Another CPF supporter

[curahee]

Don't plan so much, this cpf rules always changing to miw benefit, you will not able to gun it. Treat it as a form of tax. When you reach the age, just take out a portion and treat it as a form of tax rebate


Read HWZ Forum Rules!

 

[mp4005 help]

Yea, cpf has yet to adapt to the high interest rate environment over the last 2 years. They made cpf investing in tbills a lot simpler now so minimally we should take responsibility of our own money and exploit the difference.

the government is not doing enough to address retirement adequacy for the vast majority of the public with cpf interest rates being stagnant.

There are already tools and options that people should already use to get higher returns, but I don't see that happening. Yet on HWZ we got so many pple (who are probably seen as money savvy folks by their friends) celebrating huge cpf balances.

money mind thread.

knowledge is free. it is up to people to read and execute the plan.
capitalise on UOB one , OCBC 360, high yield savings, tax relief , etc.

even many of my friends in their 40s are lazy only. until i explain to them how easy it is today to digitally do everything. no need to go down to bank.

 

[Southern Lights]

Manually calculate lor ,year by year
I am giving myself 3% pay increment yearly

Shagged lah. You hardworking .

 

[jumpthepig]

Moi friend very happy when see the CPF statement every year………
Don’t know next year will let me take pic or not?………lol

OA - should consider T-bills, or FD. Better interest rate…..

 

[DragonFire]

Not true. Eh 37% of your gross salary since your first paycheck goes into cpf leh. If we save that much and are not able to use it solely for retirement, something wrong right?

The trick is to not let cpf earn low interest and invest it when possible, and to not overstretch with ppty investment.

Everyone has their own versions of the truth.

 

[lls0101]

Colleague is >55yo and she projected her payout to be $2+k
She said the CPF system is very good and she doesn't understand why are there so many naysayers

There is the key... she is more than 55yo. She has the ability withdraw any excess and let a certain amount lock in RA. Additionally, she had less than 10 years before she gets access to CPF Life payout. Basically, she gets to taste the fruit of her locked up CPF already, hence she is more positive.

Can't expect a young chap who had more than 20-30 years before 55, and 30-40 years before age 65 payout, to have the same enthusiasm as her. These chaps can't even smell the fruit yet...

They might get more positive when they start to age towards the late 40s and 50s.

So please do understand the younger folks and their worries as well. It's not that they are skeptical of CPF, but it's just the goal line is just too far away for them at this moment.

 

[jumpthepig]

There is the key... she is more than 55yo. She has the ability withdraw any excess and let a certain amount lock in RA. Additionally, she had less than 10 years before she gets access to CPF Life payout. Basically, she gets to taste the fruit of her locked up CPF already, hence she is more positive.

Can't expect a young chap who had more than 20-30 years before 55, and 30-40 years before age 65 payout, to have the same enthusiasm as her. These chaps can't even smell the fruit yet...

They might get more positive when they start to age towards the late 40s and 50s.

So please do understand the younger folks and their worries as well. It's not that they are skeptical of CPF, but it's just the goal line is just too far away for them at this moment.

Younger folks’s HDB is not that cheap like hers…. As they likely use a lot CPF saving for housing…and that is why they KPKB…

 

[dubliner1407]

Thank you PAP for covering me in my golden years

 

[1982-1994]

Can't expect a young chap who had more than 20-30 years before 55, and 30-40 years before age 65 payout, to have the same enthusiasm as her. These chaps can't even smell the fruit yet...

They might get more positive when they start to age towards the late 40s and 50s.

Tell that to @crimsontactics who has 34 years to go before the payout

 

[Southern Lights]

Manually calculate lor ,year by year
I am giving myself 3% pay increment yearly

I do a lazy way of manual calculation. Can help me see if my concept is correct? For info, I use a fix salary, never factor in yearly increment.

Example: my salary is $1k per month, for the next 12 years. My yearly bonus minimally will be 3 months.

$1k x 15 months = $15k.
Portion that goes to OA and RA = 27%

27% of $15k = $4050

So, 12 years later, I will have $4050 x 12 = $48600 (never factor compound interest).


The above concept correct?

 

[1982-1994]

Shagged lah. You hardworking .

For future planning, I have to project for our retirement

 

[hyperfuse]

aiyah, there will be people who understand the CPF system and those wont dont and against it, always saying the govt holding their monies bla bla.

CPF life is one of the good retirement policies that forces one to have a steady stream of allowance after 65 years. But one shouldnt fully rely on CPF life, it should only be use as a safety net

I do top up my CPF SA account for tax evasion and to build it up, but its not even 20 percent of my other savings/investment elsewhere.

i just top up my SA account to ensure i have around 2k cpf payouts after 65 years every month till the day i die in which i will use it for daily necessities. My other larger investments/savings in high yield accounts are my actual retirement monies

Its pretty obvious always the low ses or low income people will be against CPF, citing that the govt lock up their monies bla bla bla. Look at the bigger picture, if they have the capability to think ahead, but clearly some dont. Also lazy to explain the benefits, its their life, who cares hehe.

I just eat popcorn and see how they whine, complain and bitch around online in forums and social media hahaha. Its a form of entertainment, seeing how they argue about it.

 

[1982-1994]

I do a lazy way of manual calculation. Can help me see if my concept is correct? For info, I use a fix salary, never factor in yearly increment.

Example: my salary is $1k per month, for the next 12 years. My yearly bonus minimally will be 3 months.

$1k x 15 months = $15k.
Portion that goes to OA and RA = 27%

27% of $15k = $4050

So, 12 years later, I will have $4050 x 12 = $48600 (never factor compound interest).


The above concept correct?

Yaya

 

[yobyella]

Ur uncle ur problem?

Boomer mah. Teach him to be smart.

 

[JAson1980]

Colleague is >55yo and she projected her payout to be $2+k
She said the CPF system is very good and she doesn't understand why are there so many naysayers
She does top up but never said how often she does it

She's confident gahmen would never change the policy or extend the withdrawal age for fear of citizens changing votes

Anyway she doesn't have much savings, but she felt happy upon looking at her CPF

View attachment 44368


I'm surprised she is savvy about CPF
She felt shiok every end of the year to receive the interests

But don't think she's an edmwer

Oh she mentioned the new cap limit of MA is $71500

She dont know that the minimum sum goal post has been shifting over the years?

 

[coyote]

Moi friend very happy when see the CPF statement every year………
Don’t know next year will let me take pic or not?………lol

Your friend is smart.

 

[1982-1994]

She dont know that the minimum sum goal post has been shifting over the years?

That's why she has been topping up to her RA
And I assumed she has reached ERS since she said her payout would be $2+k

 

[wongminmin]

 

[nyvrem]

CPF good rah

every year top up gao gao

once retire can enjoy life riao !

 

[greentiger]

Best policy is allow CPF to pay for property.

Most countries need cash to pay for the monthly mortgage.