About CPF life premium

[dork32]

Notice cpf website did not add up 2% and 1% on their site. this is because you cannot do it in regular maths.

 

[dork32]

CPF have their own method of writing % , I have my own method to write too! You are can have your own!

ok i can have my own definition of cpf ra interest. cpf give me 4% on my first 10k, 4% on my second 20k and so on. i have 100k in my ra. so my interest rate is 40%. wait. but i ge 4% on my first 1k and 4% on the second 1k so my interest is 400%

 

[BBCWatcher]

Well, it's (up to) 6.14% interest this quarter (4Q2024).

But I'm still waiting for someone to DM me the promo code to get 7.14%. If anyone has a spare CPF promo code left, I could use it. /j

 

[Mephist0pheLes]

When you lack common sense, this is what you get to cheat yourself or "con" others with 6.14%!

3% extra interest is based on what? I make it easier for layman to calculate, 3% on 30k = 900 worth of extra interest every year. It is not necessary to split hairs which academics teach you, common sense says you have more than 60k in CPF Life, you will get 900 extra interest = simplify it to 3% on 30k, for as long as CPF Life balance is not depleted below 60k. When will that happen, ie depleted to below 60k? If you have short life, it might never happen, if you have long life above 79, you might see yourself losing less than 900 per year!

Once you are into RA meeting BRS/FRS/ERS, you can learn to simplify your maths! Up to is no longer important! Be savvy! Absolute amount of 900 is what you will lose when you join CPF, that is 3% of 30k until your CPF Life balance fall below 60k!

Here, we are not talking about those with less than 60k in RA or CPF Life. Your life and maths is made more complicated by the CPF rules!

that's not simplifying, that's jus wrong info lol

 

[Mephist0pheLes]

It is simplifying as I stated the conditions! Learn to be savvy. It remains correct at 900 (3%x30k) until 90 for basic plan, >79 for standard plan, assuming you continue to live with CPF Life and the CPF rules for extra interest remain the same! And for you to do your maths to decide your future CPF Life, this is a simple method to determine how much you will lose if you dun choose Basic Plan!

What is maths? You must have all the parameters defined!

Ok, it is none of my business. I leave it to you all to decide how to work things out! I love simple things!

but u dont earn $900 with jus 30k.

if u wan to suka suka pluck in some numbers y not claim that it has an interest of 90000% on $1? that's $900 too.

 

[Mephist0pheLes]

When you dun understand how CPF Life works, this is what you think is wrong!

At 55, will you have more than 60k in RA? When you join CPF LIfe, will you have more than 60k in CPF Life? That will give you 900 of extra interest!

Unless you are the exception, dun have at least 60k in RA at 55!

Good luck! I busy making money elsewhere!

why u keep saying u need 60k, but when doing the math u use 30k?

 

[BlueRobin]

but u dont earn $900 with jus 30k.

if u wan to suka suka pluck in some numbers y not claim that it has an interest of 90000% on $1? that's $900 too.

Basically he is a marketing guy writing product specs that in this case only he can understand. This product will get so many complaints until it will be asked to take down.

 

[reddevil0728]

Hmm why the last few posts of that poster disappeared? Poster deleted?

 

[dork32]

why u keep saying u need 60k, but when doing the math u use 30k?

just glad that there are a few people in this world that know maths

 

[DevilPlate]

Hmm why the last few posts of that poster disappeared? Poster deleted?

Realised maths salah liao

 

[JuniorLion]

Take it easy, guys.

 

[kennycai]

Anyone tried helping your parent top up Retirement Account ,say $50k to boost their CPF life payout.

They are already drawing $800/mth.

Can advise? Thks

 

[reddevil0728]

Anyone tried helping your parent top up Retirement Account ,say $50k to boost their CPF life payout.

They are already drawing $800/mth.

Can advise? Thks

what advise are you looking at?

 

[konan~]

In summary, I’m still benefit for the interest between 55 to 65. But interest earn after 65 is go to the common pools to share across the cpf members.

Why do you ask, and why does it matter?

