HWZ Forums

Login Register FAQ Mark Forums Read

To transfer CPF to homemaker wife, or not?

Like Tree137Likes
Reply
 
LinkBack Thread Tools
Old 16-06-2017, 07:21 AM   #61
Master Member
 
Join Date: Jan 2010
Posts: 3,933
madoff is a scammer. if i am a scammer, i better prepare myself if i get caught.

i am not a scammer. again the madoff eg is rubbish
~Dragonite~ likes this.
dork32 is offline   Reply With Quote
Old 16-06-2017, 07:26 AM   #62
Master Member
 
Join Date: Jan 2010
Posts: 3,933
you dont practice what you preach. on one hand you ask people to puff up their cpf. on the other you say you have life annuity and will go for brs.

if you practice what you preach, you would have gone for ers.

if gates is going to receive 3k/mth and brs gives you only 800/mth, should not you up it such that you can get close to his 3k? you are more powerful than gates?

you are a whole lot of rubbish
~Dragonite~ likes this.
dork32 is offline   Reply With Quote
Old 16-06-2017, 08:18 AM   #63
Master Member
 
Join Date: Jun 2010
Posts: 3,372
You're ranting incoherently now, but I'll respond to the one slight glimmer of lucidity....

you dont practice what you preach. on one hand you ask people to puff up their cpf. on the other you say you have life annuity and will go for brs.
No, I did not say that. I said I would consider BRS-level CPF LIFE, if eligible...and while enjoying an additional, separate, lifetime annuity in excess of ERS-level CPF LIFE.

if you practice what you preach, you would have gone for ers.
I do practice what I preach. I already have a lifetime annuity (joint/survivor, too) in the pipeline higher than ERS-level CPF LIFE. My general recommendation -- and the requirement in practically all developed countries and in many developing countries -- is not zero longevity insurance. "Zero is the wrong answer." Nobody is financially invincible, not even you. (The closest to financial invincibles are high quality sovereigns.)

My recommendation has never been specific to CPF LIFE. If you and your spouse have adequate or better lifetime guaranteed annuities that happen not to be CPF LIFE, that's fine, that works. I've always said so, and I say it again. It just so happens that CPF LIFE is the world's best (value for money, highest quality) Singapore dollar denominated lifetime annuity. It's also world class if you set aside the currency qualifier. So if that's one of the options (and/or requirements) you have, great!

if gates is going to receive 3k/mth and brs gives you only 800/mth, should not you up it such that you can get close to his 3k? you are more powerful than gates?
Bill Gates, Bernie Madoff, and I are very similar in that respect, as I've carefully explained many times before.

I'll point out again how ridiculous your argument is. OK, so you're required to participate in CPF LIFE, because you're a citizen or permanent resident of Singapore with employment and/or self-employment income in Singapore, and you hate CPF LIFE. We got it -- you're not a fan. But the fact remains that there is no choice. You must, as you would also be required to participate in practically all other developed countries and in many developing countries. Given that you're required to participate -- no choice -- you then want to make the argument that you're not going to transfer even one dollar to a non-working spouse? Even when the financial outcome would be unquestionably more favorable for the household, assuming your spouse is in at least reasonably good health? That spouse qualifies for bonus interest! There's also the option for tax relief.

The only person(s) you're hurting if you take that approach is your spouse. Possibly yourself as well since you need to come up with that much more funding to replace the lost bonus interest. You'd be failing to make the most out of the "rotten deal" (or whatever your viewpoint is), compulsory financial program (CPF LIFE) for your household.

OK, if you really don't care much at all about your spouse, or if your spouse is in poor health, then I could perhaps understand why you'd keep CPF LIFE annuity payments asymmetric (all for you, none for your spouse). But if you care even slightly about your spouse, then you're just hurting at least your spouse if you don't optimize the (awful, rotten, terrible, dastardly, I hate it, whatever) CPF LIFE.

My recommendation is that you (and everyone) make the most of whatever circumstances you face, for the benefit of you and your loved ones, and consistent with the law and high moral behavior.

