CPF Easy Info Thread. :)

[highsulphur]

Will this work?

Opt for BRS with property pledge
Withdraw the balance of the amount that one can
Throw the money back into SA account
Draw down the account as and when needed at retirement

You might as well just transfer from OA to SA directly

 

[BBCWatcher]

Opt for BRS with property pledge
Withdraw the balance of the amount that one can
Throw the money back into SA account
Draw down the account as and when needed at retirement

No. Your step #3 doesn't work. Once you celebrate your 55th birthday you cannot make a directed contribution into your Special Account.

A portion of your compulsory contributions (from paid employment in Singapore) and any voluntary "all three" top ups continues to flow into your Special Account. Refer to Table C1 on this page for the allocation rates.

 

[Geeezz]

can any vc be made if we alrdy hit ers?

 

[henrylbh]

can any vc be made if we alrdy hit ers?

VC is only limited to contribution annual limit.

 

[SKenny]

Wah.. Poster boy for cpf like SKenny

My SA is only $95k and I am old uncle.

Poster boy for low SA amount is it?

 

[highsulphur]

My SA is only $95k and I am old uncle.

Poster boy for low SA amount is it?

What's your total balance for OA, SA, MA and RA? And what's your age now?

 

[henrylbh]

My SA is only $95k and I am old uncle.

Poster boy for low SA amount is it?

What's your total balance for OA, SA, MA and RA? And what's your age now?

Why need to know his details?

Old uncle with 95k in SA is already considered very good as he may have ERS in RA and missed hacking SA in earlier years.

 

[highsulphur]

Why need to know his details?

Old uncle with 95k in SA is already considered very good as he may have ERS in RA and missed hacking SA in earlier years.

Because i aspire to be in his shoes at his age

 

[lifeafter41]

What's your total balance for OA, SA, MA and RA? And what's your age now?

This old uncle hidden dragon crouching tiger.......lol

 

[henrylbh]

In 2018, 40,394 active CPF members turned 55, of which 59.2% were able to set aside their FRS fully in cash, or set aside at least their BRS in cash and owned at least one local residential property. This is higher than the 57.4%
seen in 2017.

Looking at the trend, seems to be getting better each year.
Even though the FRS sum is increasing.

That’s a good indication more are better prepared with retirement or at least meet the basic need.

The report avoided mentioning the breakdown of 59.2% into those with FRS and those with BRS at 55 or within 3 months therefrom. So it could be true that 4 in 10 at 55 could have BRS only.

 

[BBCWatcher]

The report avoided mentioning the breakdown of 59.2% into those with FRS and those with BRS at 55 or within 3 months therefrom. So it could be true that 4 in 10 at 55 could have BRS only.

True, but it also didn’t include information about what percentage is married and living with a CPF member who meets the FRS, nor information about other household assets. More information is needed to understand retirement (in)adequacy.

We also don’t have any poverty statistics. No official poverty line (varying by household size), and no measures of what percentages fall below the line by cohort and in the aggregate. The public and, to some extent anyway, policymakers are flying without any instruments.

 

[lifeafter41]

True, but it also didn’t include information about what percentage is married and living with a CPF member who meets the FRS, nor information about other household assets. More information is needed to understand retirement (in)adequacy.

We also don’t have any poverty statistics. No official poverty line (varying by household size), and no measures of what percentages fall below the line by cohort and in the aggregate. The public and, to some extent anyway, policymakers are flying without any instruments.

The thought is it will be based on individuals, as CPF, or rather FRS/BRS is personal account.

As to poverty statistics, perhaps the numbers that received GST vouchers is a very good indication.

More then 1 million household?

 

[BBCWatcher]

As to poverty statistics, perhaps the numbers that received GST vouchers is a very good indication.

The GST voucher statistics provide some clues, yes. However, we still need real, direct poverty statistics. Large or even immense financial wealth is not factored into the eligibility criteria for GST vouchers. A Singaporean citizen can qualify if he/she has limited real estate wealth (limited in his/her name and in terms of the address on his/her NRIC; hypothetically this person could be spending his/her weekdays, for example, living in the landed freehold property that his/her spouse/partner owns near Orchard Road and his/her weekends with his/her grandmother at her small HDB unit, also the address listed on his/her NRIC) and if she/has limited IRAS assessable income.