I have exactly the same question as Homedriver and hopefully some who have chosen the Basic Plan from the 1959 or 1960 cohorts can provide some real figures to clarify.
I am male from the 1958 cohort. The FRS of $139,000 was transferred to RA in 2013 and $12,698 was deducted from RA also in 2013 for the CPF Life premium leaving $126,302 in my RA. At age 65, my RA had grown to $193,910 and the amount deducted from my RA for the CPF Life premium in 2013 was still the same $12,698 as reflected in my Retirement dashboard. I started my monthly payout drawdown of $1098/month from my RA at age 65. When I reach 90, my RA balance will become $0 and the CPF Life premium will kick in to pay my monthly payout. If I pass on exactly at age 90, then the unused premium of $12,698 that was deducted from RA also in 2013 will pass on to my beneficiary in the form of bequest.
I would like to find out real figures from the 1959 or 1960 cohort who have have chosen the Basic Plan and started their monthly payout drawdown at age 65. I would like to know how much were deducted from their RA for the CPF Life premium. I suspect it will be around $23,000 and this will be the bequest if the member passes on at age 90. I believe Homedriver was trying to drive this point, the difference in the bequest amount should member passes on at 90 or before, a difference of $10,000+.
Anyone from the 1959 or 1960 cohort who are on the Basic Plan and has started the drawdown that can provide some real figures?

 

[reddevil0728]

I have exactly the same question as Homedriver and hopefully some who have chosen the Basic Plan from the 1959 or 1960 cohorts can provide some real figures to clarify.
I am male from the 1958 cohort. The FRS of $139,000 was transferred to RA in 2013 and $12,698 was deducted from RA also in 2013 for the CPF Life premium leaving $126,302 in my RA. At age 65, my RA had grown to $193,910 and the amount deducted from my RA for the CPF Life premium in 2013 was still the same $12,698 as reflected in my Retirement dashboard. I started my monthly payout drawdown of $1098/month from my RA at age 65. When I reach 90, my RA balance will become $0 and the CPF Life premium will kick in to pay my monthly payout. If I pass on exactly at age 90, then the unused premium of $12,698 that was deducted from RA also in 2013 will pass on to my beneficiary in the form of bequest.
I would like to find out real figures from the 1959 or 1960 cohort who have have chosen the Basic Plan and started their monthly payout drawdown at age 65. I would like to know how much were deducted from their RA for the CPF Life premium. I suspect it will be around $23,000 and this will be the bequest if the member passes on at age 90. I believe Homedriver was trying to drive this point, the difference in the bequest amount should member passes on at 90 or before, a difference of $10,000+.
Anyone from the 1959 or 1960 cohort who are on the Basic Plan and has started the drawdown that can provide some real figures?

Maybe it’s better to paragraph? Easier to read rather than one chunk?

 

[konan~]

Maybe it’s better to paragraph? Easier to read rather than one chunk?

I believe you are in the wrong thread.

 

[reddevil0728]

I believe you are in the wrong thread.

Hmm no eh.

I’m quoting the right post.

because without paragraphing or at least spacing between paragraphs. It’s really difficult to read.

 

[DevilPlate]

Hmm no eh.

I’m quoting the right post.

because without paragraphing or at least spacing between paragraphs. It’s really difficult to read.

Maybe thats why nobody even BBC never respond

 

[reddevil0728]

Maybe thats why nobody even BBC never respond

some people don't understand the importance of making things easy to read and understand for others when they need other people help. and some more is not obligated to help.

actually they will find it easy to read themselves?

 

[konan~]

some people don't understand the importance of making things easy to read and understand for others when they need other people help. and some more is not obligated to help.

actually they will find it easy to read themselves?

You reminded me of a deadwood in my company who were unable to make any meaningful contribution but felt obligated to make comment to justify his existence.

Do you know that you can simply copy and paste whatever you have problems reading and break it up to as many paragraphs as you like. So I do it here for you so that you are able to read what I've written.

So how many paragraphs you need before you are able to read and understand what's written?

Nice efforts talking and replying to yourself.