By the way, Bill Gates drives a car, and Bill Gates is required, by law (in Washington State where he lives), to have at least mandatory minimum third party liability insurance. Do you want to make the argument that currently rich automobile drivers in Singapore should not be required to have auto insurance? It's the same argument. They're invincible, right? Should the government also allow currently rich Singaporeans to avoid paying MediShield Life premiums? Want to make that argument, too?
~Dragonite~ likes this.

Last edited by BBCWatcher; 16-06-2017 at 08:24 AM..
BBCWatcher is offline   Reply With Quote
Old 16-06-2017, 01:18 PM   #64
Supremacy Member
 
Join Date: Mar 2004
Posts: 9,009
this guy does not bother to read anything else. he just believes in himself.

i do not agree with your advice to transfer to wife account.

you do not have to agree with mine. both have their merit. diff people have diff needs.

Your needs and objectives may be different from TS and hence need not agree with what I said.

My response is specific to TS situation in which he is wondering what he should or could do, though my first response in this thread in post #32 offered no explanation

No need to think further. Just do it, unless you think divorce is quite possible or you think you can sure do better with money in excess of BRS.
Subsequent post I did explain a little more of my stand to address his concern.
~Dragonite~ likes this.
henrylbh is offline   Reply With Quote
Old 16-06-2017, 01:34 PM   #65
High Supremacy Member
 
crimsontactics's Avatar
 
Join Date: Nov 2009
Posts: 35,355
Can you GPGT your CPF amounts?

I got a funny feeling about TS.

~Dragonite~ likes this.
crimsontactics is offline   Reply With Quote
Old 16-06-2017, 03:00 PM   #66
Master Member
 
Join Date: Jan 2010
Posts: 3,933
Y


Bill Gates, Bernie Madoff, and I are very similar in that respect, as I've carefully explained many times before.
yeah you are exactly the same as madoff, conman
~Dragonite~ likes this.
dork32 is offline   Reply With Quote
Old 16-06-2017, 03:04 PM   #67
Master Member
 
Join Date: Jan 2010
Posts: 3,933

No, I did not say that. I said I would consider BRS-level CPF LIFE, if eligible...and while enjoying an additional, separate, lifetime annuity in excess of ERS-level CPF LIFE.
why do you want to consider? it is so good. why dont you want more of it. the fact that you have to consider means it is sucky
~Dragonite~ likes this.
dork32 is offline   Reply With Quote
Old 16-06-2017, 03:07 PM   #68
Master Member
 
Join Date: Jan 2010
Posts: 3,933


My recommendation has never been specific to CPF LIFE. If you and your spouse have adequate or better lifetime guaranteed annuities that happen not to be CPF LIFE, that's fine, that works. I've always said so, and I say it again. It just so happens that CPF LIFE is the world's best (value for money, highest quality) Singapore dollar denominated lifetime annuity. It's also world class if you set aside the currency qualifier. So if that's one of the options (and/or requirements) you have, great!
i repeated this so many times. i wont say again. you are a lost child
~Dragonite~ likes this.
dork32 is offline   Reply With Quote
Old 16-06-2017, 03:12 PM   #69
Master Member
 
Join Date: Jan 2010
Posts: 3,933
Y

I'll point out again how ridiculous your argument is. OK, so you're required to participate in CPF LIFE, because you're a citizen or permanent resident of Singapore with employment and/or self-employment income in Singapore, and you hate CPF LIFE. We got it -- you're not a fan. But the fact remains that there is no choice. You must, as you would also be required to participate in practically all other developed countries and in many developing countries. Given that you're required to participate -- no choice -- you then want to make the argument that you're not going to transfer even one dollar to a non-working spouse? Even when the financial outcome would be unquestionably more favorable for the household, assuming your spouse is in at least reasonably good health? That spouse qualifies for bonus interest! There's also the option for tax relief.
i am the one that practice what i preach. i hate cpf life. i am going for brs. i am not going to pump more into wife sa because it will mean more money in the cpf life.

the financial outcome may not be more favorable. as it is, my wealth is growing at least the same rate even though i have not received any benefits from my sa yet.

