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 Then everything above and beyond that can be withdrawn in lump sum at age 55.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?
what do you mean by the bold part?
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).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.
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.
Both my parents who are in their 70s are using the VC method instead of RSTU as such funds can be withdrawn in lump sum easily.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
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
How to bro?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.
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.
Like quite tough leh if don't use CPF for housing...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.no need. but can't use CPF for housing. or if used need to refund asap.
Wah, like this also hard to live...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.
also depends on monthly contribution leh. if you are earning 3-4k per month, i dont think possible.
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...
i working for 8 years, at 30 now, and i just hit 4k...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.