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Can anyone explain after 55, how much i can back from CPF?

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Old 13-07-2018, 10:11 AM   #151
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So you mean for my case, CPF will inform me that the balance of $89,000 is withdrawal at the age 55 after RA account created?


Recently i got colleague reached 55, took CPF monies go buy car. So i curious why people here said CPF cannot take till 65.

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Your colleague must have golden nest egg eh... buy car need to $$ to maintain le... no savings where got $$ to pump petrol
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Old 13-07-2018, 10:14 AM   #152
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With life expectancy for sinkaporean increasing to over 100 years old,

The government has set up one of the many numerous committees to look into how current policy can be twisted to screw/help the vibrant aging population cope with ever increasing costs of living and medical expenses.

One of the proposal - Increase retirement age to 70

Has been met with great enthusiasm and success judging at the numerous elderly now working in fast food restaurant and hawker centers.

Second of the proposal - Increase CPF minimum sum and age of withdrawal

Delighted ministers are commenting that with a huge influx of elderly participating in the workforce. Sinkapore has never been more joyous than before, with the national spirit of unity emblem into each citizen to work, work and work so that certain institution can gamble/invest with the huge huge inflows of monthly CPF.

One of the interviewed old man commented on the following:"CPF is not our money, we should never look or depend on CPF solely for retirement. If it aren't broke, don't fix it. Plus my employer Mai Tang Lao provides me with mac chicken and fries for my meal, while I get to past time among youngsters who looks like my grandchildren.

Thank you government !"
knn.. make me very depressed ... TGIF today then read this at edmw.. damn sien
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Old 13-07-2018, 10:19 AM   #153
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anyway i do one simple calculation for you.

If you from 26 years old (polytechnic - university route), you earn $3,000 / month in a government agency and don't quit.

By the time you 55 years old,

OA Amount = $211,320

26 - 35 years old = 23% * 3000 * 12 * 9 = 74,520
35 - 45 years old = 21% * 3000 * 12 * 10 = 75,600
45 - 50 years old = 19% * 3000 * 12 * 5 = 34,200
50 - 55 years old = 15% * 3000 * 12 * 5 = 27,000

SA Amount = $79,740

26 - 35 years old = 6% * 3000 * 12 * 9 = 19,440
35 - 45 years old = 7% * 3000 * 12 * 10 = 25,200
45 - 50 years old = 8% * 3000 * 12 * 5 = 14,400
50 - 55 years old = 11.5% * 3000 * 12 * 5 = 20,700

Total = $291,060 excluding interest. Where got not enough?
Gotta factor in that you really shouldn't be stagnated at $3000pm for your entire career. If you are, you're doing something wrong, and it is on you to rethink your career roadmap.
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Old 13-07-2018, 10:21 AM   #154
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Why worry? Stop calculating. Let's trust papies to ru(i)n our future.

By the time TS reached 55, there will be more components in CPF just to leech sinkies. Plus the ever increasing so called min sum. Meyb 300k - 400k?

Let's just vote the safer option to get 5k upon retirement. Huat ahhh
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Old 13-07-2018, 10:35 AM   #155
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Nothing wrong to work till 70-80 .
Not many like to idle for the next 20-30 years.
Sinkies live until 80s.
Money may not the issue but boredom/ early dementia are the issues.
Hard to find decent job after 55.. most likely have to work as toilet cleaner or flip burget at McD.
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Old 13-07-2018, 10:42 AM   #156
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Remain single Jin scary leh. After your parents died, u will be lonely.
go buy play station 4, XBOX, Switch and you won't feel lonely anymore..
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Old 13-07-2018, 10:44 AM   #157
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depending on what type of house.. if leasehold.. property value will go down as the leasehold period decreases.. so does the CPF value used to pay for the house.. but CPF still charge you the interest based on the amount u withdraw, not the market value of your house...
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Old 13-07-2018, 12:00 PM   #158
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Remain single Jin scary leh. After your parents died, u will be lonely.
Marriage is not easy, will end up divorce later. Human beings are so stubborn. Temptations are so high nowadays.

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Old 13-07-2018, 12:10 PM   #159
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So you mean for my case, CPF will inform me that the balance of $89,000 is withdrawal at the age 55 after RA account created?


Recently i got colleague reached 55, took CPF monies go buy car. So i curious why people here said CPF cannot take till 65.

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Each individual case would be different as to take into consideration on AGE and other points where gov may make certain changes in the CPF policy as it see fit.

Hence it is best to check for yourself in > CPF Member Home
And link to Retirement sections for more details and even calculator to have an estimate on your CPF in the future, based on current CPF policy.

Some people may have used part of their CPF for housing and so this portion is not included in the retirement account.
Retirement account is based on actual fund available at the point on your 55th birthday where all OA and may include SA accounts lump into RA account.
Any balance in OA will be left untouched and usually CPF letter advice you not to touch the money but you can go ahead as your colleague did.

When you reached 60+ it is the Company who used gov idea "retirement age" to reduce your pay by certain percentage in order to let you work longer.
As my bro did who was told that his salary was drop 40% but he could accepted it as it serve him and pay was considered high.
Therefore it depend on your Company if you do intend to continue to work past *retirement age* as mandate by gov.
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Old 14-07-2018, 09:08 PM   #160
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Marriage is not easy, will end up divorce later. Human beings are so stubborn. Temptations are so high nowadays.

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Nowadays girls like to compare romance to Korean drama. Want yando guy with rich family background. What this and that.
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Old 14-07-2018, 09:22 PM   #161
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Hard to find decent job after 55.. most likely have to work as toilet cleaner or flip burget at McD.
55 year old work as toilet cleaner. Sure or not. Later the floor too slippery fall down. Your spine GG.com. Old people bones very fragile one. Osteoporosis
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Old 18-07-2018, 12:03 PM   #162
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If you are PR, you can get back all the money in lump sum.
I'm KK born.

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Old 19-07-2018, 12:14 PM   #163
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Any1 kn if after 65 and the person died, What happen to the $ in the RA acct. Will it be given back to the family members.
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Old 19-07-2018, 12:16 PM   #164
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Any1 kn if after 65 and the person died, What happen to the $ in the RA acct. Will it be given back to the family members.
Yes, the $ in RA or unused CPF life annuity, with the exception of CPF Life income plan will be given back to the nominees as per the nomination.

If no cpf nomination was made, OA, SA, MA, RA and unused CPF Life premiums will be transferred to Public Trustee Office. It will then be distributed as per the Intestate Succession Act.
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Old 19-07-2018, 12:20 PM   #165
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Any1 kn if after 65 and the person died, What happen to the $ in the RA acct. Will it be given back to the family members.
some of it will be returned depending on whether the person subscribed to CPF life or not. and which cpf life plan.
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