what is the use of bonus interest if you never get to see and finally the garmen take it back.
~Dragonite~ likes this.
dork32 is offline   Reply With Quote
Old 16-06-2017, 03:14 PM   #70
Master Member
 
Join Date: Jan 2010
Posts: 3,933

The only person(s) you're hurting if you take that approach is your spouse. Possibly yourself as well since you need to come up with that much more funding to replace the lost bonus interest. You'd be failing to make the most out of the "rotten deal" (or whatever your viewpoint is), compulsory financial program (CPF LIFE) for your household.
i will be leaving more than enough for her last her two lives through. that is going to hurt her so much.

it is a rotten deal, i will have as little of it as possible.
~Dragonite~ likes this.
dork32 is offline   Reply With Quote
Old 16-06-2017, 03:18 PM   #71
Master Member
 
Join Date: Jan 2010
Posts: 3,933
Your needs and objectives may be different from TS and hence need not agree with what I said.

My response is specific to TS situation in which he is wondering what he should or could do, though my first response in this thread in post #32 offered no explanation



Subsequent post I did explain a little more of my stand to address his concern.
i did not mention that your argument is flawed. it is correct.

even though it is the same as bbc's argument, he still wants to whack you
~Dragonite~ likes this.
dork32 is offline   Reply With Quote
Old 16-06-2017, 03:40 PM   #72
Master Member
 
Join Date: Jan 2010
Posts: 3,933
read my lips. i did not say cpf life is bad for everyone.

if it suit your needs, then good. go ahead and enjoy its benefits.

it does not suit my needs, you do not have to follow me.
~Dragonite~ likes this.
dork32 is offline   Reply With Quote
Old 16-06-2017, 05:06 PM   #73
Master Member
 
Join Date: Jun 2010
Posts: 3,372
i will be leaving more than enough for her last her two lives through.
That's your plan, but neither one of us are high quality sovereigns. We are much, much more fallible, whether or not we are also culpable.

I believe in failsafes, especially when embracing a failsafe results in a better financial outcome for the household.
~Dragonite~ likes this.
BBCWatcher is offline   Reply With Quote
Old 18-06-2017, 02:05 PM   #74
Member
 
Join Date: Jun 2010
Posts: 476
Is it possible to transfer just 83k (BRS) into RA and leave the rest in OA/SA?

CPF Retirement Booklet (Jan 2017) gives this example:

"Mr Raviís Ordinary Account savings at age 55 : $100,000
Mr Raviís Special Account savings at age 55 : $180,000

Mr Ravi has a total of $280,000 in his Ordinary Account and Special Account.

The Full Retirement Sum of $166,000 will be set aside in his Retirement Account which will provide him with a monthly payout of $1,380 from age 65 for life. He can withdraw the remaining amount of $114,000 in his Ordinary and Special Accounts.

If he owns a property with sufficient property charge/pledge, he can also choose to set aside his Basic Retirement Sum of $83,000 in his Retirement Account and receive a correspondingly lower monthly payout of $750 from age 65 for life. In this case, he can withdraw $114,000 from his Ordinary and Special Accounts, and an additional $83,000 from his Retirement Account."

Note that after choosing BRS, the 83k has to be withdrawn from RA because the full FRS was already transferred into RA. I don't think he can choose to transfer just 83k into RA and leave the other 83k in OA/SA to earn interest
Yes, this is a very clear example.
~Dragonite~ likes this.
culture_counter is offline   Reply With Quote
Old 18-06-2017, 02:15 PM   #75
Member
 
Join Date: Jun 2010
Posts: 476
my wife has stopped working to look after the kids. i have about 400k in my three cpf accounts total. i am not transferring one cent to her account.

at 55, i will transfer 83k in cpflife and 50k into ma. i can withdraw 200k anytime i want to after that.

at 55, my wife will not be able to withdraw anything
Yes, in this case, your wife would not be able to withdraw anything when she turns 55, because her FRS is less than prevailing sum of 166k, so all that you have topped up for her will be trapped as cpf life annuity until she turns 65, to receive her draw down monthly payment.
~Dragonite~ likes this.
culture_counter is offline   Reply With Quote
Reply
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On