CPF Easy Info Thread. :)

[elnewbie]

What he's saying is that RSTU funds to be used to meet the FRS requirement. Then everything above and beyond that can be withdrawn in lump sum at age 55.

what do you mean by the bold part?

 

[bladez87]

With BRS of 83k in your RA, you get monthly payout of 700 to 750. But you actually got 83k+35k in your RA. So your monthly payout would be higher.

yes, but how would the 35k be dispersed? what would be the monthly figure i would get? is there any calculation? getting 100 per month from the 35k would result in 1.2k per year, or 29 years (unlikely to live that long) to draw down the 35k; or getting 200 per month, which shorten the draw down period to 14.5 years (likely to still be alive).

Thanks.

 

[henrylbh]

yes, but how would the 35k be dispersed? what would be the monthly figure i would get? is there any calculation? getting 100 per month from the 35k would result in 1.2k per year, or 29 years (unlikely to live that long) to draw down the 35k; or getting 200 per month, which shorten the draw down period to 14.5 years (likely to still be alive).

Thanks.

Use cpf calculator for estimated life payout.

 

[elnewbie]

The 35k will be dispersed as monthly payment after age 65.

As to how much you will get, it's hard to estimate due to the non linear scaled interest calculation on RA savings. ( you will notice that the monthly payout under FRS is not exactly twice that of BRS, it is slightly less than that. )

But if your RSTU funds happen to be exactly 83k or the prevailing BRS amount, then the total payout will be the same as FRS.

yes, but how would the 35k be dispersed? what would be the monthly figure i would get? is there any calculation? getting 100 per month from the 35k would result in 1.2k per year, or 29 years (unlikely to live that long) to draw down the 35k; or getting 200 per month, which shorten the draw down period to 14.5 years (likely to still be alive).

Thanks.

 

[oceanicmanta]

Both my parents who are in their 70s are using the VC method instead of RSTU as such funds can be withdrawn in lump sum easily.

70s shld be under old scheme ?

can lump sum withdraw means they can withdraw the excess above their respective Minimum Sum ? ie still must keep Min Sum for monthly payout ?

thanks

 

[crimsontactics]

70s shld be under old scheme ?

can lump sum withdraw means they can withdraw the excess above their respective Minimum Sum ? ie still must keep Min Sum for monthly payout ?

thanks

Yes. MS must be observed for the old scheme.

 

[elnewbie]

Yes. Pioneer generation under old scheme. They can withdraw but have not started yet as they are relying on other sources of income.

One thing for sure: it is indeed possible to accumulate $1M in CPF.

70s shld be under old scheme ?

can lump sum withdraw means they can withdraw the excess above their respective Minimum Sum ? ie still must keep Min Sum for monthly payout ?

thanks

 

[crimsontactics]

Yes. Pioneer generation under old scheme. They can withdraw but have not started yet as they are relying on other sources of income.

One thing for sure: it is indeed possible to accumulate $1M in CPF.

How to bro?

Pump FRS since birth?

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[highsulphur]

Yes. Pioneer generation under old scheme. They can withdraw but have not started yet as they are relying on other sources of income.

One thing for sure: it is indeed possible to accumulate $1M in CPF.

that's my goal

 

[highsulphur]

How to bro?

Pump FRS since birth?

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no need. but can't use CPF for housing. or if used need to refund asap.

 

[crimsontactics]

no need. but can't use CPF for housing. or if used need to refund asap.

Like quite tough leh if don't use CPF for housing...

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[bladez87]

no need. but can't use CPF for housing. or if used need to refund asap.

also depends on monthly contribution leh. if you are earning 3-4k per month, i dont think possible.

 

[elnewbie]

I started off my first job at $1700.

I used $70k to buy my first property. But since then, all mortgage payments are now in cash and I'm looking to do a capital repayment back to my OA.

It can be done. I ate at hawker centres during my first 2 years of working life. Food courts back then was a luxury.

Like quite tough leh if don't use CPF for housing...

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[crimsontactics]

I started off my first job at $1700.

I used $70k to buy my first property. But since then, all mortgage payments are now in cash and I'm looking to do a capital repayment back to my OA.

It can be done. I ate at hawker centres during my first 2 years of working life. Food courts back then was a luxury.

Wah, like this also hard to live...

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[elnewbie]

True, but 3-4k is now the starting salary for fresh grads. Assuming your salary climbs to 6k within 7 years, should still be able to achieve $1m by 65.

also depends on monthly contribution leh. if you are earning 3-4k per month, i dont think possible.

 

[crimsontactics]

True, but 3-4k is now the starting salary for fresh grads. Assuming your salary climbs to 6k within 7 years, should still be able to achieve $1m by 65.

But that $1m is not worth the $1m today...

 

[elnewbie]

Of cos lah....neither is the current monthly CPF Life payout amount will be the same 40 years from now.

But that $1m is not worth the $1m today...

 

[bladez87]

True, but 3-4k is now the starting salary for fresh grads. Assuming your salary climbs to 6k within 7 years, should still be able to achieve $1m by 65.

i working for 8 years, at 30 now, and i just hit 4k...
and compared to my colleagues that of my grade, my pay is relatively higher...
either i in wrong company, or wrong line.

 

[crimsontactics]

i working for 8 years, at 30 now, and i just hit 4k...
and compared to my colleagues that of my grade, my pay is relatively higher...
either i in wrong company, or wrong line.

Ok mah, median salary in SG only $3,500.

You top 50% leh.

 

[crimsontactics]

Guys, just curious, if you max your SA using RSTU, can you still add to your SA using VC?

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