my CPF?

After the news on CPF minimum sum, I finally take a hard look as I am approaching 55yrs old.

CPF minimum sum increase from $148,000 to $155,000. And Medisave (MS) minimum sum increase from $40,500 to $43,500.

At 4% (CPF SA/MS interest rate), $148,000 generate an interest of $5,920 giving a total of $153,920. So I have to top-up $1,080 to meet CPF minimum sum. $40,500 generate an interest of $1,620 giving a total of $42,120. So I have to top-up $1,380 to meet MS minimum sum. In total, I have to top-up $2,460 to meet the increase! If I just manage to top-up $2,460 to meet the minimum sum, I can only start to draw-down at the age of 65!! (and if they increase to 67, 70, 75...)

Now I understand why some says I will not get back my CPF money. I think the money got to stay in CPF to fund GIC and our reserve. Imagine with the aging population, there will be more withdrawals than contributions. GIC and others got to start repaying CPF.




Then there is the second issue. The increase to $155,000 and $43,500 is to factor-in inflation. At 4% interest rate, I still have to top-up, what is the inflation rate CPF used to calculate the sum? And it is "right" if our money in CPF cannot catch up with inflation?

They created restrictions on using CPF for investment as the majority are not investment savvy. Since they are holding our monies under restrictions, shouldn't they do more to keep our CPF wealth at least on par with inflation? They are saying GIC and Temasek had done very well in their investment, should CPF charge them more to make our CPF monies grow faster than inflation? (then we don't have to top-up anymore)


When will I get back my CPF? I think it will go to my children. But I believe they will think of something to keep their hands off the CPF.
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Old 15-05-2014, 05:39 AM
Benny Benny is offline
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Default Our Actions Have Consequences

I sympathised with your " observations "

But let it be known that " as ye sow, so shall ye reap "

It can also be looked at this way " the way one behave in life will affect the treatment you will receive from others "

Putting it bluntly " Our actions have Consequences "

Now I can FULLY UNDERSTAND Frank Sinatra sing " I did it; .............my Way "
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Old 15-05-2014, 08:19 AM
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screwed aren't we?

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Old 15-05-2014, 08:23 AM
Ruubgaal Ruubgaal is offline
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For those of us with 20 30 yrs to go... sigh cant imagine how much the minimum sum gonna be by then
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Old 15-05-2014, 08:38 AM
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Dun ever think you can withdraw your money from CPF .
Just think how to fund your retirement in 20 years time .
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Old 15-05-2014, 08:45 AM
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daniel.yrh daniel.yrh is offline
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Quote:
Originally Posted by Ruubgaal View Post
For those of us with 20 30 yrs to go... sigh cant imagine how much the minimum sum gonna be by then
Migrate and surrender your citizenship
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Old 15-05-2014, 11:35 AM
actius362436 actius362436 is offline
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Do you know how much the staff at GIC and Temasek are paid?
Do you know how much bonus they get regardless of their performances?
How much net profit is GIC and Temasek (and whoever CPF "lends" money to) generating?

These are some of the questions we must ponder.

And I think we may get back some CPF but maybe small drips of it. I doubt
if we can ever get back our full CPF.
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Old 15-05-2014, 11:39 AM
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MasterID MasterID is offline
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Quote:
Originally Posted by daniel.yrh View Post
Migrate and surrender your citizenship
They encourage each and everyone to own a house in Singapore, so that you are attached to it and it becomes an inconvenient to part with it.

Many are waiting for a trigger (increase retirement age to 99?) from government plus a welcoming country.
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Old 15-05-2014, 11:55 AM
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Just curious, do you actually get back your CPF if you renounce your citizenship?
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Old 15-05-2014, 12:04 PM
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Quote:
Originally Posted by Altima View Post
Just curious, do you actually get back your CPF if you renounce your citizenship?
Yes you will. My friend migrated with his whole family to Aussie few years ago & he withdrew the full sum out.

Try it out yourself to confirm
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