CPF Easy Info Thread. :)

[BBCWatcher]

No reason to quit when he got one leg here and another there like my relative.

More significantly, there's no reason to exit a great deal.

 

[jeffrey745]

Ahhh, still on CPF LIFE ............

Is there a minimum payout for cpf life regardless of cpf amount?

 

[highsulphur]

Is there a minimum payout for cpf life regardless of cpf amount?

There's no free lunch...

So no

 

[henrylbh]

Yes I also understand that the min payout is $250 under RSS, regardless of balance in RA account. May be the couple opted for CPF Life.

I need to correct myself.

Chinese New Year in 2017, my uncle about 80yo showed me his statement and bank book that he is getting about $13+ monthly from his CPF. His younger brother is getting about $1 plus. How come

 

[jeffrey745]

I need to correct myself.

Chinese New Year in 2017, my uncle about 80yo showed me his statement and bank book that he is getting about $13+ monthly from his CPF. His younger brother is getting about $1 plus. How come

How much is his remaining CPF balance?

 

[Value.Matrix]

I need to correct myself.

Chinese New Year in 2017, my uncle about 80yo showed me his statement and bank book that he is getting about $13+ monthly from his CPF. His younger brother is getting about $1 plus. How come

Because the RSS scheme is based off drawdown till 0 at age 95 from what i know. the payouts differs when you are age 65 vs age 80 for the same amount in RA.

So the older you are, but you still deposit back into RA, the higher the payout monthly. You can reconfirm through calculations, but that was what i got from the calculations.

They adjust your payout every July (unless this change again as at OCt 2019).

For $13 only and $1, its probably overflow of MA or some other interest into it. RA to give $1. means the account only got $1 or $13

 

[Value.Matrix]

Ahhh, still on CPF LIFE ............

Er, i just did a CPF LIFE estimator for age 65 at RA $60,000.

The minimum to enter CPF Life is $40,000 from what i know.

And for age 65 this year to enter, you need a minimum of $60,000 unless you opt to join CPF LIFE.

But if you opt to join CPF LIFE, you made an effort to join it. To get $220, your RA account at age 65 this year, about $40,000 (i used the estimator) and got $233 to $245.

Very fishy no matter what i calculate lah.

 

[Value.Matrix]

Question: can we top up monthly basis if my father did not reach FRS and still be able to withdraw those money anytime he wants?

Of course not. You must take it as you top up (if via RSTU) to lock up your money with CPF, to be drawn when your parents see heaven lo...

To draw from OA and SA anytime, your father must have FRS.

Even if you VC, since your father did not reach FRS, 50% of the OA will be going into RA and can only draw 50%. if the rules change, (as at Oct 2019), i got nothing to say also.

 

[jeffrey745]

Er, i just did a CPF LIFE estimator for age 65 at RA $60,000.

The minimum to enter CPF Life is $40,000 from what i know.

And for age 65 this year to enter, you need a minimum of $60,000 unless you opt to join CPF LIFE.

But if you opt to join CPF LIFE, you made an effort to join it. To get $220, your RA account at age 65 this year, about $40,000 (i used the estimator) and got $233 to $245.

Very fishy no matter what i calculate lah.

He mentioned his mum's age is late 60s... So I estimate to be abt 67-69 ba... Will that make a diff?

 

[Value.Matrix]

He mentioned his mum's age is late 60s... So I estimate to be abt 67-69 ba... Will that make a diff?

If she's 68/69 the payout will increase, and not decrease. Rememebr the longer you defer payouts, the more you can get from cpf life.

I have used the worse case scenario (lowest payout age of 65).

 

[henrylbh]

Because the RSS scheme is based off drawdown till 0 at age 95 from what i know. the payouts differs when you are age 65 vs age 80 for the same amount in RA.

So the older you are, but you still deposit back into RA, the higher the payout monthly. You can reconfirm through calculations, but that was what i got from the calculations.

They adjust your payout every July (unless this change again as at OCt 2019).

For $13 only and $1, its probably overflow of MA or some other interest into it. RA to give $1. means the account only got $1 or $13

Good. You've got some ideas.

 

[henrylbh]

Question: can we top up monthly basis if my father did not reach FRS and still be able to withdraw those money anytime he wants?

Of course not. You must take it as you top up (if via RSTU) to lock up your money with CPF, to be drawn when your parents see heaven lo...

To draw from OA and SA anytime, your father must have FRS.

Even if you VC, since your father did not reach FRS, 50% of the OA will be going into RA and can only draw 50%. if the rules change, (as at Oct 2019), i got nothing to say also.

How to answer his one line question? There will be too many ifs or assumptions to give an answer.

But certainly, he can't withdraw those money anytime he wants.

 

[jeffrey745]

If she's 68/69 the payout will increase, and not decrease. Rememebr the longer you defer payouts, the more you can get from cpf life.

I have used the worse case scenario (lowest payout age of 65).

Ya i jus used the cpf life calculator to check, seems like the monthly payouts for basic n std plan will increase. Will let me friend know abt this, thanks

 

[SBC]

Anyone attended recent cpf roadshows at Punggol, AMK?

Any key takeaway?

 

[culture_counter]

Anyone attended recent cpf roadshows at Punggol, AMK?

Any key takeaway?

If you think CPF can be fully trusted, then use it as the sole investment instrument. Guaranteed by garmen and no headaches. Just continue to topup. Bai jiak!

 

[SBC]

If you think CPF can be fully trusted, then use it as the sole investment instrument. Guaranteed by garmen and no headaches. Just continue to topup. Bai jiak!

Nothing from Gov is pao jiak.

Plan to use CPF Life as 1 of the key source for retirement. To be supplemented with SRS & other investment.

 

[henrylbh]

If you think CPF can be fully trusted, then use it as the sole investment instrument. Guaranteed by garmen and no headaches. Just continue to topup. Bai jiak!

If you don't trust CPF, means don't trust government.

Don't trust government means can't trust holdings of any local assets (properties, shares, banks etc).

Like that must run road before it's too late

 

[Merg91]

Many with no money to top up ones also say that.
Are you one of them or one of those who demand 'return my cpf'?

Just continue to topup. Bai jiak!

 

[Marcus Rashford]

Is it possible to get my parents to withdraw our contribution to their Retirement Funds? How much would they get if I contribute $30k? My father already got no cpf and is 80+ years old.

 

[henrylbh]

Is it possible to get my parents to withdraw our contribution to their Retirement Funds? How much would they get if I contribute $30k? My father already got no cpf and is 80+ years old.

Upon request, the payout will spread over a period of 5 years.