CPF Easy Info Thread. :)

[mummy1234]

Anyone knows the cpf calculator when it says I need S$310000 in my RA at 55 years old to get S$2300 per mth CPF life payout, r they referring to S$310k in today's money which means more than S$310k when I am 55 years old or do they mean S$310k in absolute amt when I am 55 years old?

And since S$264k is the max ERS now, what is the max ERS in 11 years when I am 55 years old?

I can only max top up my SA to S$176k the FRS now right?

 

[SBC]

Anyone knows the cpf calculator when it says I need S$310000 in my RA at 55 years old to get S$2300 per mth CPF life payout, r they referring to S$310k in today's money which means more than S$310k when I am 55 years old or do they mean S$310k in absolute amt when I am 55 years old?

And since S$264k is the max ERS now, what is the max ERS in 11 years when I am 55 years old?

I can only max top up my SA to S$176k the FRS now right?

Doctors have no issue hitting ERS lah.

I am still worried to how to clear my housing loan by 65.

 

[henrylbh]

Anyone knows the cpf calculator when it says I need S$310000 in my RA at 55 years old to get S$2300 per mth CPF life payout, r they referring to S$310k in today's money which means more than S$310k when I am 55 years old or do they mean S$310k in absolute amt when I am 55 years old?

And since S$264k is the max ERS now, what is the max ERS in 11 years when I am 55 years old?

I can only max top up my SA to S$176k the FRS now right?

God knows. You get what you actually keyed into the calculator. So exactly what did you key in?

 

[mummy1234]

God knows. You get what you actually keyed into the calculator. So exactly what did you key in?

I key in I would like S$2300 per month for my CPF life payout then they calculated I need S$320k in my RA at 55 years old but I don't know in today's money or in future money.

 

[mummy1234]

Doctors have no issue hitting ERS lah.

I am still worried to how to clear my housing loan by 65.

Actually we also still have S$375k housing loan though we can clear it by our OA now but dunno if we should.

For me, I only have S$192k in OA and S$$145k in SA. Quite poor for my age cause no CPF employer contributions for 10 years already.

Wonder if I should call MOM and ask them if locums r supposed to have employer CPF contributions?

 

[henrylbh]

Doctors have no issue hitting ERS lah.

I am still worried to how to clear my housing loan by 65.

Like accountants and lawyers, some chose not to contribute to CPF except for mandatory Medisave.

 

[lifeafter41]

Actually we also still have S$375k housing loan though we can clear it by our OA now but dunno if we should.

For me, I only have S$192k in OA and S$$145k in SA. Quite poor for my age cause no CPF employer contributions for 10 years already.

Wonder if I should call MOM and ask them if locums r supposed to have employer CPF contributions?

After 10 years???
Thought this should have been clarified in the beginning?

 

[mummy1234]

After 10 years???
Thought this should have been clarified in the beginning?

It is industry practice so I thought I shouldn't rock the boat.

 

[mummy1234]

Doctors have no issue hitting ERS lah.

I am still worried to how to clear my housing loan by 65.

Can pass on yr loan to yr kids or tell them they need to give u x amt of allowance...at least for rental of their rooms if they r working.

That is what I tell my kids that I will be retiring soon and they need to give me money by law once they reach working age. The maintainance of Parents act bill...must be strict with them if not a lot of char siew kids leeching on elderly parents.

 

[lifeafter41]

I key in I would like S$2300 per month for my CPF life payout then they calculated I need S$320k in my RA at 55 years old but I don't know in today's money or in future money.

It’s todays money.......

 

[henrylbh]

It is industry practice so I thought I shouldn't rock the boat.

So what is there to clarify with MOM. You considered as employee?

 

[mummy1234]

So what is there to clarify with MOM. You considered as employee?

I also confused actually. Asked IRAS if I can key in my income under employee and the CSO say can so I was happily doing that and no need pay medisave until this year somehow computer just didn't allow me to then I had to declare under nettrade income and pay medisave.

 

[mummy1234]

So what is there to clarify with MOM. You considered as employee?

There r some who pay cpf like a Malaysian PR GP who paid me good locum rates and my only 'boss' who is my FB friend. And SATA and NHG also pay their locums CPF so I had cpf when I locumed for them.

 

[henrylbh]

I also confused actually. Asked IRAS if I can key in my income under employee and the CSO say can so I was happily doing that and no need pay medisave until this year somehow computer just didn't allow me to then I had to declare under nettrade income and pay medisave.

You confused your own self and you readily accept what good you want to hear

 

[henrylbh]

There r some who pay cpf like a Malaysian PR GP who paid me good locum rates and my only 'boss' who is my FB friend. And SATA and NHG also pay their locums CPF so I had cpf when I locumed for them.

Mandatory or voluntary contribution by law?

 

[mummy1234]

Mandatory or voluntary contribution by law?

The Malaysian SPR was under impression that it is mandatory by law that is why he paid me CPF but majority of Sinkie GP clinic owners don't pay their locums CPF. They only pay CPF to anchor Drs. But aren't locums considered parttime staff so should get cpf? Maybe I ask other locums. And call MOM to ask too.

 

[SBC]

Actually we also still have S$375k housing loan though we can clear it by our OA now but dunno if we should.

For me, I only have S$192k in OA and S$$145k in SA. Quite poor for my age cause no CPF employer contributions for 10 years already.

Wonder if I should call MOM and ask them if locums r supposed to have employer CPF contributions?

My outstanding mortgage is still at $769k while OA/SA is at 103k/200k.
Still another 28 more years to complete my mortgage.

I am servicing this loan alone as I am owning property solely.

 

[mummy1234]

My outstanding mortgage is still at $769k while OA/SA is at 103k/200k.
Still another 28 more years to complete my mortgage.

I am servicing this loan alone as I am owning property solely.

Wow, heavy burden. U have how many kids? Job quite secure right?

I felt the strain last year so insisted on selling my terrace...feel much more relaxed now...maybe if stress too much for u, u can consider deleveraging too.

Is yr condo freehold or good enbloc potential?

 

[SBC]

Wow, heavy burden. U have how many kids? Job quite secure right?

I felt the strain last year so insisted on selling my terrace...feel much more relaxed now...maybe if stress too much for u, u can consider deleveraging too.

Is yr condo freehold or good enbloc potential?

Got a few kids. No jobs are secure these days. In IT industry. Jin siong.

Property is freehold. Small development. Probably few km from you.
Hope to get enbloc during next wave.

Wife is having a HDB which is rented out. Got decoupled.

 

[mummy1234]

Got a few kids. No jobs are secure these days. In IT industry. Jin siong.

Property is freehold. Small development. Probably few km from you.
Hope to get enbloc during next wave.

Wife is having a HDB which is rented out. Got decoupled.

Oh, then not so bad...at least can fall back on the HDB....