There a probably a few multi-millionaires, at least on a household basis, legally collecting GST vouchers. And that's not a criticism necessarily. It's probably OK since it shouldn't be onerous to demonstrate eligibility for such programs. (A likely better solution: reduce or eliminate GST for everyone, and increase the progressive income tax base and/or other progressive taxes.)

 

[maple96]

As to poverty statistics, perhaps the numbers that received GST vouchers is a very good indication.

More then 1 million household?

From gstgov website:

To receive the GST Voucher – Cash in 2019, you must fulfil the following criteria:
i) You must be a Singapore citizen, residing in Singapore;
ii) You must be aged 21 or above in 2019;
iii) Your Income Earned in 2017 as assessed by IRAS (Assessable Income (AI) for the Year of Assessment (YA) 2018) must not exceed $28,000;
iv) The Annual Value (AV) of your home (as indicated on your NRIC) as at 31 December 2018 must not exceed $21,000; and
v) You must not own more than one property.*

A wealthy retiree staying in hdb qualifies. Some CEOs of big organisations stay in HDB flats. Frugal and smart Singaporeans get it

 

[maple96]

The report avoided mentioning the breakdown of 59.2% into those with FRS and those with BRS at 55 or within 3 months therefrom. So it could be true that 4 in 10 at 55 could have BRS only.

Does it matter? Does it tell us anything?

CPFB created a loophole so those who know it and know how to stop CPFB from transferring SA to RA can always plan to hit FRS or BRS at 55, right?

CPFB create the loophole to make the rich richer, so only they can play games with system!

Parliament should discuss how many CPFB members had done the hack and earning all the tax payers monies

 

[henrylbh]

True, but it also didn’t include information about what percentage is married and living with a CPF member who meets the FRS, nor information about other household assets. More information is needed to understand retirement (in)adequacy.

We also don’t have any poverty statistics. No official poverty line (varying by household size), and no measures of what percentages fall below the line by cohort and in the aggregate. The public and, to some extent anyway, policymakers are flying without any instruments.

What talking or asking you?

The report deals with and only concerns individuals and their balances and non-members are not the concern.

 

[henrylbh]

Does it matter? Does it tell us anything?

CPFB created a loophole so those who know it and know how to stop CPFB from transferring SA to RA can always plan to hit FRS or BRS at 55, right?

CPFB create the loophole to make the rich richer, so only they can play games with system!

Parliament should discuss how many CPFB members had done the hack and earning all the tax payers monies

The report gives an idea that 40.8% of members can't meet even BRS. Of the remaining 59.2% someone reported that 4 of 10 only have BRS. Having BRS means many either don't enough balance in CPF to meet FRS or have pledged their properties to withdraw the excess. I guess only a small number would withdraw excess of BRS because they have better ideas.

 

[henrylbh]

As to poverty statistics, perhaps the numbers that received GST vouchers is a very good indication.

More then 1 million household?

GST vouchers not a good indication.

One example is my relative who is residing in US and receiving social security and still gets all the benefits (GST vouchers, Usave rebates, SC&C, CPF top-ups etc) meant for lower income Singaporeans because that relative makes a point to come back Sg every year for extended period.

 

[maple96]

The report gives an idea that 40.8% of members can't meet even BRS. Of the remaining 59.2% someone reported that 4 of 10 only have BRS. Having BRS means many either don't enough balance in CPF to meet FRS or have pledged their properties to withdraw the excess. I guess only a small number would withdraw excess of BRS because they have better ideas.

The stats does show many cannot meet BRS/FRS, either they withdraw or dun have the monies. I can only deduce from the big campaigns (videos and full page colourful adverts) CPFB had been "wasting tax payers monies" psychoing members to topup more monies into CPF to be locked up for CPF Life

 

[maple96]

GST vouchers not a good indication.

One example is my relative who is residing in US and receiving social security and still gets all the benefits (GST vouchers, Usave rebates, SC&C, CPF top-ups etc) meant for lower income Singaporeans because that relative makes a point to come back Sg every year for extended period.

That's right. I will also think of all ways to enjoy this "money back" from the gov, it is like "recoverying" some of the various taxes I had paid in the past